Get documents about "Last-minute college financing options still available
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52 • The Monitor • July 27, 2006
Last-minute college financing options still available
SPM WIRE ed, students should begin to consider
education loans to cover their education
For many undergraduate students and expenses.
families, the beginning of college will The Federal Stafford Loan is the most
also be accompanied by last-minute common type of student loan for under-
financing needs. graduate and graduate borrowers.
"Finding last-minute money to pay for However, students are limited by what
college is doable, and parents don't have they can borrow.
to take a second job or another mortgage A Federal PLUS loan can help bridge
on their home to accomplish it," says the financial aid gap. PLUS Loans are
Martha Holler, spokesperson for Sallie the lowest-cost way to finance a child's
Mae, the nation's leading provider of education, allowing parents to borrow as
education funding. they need, including money for tuition,
For starters, students should find out room, board, books, supplies, and even
whether their school offers the option of travel, to cover the cost of attendance at
making monthly tuition payments over their child's college of choice.
the course of the school year. This is an "Parents can borrow for college, but
interest-free alternative to making large, they cannot borrow to pay for their
one-time payments due at bill time. For a retirement," explains Holler. "Most fam- no obligation credit decisions regarding Interest rates and fees are usually
small fee, families can reduce the amount ilies qualify for PLUS loans, and every- PLUS loans when parents visit based on credit history, so the better the
they need to borrow to cover the cost of one gets the same low interest rate www.parentanswer.com online. student's or co-signer's credit, the lower
college. regardless of their credit history." Another option or an additional fund- the interest rates and fees.
Students should ask their campus bur- PLUS loans are not based on income ing source is the private loan. Many For more information on last-minute
sar or financial aid office for more infor- or assets and do not require collateral. lenders, including Sallie Mae, offer pri- college-financing options, visit
mation on this option. Moreover, parents can take up to 10 vate education loans, which can address www.collegeanswer.com on the Internet.
When looking for educational financ- years to repay the loan using a wide vari- last-minute college-financing needs. At this Web site students and families
ing, families should first consider fund- ety of options, including delaying repay- Such loans can be designed for under- will find a number of resources on plan-
ing options that do not need to be repaid, ment for up to five years while their child graduate, graduate, health profession stu- ning and paying for higher education, as
such as scholarships and grants, said is in school or once their child leaves dents and for others attending four-or- well as tips on reducing college costs.
Holler. Once those options are exhaust- school. As such, Sallie Mae offers free, five-year schools at least half time.
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