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Financing Your Education: Student Loans & Financing

Your education is an investment in yourself. It can be the best investment you ever make, but you should be aware of the ramifications of using various financing methods.

Personal savings – if you are able to save money and work while you are getting your college education you will not have to worry about paying off various loans when you graduate. That is why it is so important to begin saving for your child’s education as early as possible.
Parent Loans – The parents become responsible to repaying the money that is borrowed for their child’s education.
Student Loans – The student takes out the loan and then becomes responsible for repaying the borrowed amount at a very low interest rate over a long period of time in monthly payments beginning 6 months after leaving school

You need to communicate openly about money with your family and counselors. They are your support system and working together with them will make getting a loan and handling the responsibility regarding use and payback of a loan much easier. Be sure to research the kind of loans and financial help you will be seeking to know your responsibilities and be bold enough to go after what you really want.

Accept that getting a loan means you will and should be on a budget, and you should start practicing living on a budget now. Save some money from your summer job, if you have one, to use during that tough transitional freshman year of college. You will have a lot of new expenses like books, supplies for school, maybe even a computer. Begin tucking away gift money, allowance, and any other extra cash to make this time easier financially.

If you are lucky, your parents might have a college savings account for you. If so, find out how much is there and calculate how much you will need to borrow and/or earn to make up the difference between what you have and what you will need. In any case, be smart about what your family has saved up for you and spend it on books and tuition only.

It is important to be organized in both your application to the schools of your choice and submission of documents to the federal program and schools for financial assistance. There are deadlines to meet; if you miss the deadlines you will have to wait until next year to get all of the financial aid you are eligible for. So, get all the information you'll need long before the application is due. This will ensure that you get it in long before necessary.

Don’t forgo your dream of a college education thinking it is financially out of your reach. There are a lot of financial aid, loan and scholarship programs out there just waiting for you to apply. So, give it your all and don't be intimidated. You just might find that the college education of your dreams is more attainable than you thought.

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