Having “the talk” is something most teens and parents avoid. No, we're not talking about that talk. Rather, we mean the money talk.
But a recent study shows a major disconnect between students' expectations and parents' realities. That is, most students (about 65%) assume that their parents will fund whatever college they choose, while most parents (62%) aren't in a position to do so.
If you're headed to college next year, there’s a good chance you applied to at least three schools:
Believe it or not, the average student leaves college with student loan debt hovering around $37,700.
Yikes, right? But what if you’re eager to get started on this next phase of your life, yet you’re scared of racking up a ton of debt? Community colleges, also known as junior colleges, can offer you a quality education — but at the fraction of the cost.
A Parent PLUS Loan is a federal student loan offered by the U.S. Department of Education (DOE) under the Direct Loan Program.
You may qualify for this loan if your dependent child is an undergraduate student and enrolled at least half-time in an eligible program. If you qualify, a line of credit goes directly to you, not your child. That means you are responsible for paying back the loan.
The biggest pro of cosigning your child's student loan is obvious: You'll help them attain the education they need to secure their financial future. The biggest con is obvious, too: If your child doesn't pay for some reason, you may be on the hook.
Let's take a closer look at cosigning and what you can expect.
Congrats! You've been accepted to college. Now you just need to figure out how to pay for it.
But before you start digging through your car for any loose change you can find, you might want to take some time to check out all of the resources available to help you pay for college in the state of Florida.