College is expensive there’s no doubt about that and with rising costs. Every year, millions of students and their families are wondering how they’re going to pay for tuition, books, and other expenses.
1. Well, initially we were looking at total costs versus how much we’re going to have in the grants and then, of course, there’s the gap or the obvious problem. We have to try to figure out. Now I think that’s been the big biggest stress. We don’t know exactly how much we need to cover her education and we just don’t want there to be any interruptions so she can go straight through and that being said.
I guess I just have always loved writing so I would want to pursue English and get a Bachelor’s degree in English when I go to college and the Andersons are not alone, in fact, the increasing cost of college is posing serious challenges. Did you know that only about one in five families are able to put more than half of the bill for their child’s education, with most expecting their children to rely on loans to fund their schooling?
2. The grants but there’s always that gap in between and having the loan is actually really beneficial for us because as a family we can make sure that Natalia gets her education. I think it works out great for us actually But we just find the whole process has been a little overwhelming and confusing and it would be really nice to have somebody who could guide us through the process so we make a smart decision for our family. Financial banking institutions can now help the Andersons and other families.
Every step of the way to prepare for the financial cost of college Citizens Bank, for example, is helping families make informed decisions. We like to provide tools to empower people to make the right financial decisions, so we have a loan calculator where if you already know about how much you need to borrow, you can put in that general information. You’ll be able to see a range of rates and what the payments would be when you finish college and start paying back the loan so you can make a decision before you apply.
3. If you’re still not sure we have the cost of college calculator that you take your reward letter or several you can compare up to three that you then input the tuition, the fees, grant scholarships, federal aid and will tell you what the gap is. You can then choose to fund that gap with savings or take a private loan and then we’ll show you at the end of that what your monthly payments would be for your federal loans and for your private loans so that you know how much you’re going to have to pay off on a monthly basis when you finish school. Citizens Bank also has both parent and student loan options that provide flexibility including a new multi-year approval designed to secure funding for several years with only one application.
So you apply once get approved for funding for the number of years you have left in school that you think you’re going to need to borrow and then draw down when you need it. So if you don’t need it you don’t have to take it but if you do need it you know it’s there and you have the peace of mind of not having to go through the process and worry and know that your cost of college is covered. They gave us a breakdown of our monthly cost what it was going to be, what we would owe in terms of how to pay off loan, etc it made it really easy for us to plan for Natalia’s future and education and of course retirement and for my future. Now I could just focus on my goals my dreams and not worry about money. So the best advice we can give parents about financing education is
First of all, make sure you talk to your kids early and often about what is the financial situation of your family? What can you afford that allows for smart financing of education and smart borrowing to covering any gap both for you and for your student for when they graduate?
Second is to talk to a professional. Really get good advice on how should I use my financial aid, should I take private loans should I take federal loans, should I use my savings and when? so that you’re making really good smart decisions. Now so that the college experience is enjoyable for everybody and your financial future isn’t completely stressed.