There are Money for College
Parents and students are scrambling to not only find money for college but are trying to figure out what and where the best deals are. What looks good today when it comes to interest and terms may not look so good in the year that the student graduates.
So what's a confused parent or student to do? There are sites, that help a student and parent navigate the murky waters of student loans, scholarships, grants and other student aid. All a student needs to do is fill in information about themselves and twenty or more lenders will be selected that fit that students needs. The student can also look over a list of 1000 scholarship opportunities and more.
It's also good news that it's looking like new student loan laws are going to help make finding money for college a little bit easier than it was before.
As of July 1, 2010, the federal government is no longer lending through private institutions. The new Direct Loan Program will ensure that federal loans come only through the federal government. This should lessen confusion for families for whom it was hard to tell what loan was private and what loan was federal, as they both originated at the same private lending institution.
This legislation should also help to drive down rates on private money for college. Banks, credit unions, and other private lending sources will be lowering rates to compete with each other. This is good news for students who need money beyond what's available to them through federal sources.
Student debt is high and is only rising as the cost of college continues to rise. The average debt for students was over $23,000 in 2008. That's almost $5,000 more than it was for students who graduated in 2004. And college costs rose more than 17% in the 2009-2010 school year and 28% since the 2008-2009 school year.
Students and their families need to be smart about getting the money they need for college. They should always max out whatever access they have to federal money (fill out that FAFSA form!) and then look for private sources of money as a second choice.
There is money out there for students. The smart student will do as much research as possible before committing to borrowing from any source.
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