So your teenager has decided to go to college. You have hoped for this day. You
sweated through 12 years of school together with your child, and have been an active participant in his/her schooling. You have been saving for this day for years, but with all the other "incidentals" of every day life, automobile expenses, medical bills, that new roof, the money you had hoped you'd have is not there. What you have is not for that year private college he/she is interested in attending, and you don't need a home equity loan. What to do
Today there's plenty of federal and private loans available to help parents and students pay for college expenses. There's also billions of dollars in scholarship aid and grants available, you need to know where to look. Some of these monies come directly from federal and state governments, others are from private sources. Usually, scholarships and grants, which do not must be repaid, and are based on the student's ethnicity, financial need, intended major, and GPA and SAT scores.
The first work of action would be to try to get a college scholarship or grant. There is grant money available through the federal government Pell Grant. To apply for this grant, the student must complete a FAFSA, or Free Application for Federal Student Aid. The amount a student receives is based on the actual school cost and the amount the relatives will pay. The student could also check along with his or her high school guidance counselor. The guidance counselor will know what scholarships are available if the student will be attending a college in the local area. Check with local community organizations and local businesses for feasible scholarship availability. Another place to search for scholarship money is the college that you are interested in attending. Most colleges have what are called institutional awards. You can check the college web-site or catalog for these.
There's loan programs available to the parents, or to the student, at usually low rates of interest. federally funded loan program for parents is called PLUS Loans. Under this low interest loan program, parents can borrow up to 100% of college costs and the interest may be tax deductible. There is no collateral necessary and no pre payment penalty. The Federal Stafford Loan is a low interest loan made to the student. This is a deferred loan, meaning that loan payments may not start until the student graduates.
Today there's plenty of federal and private loans available to help parents and students pay for college expenses. There's also billions of dollars in scholarship aid and grants available, you need to know where to look. Some of these monies come directly from federal and state governments, others are from private sources. Usually, scholarships and grants, which do not must be repaid, and are based on the student's ethnicity, financial need, intended major, and GPA and SAT scores.
The first work of action would be to try to get a college scholarship or grant. There is grant money available through the federal government Pell Grant. To apply for this grant, the student must complete a FAFSA, or Free Application for Federal Student Aid. The amount a student receives is based on the actual school cost and the amount the relatives will pay. The student could also check along with his or her high school guidance counselor. The guidance counselor will know what scholarships are available if the student will be attending a college in the local area. Check with local community organizations and local businesses for feasible scholarship availability. Another place to search for scholarship money is the college that you are interested in attending. Most colleges have what are called institutional awards. You can check the college web-site or catalog for these.
There's loan programs available to the parents, or to the student, at usually low rates of interest. federally funded loan program for parents is called PLUS Loans. Under this low interest loan program, parents can borrow up to 100% of college costs and the interest may be tax deductible. There is no collateral necessary and no pre payment penalty. The Federal Stafford Loan is a low interest loan made to the student. This is a deferred loan, meaning that loan payments may not start until the student graduates.
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