Planning for Your Child’s College Education
You’ve heard the statistics repeated many times: how college graduates earn much more money over their lifetime than adults without a college degree. But even more important than money are the opportunities that having a college education provides for graduates.
Now as you start thinking ahead and consider the rising cost of a college education, you may be worried about all the obstacles that lie ahead for your own child’s future college hopes. Unless you are blessed with substantial savings or your child has very generous grandparents who can afford to cover college tuition and expenses, you may need to find other ways of helping your child address the daunting costs ahead. Inevitably, that may involve student loans.
The cost of a college education has been rising through the years and tougher economic times make it even harder to find well-paying part-time jobs. These are some of the reasons why so many families opt to take out student loans for their children’s college education. As your family begins reviewing various student loan options, you will come across many types from many different lenders.
Keep in mind that, as a parent, you may need to co-sign some student loans and will consequently be on the hook for the obligation. So it’s important to fully research your options and potential costs. To help parents with their research, we’ve compiled a comprehensive page on student loans covering loan how-to information, loan tips, grant information, different kinds of loans and making repayment plans:
This site by the United States Department of Education is one of the best starting points for families interested in student loans.
FinAid provides information about scholarships, loans and financial aid applications.
Learn about the different types of aid available to students, including loans, grants, work-study programs, and more.
This is the official website for federal student loans.
The webpage provides a great description of the Federal Perkins loan with relevant resources.
Here is a good place to find the necessary information on the PLUS loan.
On this page, you will find out about how to apply for this type of student loan.
The PDF explains all about this type of student loan.
The government homepage offers information on grants, grant opportunities, applicant resources, and more.