The costs of a college education continue to rise like a hot air balloon and many fear that they will soon be beyond their reach. Some experts have estimated that the cost of an average four year program at a public college or university may cost as much as $100, 000.00 in fifteen years from now. That’s a lot of money, regardless of your current income.

The good news is that you can play now to avoid that super-hit later on. You may not be able to control the costs of a college education, but you can find ways to lesson that blow. One way is through a 529 college education savings plan and even if your child does not decide to go to university later on you can roll it over to someone else in the family who does.

A 529 plan is named after its section number in the IRS code is a savings plan for college education and when you open an account you have a number of options to choose from.

Those options include prepaying tuition at a qualified educational institution at today’s tuition rates or you can save money in a tax-deferred account that can only be used to pay for education at future tuition rates. (more…)

A no-cost student loan consolidation – doesn’t that just sound too good to be true? Think about it. You have just accrued thousands of dollars in debt through student loans after 4 years of college, or possibly even more. Then, a company offers to take all of your loans off of your hands, put them into one central loan, and do it all for free! Well, while it might not be too good to be true, it all depends around your particular situation, which could make this a “free” process, or could still work out to the benefit of the consolidation company that you are working with throughout the process.

How A Student Loan Consolidation Works
Here is how the student loan consolidation works. You have used up thousands of dollars in student loans to pay your way through college, obtain housing throughout college, and pay for other odds-and-ends while attending college. A student loan consolidation then takes all these different loans, pays for each of them, at which time you then pay the student loan consolidation company for the total amount of loans taken out during college.

Example of Student Loan Consolidation
If you were to have outstanding loans of $5000 to one company, $6000 to another, and $9000 to a third, the student loan consolidation allows you to owe $20000 to one company, rather than to three. This can save you money in the long run, as these companies also may be able to offer you a competitive interest rate, which means you will be paying less overall for your student loans in a shorter amount of time and to only one company. (more…)

There is much debate surrounding college student credit cards. Some swear up and down that they’re a disaster waiting to happen while others vehemently object and insist they are a must-have financial tool for college students. Which side is right? When deciding whether college student credit cards are good or bad, you need to weigh the facts. These three truths will help you come to your own conclusion.

1. Aggressive Marketing

College student credit cards have gotten a bad rap when it comes to their marketing tactics — and some would say that it’s for good reason. You can’t hit a single college campus without coming across at least one application for college student credit cards. (more…)

When does it make sense to approach a Student Loan Consolidation Center for help? If you are a young person or a parent who is trying to pay off student loans, it may make a lot of sense to consider consolidating all your outstanding loans into one loan with a lower interest rate.Consult with the Student Loan Consolidation Center and ask about locking in the interest rate that you are paying at today’s rates. That way, even if interest rates do rise, you will not be charged the higher interest rate. If you have signed an agreement for a student loan with a variable interest rate, the rate of interest charged on the money owed rises and falls with changes in interest rates.

By choosing a loan with a fixed rate, you avoid this possibility. The drawback to a fixed rate for a loan is that if interest rates should happen to fall, the borrower will still be required to pay the higher interest rate. (more…)

Many parents, new college students and working adults contemplating a return to college are concerned about the cost of a good education, and when faced with tuition and other associated expenses, it’s east to see why. Attending a college or university has never been cheap, but constantly rising tuition rates and the myriad of fees that most colleges now add can make it seem like an endeavor hardly worth undertaking. That, however, isn’t the real way to judge, or rather weigh, the cost of a good education. It has to be viewed in the context of your opportunity costs and earning potential over the course of a lifetime.

Many take time off after high school to “find themselves” or get a better sense of direction, which is perfectly understandable. Still, there is little in the world one could do in lieu of attending college that will better broaden one’s horizons, expose them to people with different backgrounds and upbringings and provide as much information in as little time. The reality is that the opportunity cost of not attending college is far greater than tuition at even the most expensive private colleges. (more…)

A debt consolidation loan makes it possible for an individual to pay off their other debts and make a single payment each month rather than multiple payments to each individual creditor. Basically, you apply for a single debt consolidation loan that can pay for each of your credit card or unsecured debts, use the money to pay the accounts in full, and then make one payment to the new debt consolidation loan.

There are several types of debt consolidation loans. Many college graduates will apply for a student consolidation loan to help with school loan repayment once they get out of school. It is much easier to manage and pay for a single school loan payment each month than it is to keep track of four, or six (or more!) smaller loans each month. (more…)

Education loans guaranteed by the government offer attractive terms like low interest rates, deferred repayment plans, subsidized interest payments and longer terms. Your credit score is less stringently evaluated than for other kinds of consumer loans. Whether you are currently enrolled, a graduate, or comfortably employed, you may save thousands through a government student loan consolidation by locking in record low interest rates before they rise.

By all means, if you need to decrease your monthly student loan payments by extending the term of the loan, a government student loan consolidation may be the answer for you. Eventually, your financial obligations will be easier to manage. With a government student loan consolidation, all of your student loans you acquired over the years are paid off as one and replaced by a single fixed rate loan, often with a reduced monthly payment. (more…)