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Many parents dream of the day when their children have attained a well-rounded education, a top-paying job, and are equipped with the character to succeed in the working world. Students spend hours of their lives laboring to achieve their college degree; and parents invest years of hard work to ensure that their children have what it takes to get there.
Those who are most likely to achieve their dreams of a college education are those who are the most prepared and take advantage of the many resources available to them, according to NextStudent, a leading Phoenix-based education funding company. Oftentimes, this comes down to parents planning ahead by researching options, starting savings plans, and putting together strategies that result in students being accepted to the college of their choice.
Many Resources Available for College-Bound Students
Though some parents start saving immediately after their child is born, others are not able to set aside funds until college is just a few years away. There are many programs and resources that parents may use in order to prepare for their child’s attendance at college.
If your child soon will be a college freshman, one of the best places to start is by searching for FREE scholarships and grants. This is money that does not have to be paid back and does not result in going into debt to attain that important degree.
If your child already has been accepted at college, one of the best places to start is the financial aid office of your child’s college. Every single year there are thousands of little-known grants and obscure scholarships that remain unclaimed, largely because students are unaware of their existence. An easy way to begin the search process is with the NextStudent Scholarship Search Engine, where students may review more than 2.4 million awards valued at over $3.4 billion from over 42,000 college funding sources.
Government Lends a Helping Hand
Alternately, perhaps your child is not yet in high school. If this is the case, now is the perfect time to start saving for his future education. The federal government allows parents to set aside funds in such tax-advantaged savings plans or “qualified tuition plans” referred to as 529 Plans. Find out more about these at www.sec.gov/investor/pubs/intro529.htm.
Tax benefits are another important consideration. The federal government offers you specific tax credits, such as the Hope Credit. This program may enable you to offset the cost of higher education expenses by allowing you to subtract up to a certain amount of college costs from your federal income tax. Please see the IRS Web site for more information: http://www.irs.gov/individuals/article/0,,id=121452,00.html.
Important Tip when Applying for Federal Aid
Many parents do not know about the “FAFSA,” or Free Application for Federal Student Aid. Those who do most likely are already involved in the college financial aid process. A FAFSA is the document that the federal government requires students and their parents to complete when applying for federal financial aid. Although the deadline for the next school year is the end of June of the previous year, many parents are not aware that they may complete the application as early as Jan. 2 of each calendar year. Those who are prepared and apply early are more likely to receive the funds they need, compared to those who wait until July to apply.
In addition, some parents may be under the impression that they first need to file their taxes before completing the FAFSA. This also is not the case, as parents simply may estimate their income on the FAFSA and update it later, if needed. If parents and students wait until April or so to apply for funds they may miss out and not get what they need, so it is advisable to apply as close to Jan. 2 to obtain the optimum results.
NextStudent’s Personalized Service Makes Preparing for College Simple
Wherever parents and students are in the planning and saving process, it is never too soon to get started. The key is to approach college funding strategically by taking advantage of all the resources at your disposal and maximizing your options. Part of that process involves your decision in partnering with NextStudent in making your child’s dream of a college education a reality. When you contact NextStudent, you will be assigned your own personal Education Finance Advisor who will answer any questions you have and guide you through the college funding process quickly and easily. With one simple call you could be on your way to making your years of preparation and planning pay off beautifully.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans.
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Posted by
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1:49 PM
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For many college seniors who have recently graduated, college now is but a fading memory, and the prospect of getting that ideal job is ever present. Many parents relish their child’s commencement when they receive that college degree, a major symbol of not only the effort required for its attainment, but also an indication of even better things to come.
Perhaps your child already had received that great job offer and is just settling into the working world, learning about budgets, personal financial planning, and starting to consider the repayment of student loan debt.
Take Time to Plan Ahead
Whatever the case, many graduates and their parents do not look forward to the time when they are required to start repaying their student loans. However, according to NextStudent, a leading Phoenix-based education funding company, once borrowers receive accurate information on their repayment options and what is available to them, most find it easier than they originally thought.
Students probably are already aware that most federal student loans have a grace period. What that means is that the day after they graduate they do not have to automatically make that first payment. For example, for Stafford Loans, students may not have to begin repayment until a full six months following graduation. Perkins Loan repayment is not mandated until three months later, or a total of nine months after graduation. Repayment of PLUS Loans (Parent Loans for Undergraduate Students) and PLUS Loans for Graduates are different. Parents or students must begin repayment only 60 days after disbursement of the funds.
This grace period is the perfect time for parents to work with their children by planning for the future, such as establishing a budget, coaching their children about new living arrangements, adapting to a first real job, and getting their financial house in order.
Repayment Options Abound
There are many different types of repayment options with unique terms and requirements. A common option is deferment. Borrowers may qualify for deferment if they are experiencing economic hardship, unemployment or certain other conditions. Deferment allows the borrower to postpone payments usually in six-month or one-year increments. A borrower must apply for this option on a yearly basis, which may be extended to a maximum of three to five years. Since interest accrues on the account during deferment with the exception of subsidized Stafford Loans, it is wise to begin repayment at the first opportunity, or perhaps consider setting aside the funds monthly to cover interest accruals.
Consolidation Simplifies Repayment
Students may be burdened with a significant amount of college debt and multiple student loans that require several payments to different lenders or servicing companies each month. This is an exceptionally confusing prospect to face when looking at repayment. In order for students to know their obligations, it is best for them to contact all their lenders to find out the required payments, student loan balances, interest rates, and terms on all student loans.
With this information in hand, consolidation of all student loan debt may be a great way for students and their parents to simplify debt repayment, thereby eliminating the hassles and headaches of dealing with multiple lenders and payments that must be made monthly.
Many students realize rather quickly that student loan consolidation is a simple, easy process that allows them to reduce their monthly payment by up to 60 percent. With a NextStudent Consolidation Loan, parents and their children receive one of the most competitive packages in the industry, as well as personal, professional service. In fact, when borrowers contact NextStudent, they are personally assigned their own Education Finance Advisor who will guide them through the student loan consolidation process from start to finish, inform them of their best options, and address any questions they might have.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans.
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Posted by
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1:47 PM
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By now, college students across the country have had ample opportunity to enjoy their summer vacation, and their break from school soon will be drawing to a close. Now is the ideal time to consider more serious matters like how students will plan for their next year of education, according to NextStudent, a leading Phoenix-based education funding company.
Alternately, for many high school seniors, perhaps the joy of being accepted at their college of choice has faded, only to be replaced by confusion on how best to proceed with funding for their first year of school. It is time for students to dig out the award letters they may have received months ago and begin preparing to finance their fall semester.
Personalized Attention Helps Solidify Plan
Since college award letters often are a little confusing and sometimes can be a challenge to understand and interpret correctly, NextStudent takes pride in helping students and their parents clarify and understand their financial picture so they can formulate the best funding strategy to finance their college education.
When contacting NextStudent, students are assigned their own personal Education Finance Advisor who will walk them through the college funding process from start to finish in a simple, straightforward manner. This personalized attention helps take the guesswork out of college financial aid and frequently results in peace of mind for many students and their parents once they have a better grasp of their financial picture, options, and best way to proceed.
Accurate Understanding Clarifies Best Options
Students and their parents can rest easy knowing that they are in good hands when working with NextStudent. Since many do not know where to turn or how best to proceed, students may be educated with respect to the actual cost of attending their college; the need-based aid for which they qualify such as subsidized Stafford Loans and federal non-need-based student loans; and the possible out-of-pocket funds needed to attend college.
A common mistake occurs when students and their parents believe that they do not qualify for any federal student aid. In many cases, it is not that students do not qualify for ANY federal aid at all, but rather that they do not qualify for SUBSIDIZED federal aid such as a subsidized Stafford Loan. Instead, they may qualify for an UNSUBSIDIZED Federal Stafford Loan. This is the type of scenario that a NextStudent Education Finance Advisor is equipped to handle. A personal Education Finance Advisor will answer any questions students have, advise them on the best options to pursue, and assist them in formulating the strategy that best suits their needs.
Different Awards, Different Needs
Other common types of financial aid include Parent Loans for Undergraduate Students (PLUS Loans) and Private Student Loans. Regardless of what type of federal aid for which a student qualifies and regardless of the perceived financial challenge, chances are NextStudent can help.
Since the fall semester is just around the corner, students who wish to get a jump on putting together their funding package for school may want to contact NextStudent at their first opportunity.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans.
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Posted by
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1:45 PM
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Since some colleges start posting available work-study positions as early as the summer, students looking to get their first choice of campus jobs in the fall may want to get a head start by already having their résumé and cover letter written and polished. The Federal Work-Study Program provides part-time jobs for both undergraduate and graduate students with qualifying financial need and encourages students to participate in community service and try out employment opportunities related to their course of study. Work-study jobs are required to pay at least the current federal minimum wage but might pay more, depending on the type of work the student does and the skills required.
Work-study, on- or off-campus, can offer students a paycheck while allowing them enough flexibility to accommodate their class schedule. Work-study jobs run the gamut from tutoring children or other college students, to working as a museum aide, to serving as an usher at public or school events. According to NextStudent, a leading Phoenix-based education funding company, work-study programs can be a great option for students who need a little help meeting their college expenses.
Benefits of Work-Study Jobs
Because the Federal Work-Study Program is based on financial need, work-study income does not affect a student’s financial aid eligibility. While their work-study income is taxable, students who receive on-campus work-study jobs can enjoy the benefits of walking to work straight from class—they save on gas money and can meet up with friends at the dorm right after their shift. And whereas students in non–work-study jobs may get bogged down in work hours, work-study employers tend to be more sensitive to a student’s schedule and offer more flexibility. Universities may cap an undergraduate’s work availability at 20 hours per week.
In addition to offering convenience and flexibility, work-study allows students to start building their work history. When these students are ready to head out into the real world, they’ll be a step ahead of those students who chose not to work. Prospective employers may look more favorably on students who were able to balance the demands of a higher education with the requirements and scheduling of work.
Qualifying for Federal Work-Study
Students interested in work-study positions must fill out the Free Application for Federal Student Aid (FAFSA) and mark “yes” when asked if they are interested in student employment. Students must demonstrate sufficient financial need and meet other qualifications. Since the number of work-study positions is limited, students should apply as early as possible to increase their chances of getting the job of their choice.
Students who qualify for work-study will be notified by their university’s financial aid office. Students who don’t receive a work-study award and believe they are eligible to receive one should make an appointment with a financial aid counselor to discuss their options. Some schools may offer to put students on a waiting list.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation.
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Posted by
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1:33 PM
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In today’s competitive job market, recent college graduates may find that paying off their student loan debt may be more difficult than they had originally anticipated. Some students may find themselves living paycheck to paycheck, sometimes for years, just to get their foot in the door of their chosen careers. That’s why recent graduates with multiple federal student loan payments may want to consider combining them into one easy payment with a Federal Consolidation Loan, according to NextStudent, a leading Phoenix-based education funding company
With the possibility of lowering monthly student loan payments, a Federal Consolidation Loan may be the best option for students juggling the demands of the real world with the limitations of their pocketbooks. And by consolidating now, recent graduates could secure the convenience of one single student loan payment before their grace periods end and repayments begin. They may also be able to reduce their monthly payments by up to 60%.
Money-Saving Benefits of Consolidating With NextStudent
A Federal Consolidation Loan combines qualifying federal education loans into a single loan with a fixed interest rate. Instead of making payments on either a single or multiple unconsolidated federal student loans, some of which may carry variable interest rates, borrowers who consolidate can make one payment on one loan with an interest rate that won’t change. Borrowers who consolidate also have the chance to repay their consolidation loan over an extended period of time (up to 30 years), which could lower monthly payments by as much as 60 percent. The potential monthly payment reduction can help give new graduates a little breathing room as they start out on their new career paths, freeing up some money for immediate needs like car payments and rent.
And by consolidating with NextStudent, borrowers could qualify to earn rate reduction incentives that could lower their monthly payments even more. In addition to giving borrowers an immediate 0.25% rate reduction just for signing up to have their loan payments automatically debited from their checking or savings account, NextStudent will grant a 1% rate reduction after 36 on-time payments. And unlike many other lenders, NextStudent will lock this 1% rate reduction for the life of the loan. In addition, there are no credit checks, application fees or prepayment penalties for a Federal Consolidation Loan.
NextStudent’s Education Finance Advisors Help Walk Borrowers Through the Consolidation Process
Applying for a NextStudent Federal Consolidation Loan is easy and may be done over the phone with the borrower’s personally assigned Education Finance Advisor. NextStudent’s trained consultants can help answer any questions parents or students may have and will help walk them through the student loan consolidation process from start to finish.
Parents can also consolidate any PLUS loans they may have taken out to help pay for their children’s educational expenses. Their children do not need to be out of school; parents may consolidate their PLUS loans as soon as 60 days after the final disbursements are made.
NextStudent believes that getting an education is the best investment you can make, and we are dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation.
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