Most students enter college when they are around 18 years of age. They’ve only just reached the age where they can legally negotiate contracts, yet one of the most complex financial processes they’ll ever go through is the Financial Aid process for school. Second only to mortgages, but those usually come much later. It is critical to ensure that students are Using common sense with Financial Aid when they are applying for or accepting offers.
My personal opinion is that high schools should be offering a one semester class or at least seminars on the subject. Ideally students have parents to help them through the maze, but that’s not the case for all students. Student loans are huge commitments that never go away. While they may be the only means for many students to get the educations they need, they must understand exactly how they work, how they are repaid, and what the long term financial implications are. In today’s job market where many graduates are having trouble finding work, the stress compounds exponentially when the time comes to start repayment and they don’t have the income they expected. It is important for them to know what their options are BEFORE they take out the loans. I know no one ever explained this to me. I applied, the school got the money, and when it was time to repay, it was a shocking jolt at the monthly repayment amount.
My advice is to use common sense when applying for these loans. Don’t borrow more than what you need, and educate yourself BEFORE you accept the money. Using Common Sense with Financial Aid can save you stress and money down the road.
Sarah Hayes says
i agree that schools should offer a class or some kind of seminar on how to do finacial aid. it is a pain to figure out. Im lucky i had a lot of help with it and i really feel bad for the ppl that dont have help. thanks for the great tips
Larita Maria says
This is a great informative tool for those considering higher education
Richard Hicks says
Financial planning for college should be a course for high school kids and their parents. Start saving when they are born!
ardy22 at earthlink dot net
Mya Murphy says
Honestly I don’t have children. Works for me.. don’t have kids lol!
richelle bowers says
save save save…apply to scholarships
Trinity Babichuk says
Attending standard classes at a college, and others at the university was good. Also, apply for as many scholarships as possible!
intensev5 says
I think getting an RESP as soon as kids are born would be smart. I didn’t and now I am helping out one of our kids to pay for university and have two more younger kids that will soon need help too!!!
Morgan Lepley Edger says
I have accrued 20,000+ of student loan debt, and I’m trying to pay it back on a teacher’s salary. It’s sad.
Stacey Roberson says
Best to open up a savings account when the child is young and put a set amount into that account every month towards college.
Michael says
Good grades and scholarships
Wendy T says
To prepare, I am strongly encouraging and supporting the best grades possible from my son so he can be considered for as many programs as he can.
charlene says
save, save, save. Stay on a budget and don’t use credit cards.
Cynthia C says
When my kids were young, I bought savings bonds out of every pay check for their college fund. Luckily, they were able to graduate without taking out any student loans.
gypsymoongirl says
Student loans are very tricky. The best thing I learned is to save and budget. Put some money aside into a student loan jar. That way when they start harassing you you already have a head start.
Pamela Halilgan says
Apply for as many scholarships as you can – and don’t take your grades during high school for granted. Academic scholarships enabled me to get through college without having to take out a student loan. State grants and federal grants are also great financial aid sources.
corey says
Of course, the obvious, RESPs, which is what we have in place. Not much, $50/month/per child. And that usually equals the amount we get for Child Tax, so we don’t miss it.
Shantell J says
Budgeting for college start saving your money but as much to the side as you can, don’t eat out to much , watch movie at home instead of going to movies or have friends come over for movie night and have them bring movies. Start when you young and put money in your piggy bank.
crystal lane says
I dont have any kids going to college for awhile but its great you put this together for parents going through this now.
nenasinclair says
Teach your kids to cook before they head out to college, then, hopefully they won’t waste money so often eating out.
nikki robak says
plan a budget and stick to it
Jennifer Johansen says
Take as many college classes as you can while still in high school; college is much cheaper when you’re under 18. :/
Anita Jones says
i’d have to say don’t go for student loans except as a last resort. check for grants and scholarships that may be available to you first.
Lisa Brown says
Preparing for the expense of collage is a hard one. Unless you have lots of disposable income, it will be hard if not impossible, to save.