I was helping my son set-up a lemonade stand when we got into a conversation about his birthday. It’s coming up this summer and as we were talking, it hit me–he’s turning 14 this year. Four-teen. Like just 1 year from a learner’s permit, 2 from a driver’s license, and, oh, oh, no, just 4 from college. I was floored. My husband and I had to figure out How I’m Paying for My Kid’s College (because it’s suddenly become real).
How I’m Paying for My Kid’s College (because it’s suddenly become real)
So, my hubby and I got after it and did some research that evening after the kids went to bed. I won’t lie, the mountain of information was a little overwhelming. But, we did find some things that made my panic a little less intense.
- We might be able to pay cash for books. If we start cinching our belts a little more, we can put away about $100 per month. That would be a little under $5,000, which would be a good amount to have set aside for books. Surely they don’t cost more than $1,000 per semester, right?
- For housing, we’re going to see about buying him a house and renting it to him. That way he has some responsibility in this, but with a safety-net. And we think we can get a good deal on a second mortgage.
- Tuition is the big-dog cost that we were the most worried about. We’re going to have to go with parent loans. But, I think we found a flexible solution to fit our financial situation, whatever that might be: College Ave Student Loans.
- There’s an option to get up to $2,500 deposited into my (the parents’) bank account so that I’m in control of how the money is spent…
- There’s also an option to start paying in full right away, so, if we win the lottery or my husband gets a big raise, we can just get out from under the debt fast–or we could also limit our monthly payments while our son is in school, setting our own repayment terms from 5 to 12 years. Sweeeet!
Really, the biggest, most important piece of my puzzle for How I’m Paying for My Kid’s College is definitely the parent loans. I like being “ahead of the curve” and doing things a little smarter–which I feel like I can do with College Ave Student Loans. I mean, with no origination fee and a lower interest rate than the federal program, their new parent loan offers savings of $1,000 vs. the Federal Direct Parent Plus program. Nice, huh?
So, what do you think about my plan for How I’m Paying for My Kid’s College? I’m excited about the College Ave Student Loan options and, I’m kind of excited that they make the parent loan process easy, simple and clear. Because it’s nice to know they’re all about streamlining the process so students can get on with what matters most: a bright future.