The new semester is fast approaching and students and parents are starting to make decisions about college costs. According to ConsumerReports.org and StudentLoanHero.com, parents and students alike should weigh the total costs beyond just tuition and housing in their decision process.
As college tuition costs continue to rise, parents and students are left struggling to find ways to pay.
A majority of college graduates today struggle with managing life and affording their student loan payments. Yet many fail to consider student loan refinancing as a way to reduce college loan interest, lower their monthly payment or get out of student loan debt sooner. The reason? Belief in four common myths about student loan refinancing.
Ask your son or daughter why they haven’t considered refinancing their college loans. If they respond with one of these myths, you can help set them on the right path:
If your son or daughter has graduated college, you probably are hearing about the plans they have for their next stage, like buying a home, getting married or doing some traveling. But you may also pick up on some anxiety they have over paying back their student loans.
When prospective college students don’t qualify for enough federal funding, a supportive parent may step in to cover the financing gap. The Department of Education’s Direct PLUS Loan program allows parents to take out a federal student loan on their child’s behalf to cover any remaining education expenses.
As a recent grad with student loans, you probably already know your repayment is just around the corner. I encourage you to take advantage of your grace period and not wait to get your first bill before making plans for repayment. Here are a few tips I thought I’d share to help you tackle your student loan debt head on.