College Student Loan And Higher Education

As college tuition costs soar families turn to the college student loan to finance higher education costs. Learn aboout federal Stafford loans along with alternative student loan sources before you apply.

Qualifying For A Government Student Loan

It's clear. You need a college education and degree in order to secure job placement and launch a career. High school degrees won't "carry the ball" across life's goal line. Look at college student loan trends below, where the expanding costs occur, and what you can do about "finding the money".

* College Demand... And College Tuition Costs Rise Further. No surprise that demand for government student loans has shot through the roof. Middle income families look at private college tuition bordering on $40,000 per year. Meanwhile their "safety..fall back" schools, the public universities, set prices from $16,000 to over $25,000 per year in some states. Tuition costs rise at about three times the inflation rate, due to expansive lavish building and amenities construction projects on campus...aiming to lure students to a 4 to 6 year 'country club' environment. The five story student union building, replete with "wellness centers", entertainment clubs and resort style atrium. And, for what? Naturally, to attract your student for an "enriching experience".

Student Loan

* Paying The Tab: Qualifying For Federal Student Loan. Think of a Federal student loan as a form of means-tested knowledge mortgage, where you assign collatoral and then commit to years of repayments in order to secure a competitive break for your son or daughter as they enter the "next phase" of adult life.

* Parents Provide Full Financial Disclosure For College Financial Aid Review. However, before rushing into adult-hood ill prepared, each student needs the requisite amount of debt around their neck, in order to truly anchor them into adult reality. You parents "secure" your child's Federal student loan by providing certifiable personal income statements (1044, W2 or like filing) showing current income, home mortgage obligation and available equity, other debts and obligations.

* What You May Get. Meanwhile, the college financial aid managers, working as local "grass roots" administrators for the federal Stafford student loan process put you through intensive financial disclosure reviews, demanding to know any and every conceivable source of monetary value that you control. Once satisfied that you have no "hidden" resources the financial aid folks assign you the amount that you may qualify for in Federal student loan aid, Pell grants, and the remaining "balance" which you have to come up with in cash. Not surprisingly, many middle-upper income families feel the financial pinch of student loans, quickly determining that public university education may be the best "value". Lower income families are put into a similar "squeeze" where they qualify for substantially greater amounts of government student loans... however see no way to ever repay the loans.

* Alternative Student Loan Sources. Don't rely entirely on the college to sort out your education financing worries. Explore the increasingly available financial services segment of private student loan lenders, including trusts, private capital pools, certain banks, and even philanthropic institutions. Similarly, parents and students who find themselves "drowning in higher education debt" turn to private commercial sources of student loan debt consolidation, in order to rein in costs.

* College Versus Vocational Schools And Internet "Virtual" Universities. Don't stay in a rut about "higher education" realities. Many families step back, assessing their child's true capabilities and orientation, and conclude that some combination of lower cost easy-access community college program along with vocational school makes the most sense. Look also at the online Internet based "virtual" universities. You can get professional degrees, working from home, entirely self-directed, and at a fraction of the cost of "bricks-and-mortar" universities.


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