Loans Debts And Students
William Blake
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Posts by William Blake
College Tuition – Solely A Parents Responsibility?
Jan 14th
When your child reaches the end of his or her high school education you may automatically begin to see dollar signs. They want to further their education and you know that is what is best for them. But who will pay for it?
Today we live in a competitive world. In order to be a major player in the game it is important to have a good education. Of course you want your child to have a bright future and as many opportunities as possible to succeed. A college education plays a major part in your child’s future prospects.
Most families include more than one child. Many parents find it difficult to foot the bill for college education times 2 or 3. The children, on the other hand, are in no way able to pay for their education on their own with a small part time job.
Good students begin thinking about their higher education early. As they are nearing graduation from high school they already have an idea what area of study the want to enter and what college will offer the best program in that area.
In early planning a student can do much to help finance their education as well. By working hard in high school and maintaining a high grade point average they put themselves in line to receive scholarships and financial aid that will help them finance their education.
Financial aid can come in the form of grants, loans, institutional scholarships, and private funding. Senior year is the time when aid is applied for. Hard work pays off in the form of a lucrative aid package that limits the amount of funding parents need to provide. With just a bit of help from the parents, college students have paid for their education.
Parents can plan ahead as well. No matter where you live there are numerous college savings plans that parents can take advantage of as early in the child’s life as possible to help them be prepared to contribute toward their child’s college education. A good college fund can really relieve a lot of stress of college expenses.
If both parent and child work together and begin planning early there is much that can be done to reduce the stress of paying for college. Develop a savings plan early in your child’s life and train them to be conscience of ways to help out, working part time, saving money and working hard to get good grades in school. All of this will make things much easier when that first tuition check comes due.
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Are you tired of barely keeping up with your credit card balances? Get some simple ways to pay off credit card bill on the Debtopedia website. Get a free copy of my report “Secrets Of Credit Card Debt” at http://www.debtopedia.com
Should College Students Pay For Their Education?
Nov 2nd
When your child reaches the end of his or her high school education you may automatically begin to see dollar signs. They want to further their education and you know that is what is best for them. But who will pay for it?
Higher education is a necessity these days. A student with an advanced degree beyond the high school diploma has a world of options available to them. Depending on the program of study, college students can apply for internships and gain valuable experience while they are still in college. All of this adds up to a brighter future in the world of work.
Most families include more than one child. Many parents find it difficult to foot the bill for college education times 2 or 3. The children, on the other hand, are in no way able to pay for their education on their own with a small part time job.
Good students begin thinking about their higher education early. As they are nearing graduation from high school they already have an idea what area of study the want to enter and what college will offer the best program in that area.
Students that use high school as a staging area for further educational pursuits are, in essence, trying to pay for their education. Good grades can lead to local scholarships. Athletic students can earn tryouts from college scouts that could lead to scholarships.
While it is true that it is difficult for students to fund their own education if they plan ahead and work hard in high school they will be eligible for grants and loans, financial aid, scholarships and other assistance that can greatly reduce the amount of that parents have to pay toward their child’s education.
Parents can plan ahead as well. No matter where you live there are numerous college savings plans that parents can take advantage of as early in the child’s life as possible to help them be prepared to contribute toward their child’s college education. A good college fund can really relieve a lot of stress of college expenses.
If both parent and child work together and begin planning early there is much that can be done to reduce the stress of paying for college. Develop a savings plan early in your child’s life and train them to be conscience of ways to help out, working part time, saving money and working hard to get good grades in school. All of this will make things much easier when that first tuition check comes due.
About the Author:
Tire of barely keeping up with your credit card balances? Get some simple ways to pay off credit card bill on the Debtopedia website. Get a free copy of my report “Secrets Of Credit Card Debt” at http://www.debtopedia.com
Student Loans
Sep 20th
There are numerous options available for financing your education. The problem is that with so many different types of student loans, containing different terms and conditions it can be difficult to choose the right financing.
The Stafford loan is a popular choice. There are many benefits to this loan which draws many students to consider it as a good option.
The Stafford loan is an attractive choice because payments are not required until after the student has finished his education, as long as the student maintains a minimum half-time class schedule. After a student has finished his education he has six months before he is required to begin making payments. Another benefit is that you may prepay without penalty. It is easy to qualify for a Stafford loan because there is no credit check.
There are a few drawbacks to this type of loan. The interest rates appear to be low when compared to other loans, however at times the loan fees can be costly. For example, a Federal default fee of 1% or an origination fee of 2% may be added. Also, there is a cap on the amount they will lend you during the course of a year.
Further, there are plans in which the repayment is made over a 10-year period. That may sound attractive given the relatively low monthly payment it typically entails ($116 per month in the following example). But the amount of interest accumulated on a 7% loan of $10,000 (and most students borrow more) over 10 years is: $3,933. That’s over 39% of the original amount paid in interest. Definitely, not cheap money.
Because of this students may find that other options may be worth considering. Conventional loans may require the student to work part-time to begin payments right away. But in the long run it could save a lot of money. Taking advantage of scholarships or grants could help offset the cost. Many parents have found that when helping their children pay for their education it is wise to explore their options as well.
Savings plans, of course, are one of the best options to investigate and the sooner they’re started in the child’s life the better. The risk with all such plans is that inflation, financial crises, and other unpredictable elements can cause that investment to be worth very little by the time it is needed.
With a little research you may be able to counteract that risk. It is wise to check into inflation-adjusted hedge funds or tax-free municipal bounds.
The cost of education is ever increasing and sadly it is difficult to meet the demands. However, researching the different financing options available will result in better peace of mind and successful decisions.
About the Author:
Thinking of trying to lower your payments or the balance owing by negotiating credit card debt? Make sure you visit the Debtopedia website to get some helpful information & advice first.