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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.

The option to defer federal student loans may feel like a safety net — even if you've never done it, you like the idea that you could if you needed to. Maybe that notion has even stopped you from refinancing to a lower interest rate with a private lender. That means you mean be paying more than you need to for a benefit that you may or may not use. 

So can you defer private student loans if you decide to refinance? The short answer: No, you can't defer private student loans in the traditional sense. But the long answer is much more nuanced. Many private lenders offer some form of assistance if you experience an economic hardship. 

Two names that come up often when talking about student loans are Sallie Mae and Navient. Many people get confused over whether they're the same company or not.

Here's the fast answer: No, but they used to be. These days, they are two separate companies. Sallie Mae is offers private student loans and Navient acts as a servicer for federal and private student loans. 

Your college readiness checklist is basically complete.

• Acing the last few semesters in high school?   - Check.
• Spending quality time with your friends and fam?  - Check.
• Saving money for all those textbooks?  - Check.
• Researching and visiting potential schools?  - Check.
• Finishing the Federal Application for Student Aid (FAFSA)?  - Check.

It happens all the time. Aid that covered you in the fall isn't available in the spring.

As the holiday shopping season ramps up and the fall semester wraps up, many families find there is a difference between their budget and the tuition bill due.

But you don’t have to set your family’s educational progress back by taking a semester off. Here are five ways to make up the balance.

When your kid was little, it was pretty easy to say no.

No, you’re not going to jump in the mud in your new shoes.
No, it’s not time for a cookie. It’s time for kale.
No, you cannot smear yourself with butter before school.

When you said no back then it was to keep them safe, healthy, and socially responsible. As they’ve gotten older, it’s harder to say no because they ask for less ridiculous things. You’ve set curfews, insisted they send text messages, and even loaned them your car. You see them growing into an adult right before your eyes. So saying no feels different.