{"id":340,"date":"2021-05-11T11:27:15","date_gmt":"2021-05-11T11:27:15","guid":{"rendered":"http:\/\/marshalllodge.co.uk\/?p=340"},"modified":"2023-11-23T15:16:20","modified_gmt":"2023-11-23T15:16:20","slug":"5-ways-parents-can-help-kids-get-the-most-out-of-student-loans","status":"publish","type":"post","link":"http:\/\/marshalllodge.co.uk\/index.php\/2021\/05\/11\/5-ways-parents-can-help-kids-get-the-most-out-of-student-loans\/","title":{"rendered":"5 Ways Parents Can Help Kids Get the Most Out of Student Loans"},"content":{"rendered":"
A recent survey<\/a> from College Ave Student Loans revealed that student borrowers continue to rely heavily on parents when it comes to paying for higher education. Students said they were relying partially on their parent\u2019s income or savings.<\/p>\n The survey, which included 1,057 undergraduate students, found that these students and their families use a variety of resources to pay for college<\/a>. This includes federal student loans (51%), student income and savings (45%), private student loans (13%), and the work-study program (12%).<\/p>\n If that all sounds like a lot, you should know there are ways you can help your dependent cover the cost of tuition and fees, or even spend less to begin with. Parents can also help their kids minimize the amount of student loans they have to take out, which can make a huge difference once they graduate from college and begin their adult lives.<\/p>\n If you\u2019re a parent who is hoping to get through the college years with your finances intact, consider these tips.<\/p>\n Also, make sure to sit down with your college-bound kid to come up with a budget<\/a> or spending plan for school. Not having any sort of plan is the best way to make sure you fail, yet having a budget and some sort of agreement on what college spending might look like can be a big help.<\/p>\n For example, you might have a talk with your dependent about how much \u201cspending money\u201d they\u2019ll be able to have on a weekly or monthly basis. You can also sit down and write out all the regular expenses they\u2019ll have that you\u2019ll need to cover, including tuition, books, housing, a smartphone, technology expenses, transportation expenses, and other bills.<\/p>\n It might also help to ask family and friends who have recently had a kid in college what some of their expenses were so you can plan accordingly.\u00a0<\/p>\n Also, make sure you\u2019re helping your child qualify for all the financial aid they may be eligible for. This process always starts with filling out the Free Application for Federal Financial Aid, or FAFSA form<\/a>. This form can help you determine whether your dependent is eligible for grants or work-study programs as well as other aid. Meanwhile, filling out the FAFSA is how you\u2019ll find out your Expected Family Contribution (EFC), which can help you figure out what your out-of-pocket costs for college will look like.<\/p>\n In the meantime, you can also help your child search for scholarships<\/a> that may be available, including ones from local organizations or industries in their field of study.<\/p>\n Chances are good your child will have to borrow some money for college even if you provide financial assistance, but you can still help them make good decisions. Filling out the FAFSA form will help your family determine how much you can borrow with federal student loans, which you should use first. From there, you can also look at student loans from private lenders like College Ave Student Loans<\/a>, which can help you fill in the gaps after federal loans are maxed out.<\/p>\nTable of Contents<\/h3>\n<\/div>\n
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Create a Spending Plan for College<\/h2>\n
Help in the Search for Financial Aid<\/h2>\n
Teach Kids How to Borrow Smart<\/h2>\n