It’s most every parent’s dream that their children grow up and attend some type of higher education school. The more education one gets increases the job market opportunities will be. Higher education will also provide access to higher paying jobs. We all want our children to be self-sufficient, not living at home and definitely not depending on cash advances or maxing out their new lines of credit once they enter the workforce.
Planning for college is a long-term process. The sooner parents start saving, the less student loans will be needed later. One of the biggest misconceptions is that parents are required to save or opportunities for their children will be lost. It is most important that parents plan for their retirement first. With grants and student loans available, students will be able to attend most any school. Scholarships are another great focus. Athletic and academic programs offer qualifying student great financial opportunities.
If you are a parent looking to save for your child’s higher education costs look to a financial planner for guidance. A close friend or relative who is well experiences with the stock market and mutual fund portfolios may also be a good asset to have in your corner. There are savings plans which offer tax breaks and federal tax credits during the years the student is in school.
Credit does not affect a cash advance, but a student loan provider can be a bit lenient.
Credit reports will play a role in any college loans. If you are a parent looking to get help from the bank, you will need to have half decent credit, but a few late payments will not get you disqualified. It would be nice if the loans were no credit bureau check ones similar to the cash advance lender, but it helps that they are a bit more lenient than other creditors.
When seeking student loans, make sure to read the fine print and know all the payment options. Many lenders will be flexible and offer extensions as needed. Don’t forget the tax breaks available to taxpayers who have student loans.
It can be a bit overwhelming for some young adults to make these financial decisions about school without a bit of guidance. The more we teach our children about money throughout their lives, the better equipped they will be with their own finances. For those parents who have had to learn from financial mistakes, we can use real life examples to teach our children. A child that remembers listening to their parents make budget cuts or better yet was involved in the process are more likely to know the highs and lows of budget planning. Teach a child pros and cons of credit cards. Warn them about cash advance and payday loans.
A young adult heading off to college is a major step in life. The more they are equipped to handle the real world, the better decisions they will make personally and financially. A parent’s dream for their children can come true with limited stress towards affording or repaying the costs of college.
Begin planning as early as possible. Future education plans should consist of both financial and personal guidance from parents. The earlier a child understands the value of money, the better off the family will be once college comes.
