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Every parent wants their child to have a bright future. And usually that bright future includes a college degree. But if you're like me, you haven't saved enough money to put your daughter or son through college and you are trying to figure out how to get money for college. The good news is that the federal government has money set aside to help you pay for your child's college. The bad news is that most of that money will usually come from loans. But the news isn't too bad, these loans are offered at a lower rate than traditional loans. Here are some of the different types of college loans for parents:
- Stafford Loans: The Stafford loans are not actually loans for parents; the college student is responsible to pay them off, and the loan is guaranteed by the government, not the student's parents. It is a good idea to get as much of your financial help from Pell Grants (free money) and Stafford loans as you can.
- PLUS Loans: These loans can come directly from the federal government or through a government approved lender. The parent is responsible for these loans. Even if a parent enters into an agreement with her/his son or daughter to pay back the college loan, the parent will be ultimately responsible if the loan is in default. These loans usually have a lower interest rate than private loans. And these loans can cover up to 100% of the cost of college minus any financial aid received. PLUS loans require parents to begin payments 60 days after the loan is disbursed.
- Loans from the College: Your student's college may offer loans for parents. These may be at an even lower interest rate than the PLUS loans.
- Private Loans: These have a higher interest rate but they offer more flexibility. The PLUS loans may cover what the government thinks is 100% but not what you actually need. Private loans make up the difference. Also these loans can sometimes be deferred until the student graduates. Again, if the college student defaults, the parents will be responsible to repay.
- Home Equity Loans: These have a lower interest rate than other private loans because they are guaranteed by the equity in your home, but if you default then you lose your home.
Whatever you do, research your options carefully. Get all of the free aid that you can. Look into scholarships. And remember, often students who work reasonable hours while they go to college actually get better grades than if they didn't.
You can find a good summary of your options on this website: finaid.org. And there is a good article about financing college, without debt, on this site: bankrate.com
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