I have worked in the College Admissions field for about 20 years now, and as my own kids get older and older people keep coming to me asking me for advice on paying for college and college planning in general.
I cannot say that I have all of the answers, but I can say that there are some things that I have been doing since my own children were young that may be helpful to you too.
For us, from an early age we started a 409 educational savings plan for our kids. While we were not always able to place a lot into the account, having it there accruing interest always helped. We also started talking to our kids from an early age about the future and the reality of the cost of higher education. While I work in higher education, it is safe to say that the cost continues to rise and even though I have been saving, I do not know that I can say that I will have enough saved to cover the entire college education that my kids will encounter in 7-9 years.
Just saying 7-9 years makes me realize how fast time flies as your kids grow up, and this is important for all parents to soak in early. Why? Because, if you keep saying, I’ll start saving tomorrow, soon you will find that tomorrow has past you by and college is on your doorstep.
As I mentioned, I know that I probably will not have enough saved for my kids, so I keep my eyes out for other options outside of just the federal government. One program that looked really promising lately is one called College Ave Student Loans Parent Loan. This parent loan seems to be a good option to consider for those families you may need to pay for college. In reading more about the loan itself; it can save you money (no origination fee, lower rates than the federal loan for those with qualifying credit), and personalized options to meet individual financial situations (such as money directly deposited in parents’ bank account to help pay for extra educational expenses, and multiple ways to pay back the loan including a reduced interest rate if you start paying back while your child is in school).
The site was easy to navigate and there was a very cool resource that I really appreciated: A student loan calculator! The new College Ave Student Loans parent loan offers qualified parent borrowers an average savings of $1,000 vs. the Federal Direct Parent which can really add up in the end.
Do you want to learn more about the The new College Ave Student Loans parent loan experience? Check out the below to find out more or to see if you may be qualified for their services!
- College Ave Student Loan parent page
- College Ave Student Loans qualification tool
- College Ave Student Loans homepage
About College Ave Student Loans
College Ave Student Loans, a leading online student loan marketplace lender, and Experian®, a leading global information services company, are offering a limited time joint offer of a credit health check — a complimentary, personalized credit education session with an Experian Credit EducatorSM agent — to families preparing to pay for college. College Ave is collaborating with Experian to better support parents who may need to consider borrowing or cosigning a private student loan if savings, scholarships and federal aid fall short of higher education costs. Families who may want to explore private financing options should start getting ready now. The personalized credit education session offers an in-depth, one-on-one, 35-minute phone call with an Experian Credit Educator agent.
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.
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[…] There are many reasons why student debt may push off retirement for parents. The two primary causes are federal student loans that parents may take out in their own names to fund their kids’ college education, known as Parent PLUS loans, and private student loans that parents cosign for their children. This article explores the ways that these loans can impact parents’ financial health — and how you can avoid being caught in this trap. […]