Best Practices for Parents with College Bound Children
College – it is supposed to be an exciting time, not to mention a proud moment in a parent’s life.However, the stress associated with financing this endeavor is a heavy burden that many have a difficult time understanding and planning for.
So what is a parent to do? First, learn the school’s financial aid process, and complete the free application for Federal Student Aid (FAFSA) form each year. Next, get yourself up to speed with the various loans available. Visiting www.FinAid.org will help you compare loan terms, rates, limits and fees on some of these loans:
- Education loans
- Federal Government loans
- Traditional Stafford loans
- Federal plus Loans
- Home equity loans
Kiplinger’s “7 Smart Ways to Pay for College” is a great read. Another good resource is FastWeb.com. This site is packed with information aimed at college planning/financing, and also helps identify scholarships your child may be eligible for.
There is plenty of information available to parents. You just have to put the time in to sift through it, and pull out the most credible and relevant data.