The 3 steps you need to take to finalize your child’s college funding plan

If you’re in college-funding “crunch mode” right now, you’re not alone. A recent study reveals that late spring — in other words, right now — is when most parents feel the pressure to get their children’s college funding plans tied up for the fall.

If you’re looking for money for college, the federal Pell Grant is probably already on your radar screen.

The Pell Grant is one of the major sources of funding for many college students. However, it’s important to make sure you apply before the deadline so you don’t miss out on your share of free money for college.

Let’s talk about what you need to know to apply for a Pell Grant for the 2019-2020 school year.

Maybe you need to reduce your monthly student loan payment so you can save money. Perhaps you’re on a mission to get out of debt sooner, or it could be that your interest rate is 6.5% or higher and you believe you can beat that rate. 

For sure, there are any number of reasons why refinancing your student loans is a smart strategy. 

Paying student loans is a fact of life for more than 70 percent of college graduates – but paying too much for those student loans doesn’t have to be. Many people don’t realize that once they’ve been out of school for a few years, they could be eligible for lower interest rates on their private student loans.

Most people with student loans owe at least some of that money to the federal government. Government-backed loans are usually the first step for borrowers, and with good reason. They are widely accessible, have fixed interest rates, and carry many benefits. But there are some significant drawbacks, too. Among the biggest is that there is no way to renegotiate the interest rate through the federal government if economic conditions change.

Refinancing student loans can be a great strategy to make monthly payments more manageable and cut overall interest costs. In recent years, the number of lenders offering refinancing has increased, creating a competitive environment with lots of innovation and new options. But picking a lender can be daunting. Which student loan refinance company is the best? What should you consider besides the interest rate? Which lender should you trust with your money?