Financing College Options, Best Choices

When it comes to paying for college, there are a few
different options that students and parents must consider.
College is expensive and the costs associated with going
off to school continue to skyrocket. Without some sort of
aid, most students wouldn't be able to foot the bill. One
of the best choices for college financing is to obtain a
student loan. Student loans, which can be provided by the
government or through a private lender, are an excellent
source of funding and a good way to build credit over the
long term.

Private student loans are one option to consider when
paying for college. These can generally be obtained through
any reputable bank or lender and are usually very easy to
qualify for. Some of the best companies to consider for
this type of student loans are Fannie Mae, Citi, and other
major banks. They know that college costs a ton, so they
are willing to work with you to make it happen. Perhaps you
will need to get a few smaller loans from a couple of
different companies. In this case, student loan
consolidation is an option when you get out of school. This
way, you can benefit from different offers and good
interest rates, and then combine your many loans into one
low payment.

Another option for college funding is to get a federally
funded student loan. This is the government's attempt to
push higher education. They understand the rising costs of
education, so they are willing to help out those folks who
are in need. One of the most popular federal student loans
is the Stafford Loan, which can cover much of the costs of
tuition and housing. While private school loans should be
consolidated at some point, federal student loans generally
should not be. They already come with a nice, low interest
rate, so there is no benefit to going through school loan
consolidation.

One great thing about private school loans is that they can
be applied to any aspect of the college experience. You
don't have to take the money and send it in for tuition. If
you need the student loan for a car, then you can use the
money to purchase one. If you need to pay for your
apartment, that will be fine, as well. Simply put, they
make the other things in college a little more affordable.

In addition to school loans, potential students might want
to look at a couple of different options for funding.
Families in need can apply for federal grants. The
government provides something called the Pell Grant, which
does not have to be repaid when college is done. In
addition, there are plenty of need based scholarships that
can be gained with the right application. A quick search on
the internet will bring up tons of scholarships which
students can apply for. These, like grants, do not have to
be paid back. Unlike loans, however, they can be lost if a
student fails to perform.


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3 Tips to Teach Your Children Financial Independence

You are glowing with pride as your child heads off to the
college they always dreamed of attending. As their car
pulls away you experience a whirlwind of emotions: you are
nervous, excited, and proud all at the same time.

This move from home to college is a time where parents and
children redefine their relationship. Your child is now a
young adult. Although the transition can be difficult for
some it is an excellent opportunity to move from a
demanding parental figure to a role of a close trusted
friend.

Although you will miss your son or daughter, you are
looking forward to embarking on the next phase of your
personal life. As soon as their car is out of site you head
to the garage to convert their room into that the den you
always wanted. You raised your child right; and you feel -
now - is the time to pursue your personal dreams.

Graduation!

You just celebrated their college graduation and you are
excited for them to start the next phase of their life.
Unfortunately, your recent college graduate and once
independent young adult is unable to afford that next phase
of their life.

STOP construction!

Before you begin to clean out their room and start
construction on your new den there is something you need to
know. According to a survey conducted by MonsterTrak, 57%
of college graduates plan to move back with their parents
after they graduate.

Why are over half of all college graduates are planning to
move back home? Well according to the Student Monitor, 62%
of college graduates leave school with $27,236 in debt. In
addition, less than one-quarter of students and only 20% of
parents say students are very well prepared to deal with
the financial challenges that await them after graduation.

Moving back home.

Your son or daughter is slightly embarrasses but asks to
move back home. Their dream of being on their own is on
hold for now; and your new den has to be converted back to
a make shift bedroom. Sure it will be nice to have the
family all together again; but it is different now. You
know your child would rather be making their own mark in
the world and experiencing true independence after
graduating. Plus there is something inside you that wants
the new found freedom that you were enjoying.

There is something you can do!

The college debt pitfalls that are affecting so many young
adults can be prevented. There are simple lessons you, as
a parent, can pass on that will ensure your child has an
early advantage in life. Teaching financial literacy to
teens and providing your child with practical financial
education skills will enable them to go out and make it in
the real world.

1) Save early. Teaching personal finance is at a young age
is important. Have your child set aside 40% of the money
they receive as early as possible. Since you are paying
for their day-to-day needs (home, food, and clothes),
saving 40% of all the money they receive from gifts or work
should be a breeze. Plus, out in the real world, they will
be paying about 40% of their income in taxes anyway.

Teach your children about money by getting them in the
saving habit early will benefit them through out their
life. Plus, when they are contributing their own money for
school it gives them an added sense of accomplishment when
they do graduate.

2) Credit card education. In the dark corners of college
campuses across the country - students line up to get free
t-shirt, pizzas and calculators. These free gifts come
with a big price; students must sign up for a credit card
to receive them.

Credit card companies bribe college student with these free
gifts because they know that students are being sent to
college with little or no financial education. They go
about racking up debt and often they do not realize how
difficult it is to pay back until it is too late. Teach
your children about credit cards so they are prepared when
faced with the lure of a free pizza.

3) Free money for school. Scholarships and grants will help
your child cut down the cost of a higher education.
Contrary to popular belief you do not need to be a 4.0 GPA
student and a star athlete to get money for school. There
are scholarships and grants are available for people of all
backgrounds. Have your child start to research financial
aid opportunities when they are a junior in high school.
This will free them of the debt burden so many of their
peers will face.

Raising a well-rounded, financially independent young adult
does take some effort; but the rewards are worth it. It
begins with teaching your kids about money from a young
age. Both you and your child will reap the benefits through
out your life.

By giving your child a practical financial education before
they leave for college will give them a huge head start in
life. You will feel good knowing you gave your child every
advantage they need to go out and be financially
independent. They will be able to afford the things they
want and avoid the debt problems faced by the majority of
college graduates. Most importantly your parent/child
relationship will be able to grow naturally so you can
enjoy the relationship as it matures.


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Vince Shorb, creator of 'Financially Free by 30' home study
course and the leading young adult financial literacy
expert, prepares young adults for the financial real world.
Get your free copy of his latest book and instructional
videos at http://www.FreeBy30.com .