College Financing
Over the years the rise in college costs has exceeded that in incomes considerably and today it is no easy matter to find the money needed to finance college tuition fees and living expenses. As a result, college financing has become big business with the average student leaving college today with student loan debt in excess of $19,000. Indeed, about a quarter of students accumulate student loans debts of over $25,000 and about ten percent exceed $35,000.
While some students are able to benefit from various college savings plans, the vast majority of students today have to search around and pay for their college education with a mixture of grants, scholarships, federal and private loans, comparing the rate on one loan against the next and getting out their calculators to work out the repayment cost of each loan. In the end, students often find themselves with so many different loans that they then need to take out a consolidation loan to manage their accumulated college debt.
The starting point for any student should be to look for 'free' financial aid and this essentially means support from their family, college grants or college scholarships.
Many parents do of course help their children through college but this is not always easy and the vast majority of parents (about 90%) are not in a position to offer financial support, or can give only minimal aid. In some cases parents can lend assistance by taking out a loan, either through government schemes such as the Direct PLUS or PLUS schemes, or from a private lender.
Grants and scholarships, although plentiful, are often for relatively small amounts of money and are also frequently awarded only on the basis of need.
Even with help from parents, grants and scholarships student will still generally need to borrow money and so the next port of call is the government for assistance under the Federal Family Education Loan Program (FFELP). Here there are a variety of loan schemes available, the most popular of which is the Stafford loan scheme, and Federal loans and US Department of Education loans have the advantage of deferring repayment until students are out of college and in employment.
However, even with the addition of government student loans, many students still come up short of the funds needed to get them through school and turn to the open market to secure college monies through one or more private lenders.
So far so good! Most students will now have the money they need and will make it through college and out into the world of work.
However, by this stage they have also accumulated so much debt from so many different sources that their debt becomes hard to manage and their repayments difficult to meet. Indeed, at this point, they are often in grave danger of defaulting on their loans and creating a poor credit rating before they have even started work.
The final stage in the process therefore is to refinance and this means looking for a student loans consolidation service to convert their 'portfolio' of student loans into something manageable.
Picking your way through the maze of student loans and other forms of college funding is not easy and so The Student Loans Center has been created to provide you with all of the information you need in one location.
Throughout the site you will find a wealth of information and up-to-date articles to guide you in the right direction and we will also point you towards other resources wherever this is necessary.
So, as soon as you're ready, pick a topic from the menu to your right and discover the simple route to getting the college funding you need.
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