Parents and students worry about college tuition payments because of Wall Street’s ups and downs, the current credit crisis and uncertain economic conditions.
American families could find it hard to borrow money for college because of tightened credit. Most families will still be able to send their high school graduates to school. “You can still make college a reality, even in the middle of a credit crisis,”Martha Holler, spokesperson of Sallie Mae (www.SallieMae.com), the nation’s leading saving- and paying-for-college company. “Loans remain readily available to help you pay for college.”
Students and parents still have the option of federal student loans, regardless of their credit score, income, assets, or collateral, despite the credit crunch. Students can get loans from the federal government at a competitive rate. This means that families will not have to pay higher interest rates in times of trouble.
Sallie Mae offers federal student loans to parents and students, even though other credit options are drying up. The company will make federal student loans available to all students at all schools in the country.
Holler encourages students and parents to learn how to make college money. Here are some tips she offers parents and students looking to fund higher education.
Find out how to get free money For free money, you can apply for financial assistance. Apply for financial aid to access scholarships and grants by completing the Free Application For Federal Student Aid (also known as the FAFSA).
Explore federal student loans in detail. Federal loans are the best source of student loans. They offer better terms than private loans. So, get as many federal loans possible before you resort to private loans.
If federal loans, grants, and scholarships do not cover all the costs, you can fill in any gaps with private loans.
Holler stresses the importance of considering all costs involved in college, and creating a plan to cover tuition and other expenses. The cost of college is affordable for students. However, proper planning can help ensure that they don’t spend more. Visit www.SallieMae.com/PlanStart your plan now.
