Student College Loans
That have caused them to "tighten their belts" – even before they have to start paying for college.
The cost of college increased 28% between the college year starting in August of 2008 and August of 2010. Families who make between $100,000 and $150,000 a year were hit the hardest. They saw a 30% increase in college costs.
So how are students paying for college?
Surveys show that Americans are making do and still sending their kids to college. 43% of college students are currently living at home to save money. 63% of college students made decisions about what colleges to apply to because of costs. This is up from 56% in previous years.
Student college loans also rose. 46% of families with college students now have college loans, which is up from 42% in past years. Borrowed money was used to pay for almost half of college costs. Students and parents borrowed from traditional education loan sources – both private and federal – as well as from home equity loans, credit cards and loans from retirement accounts.
Parents and students are undoubtedly worried about future tuition increases, loan rate increases and the possibility of job losses. Still, most families strongly feel that their children need college degrees to make it in this world where good jobs are increasingly difficult to find.
Students, and parents of students who are either currently attending college, or will soon be attending college, should look at a site. Any student loan provider company is an independent company that partners with students and their families as well as with lenders and college and university financial aid professionals to match students with the best college money deals, which include scholarships, grants, fellowships and both private and federal lending. When students input their information into the site, they will receive a list of up to twenty potential lenders as well as a list of 1000 scholarships and all sorts of information to help clarify the sometimes confusing process of finding money for college.
Students and families will learn about "free money," or money which does not have to be paid back, like scholarships. They will also learn about the pros and cons of federal and private lending.
In general, students should take free money first, federal money second and then look at private lenders after they've maxed out the first two. Check out a site like the one above and you will see why!
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