college application is an exciting and confusing time
Miami, FL (PRWEB) November 26, 2014
National Debt Relief recently shared in an article published November 23, 2014 how families children in senior year are thinking about college. The article titled “8 Things You Should Know If Your Child’s Applying To Colleges” looks in to some of the things parents and children alike should consider before making that leap into higher education and all the costs that it brings.
The article points out that college application is an exciting and confusing time for parents as well as students. Typical parents would want their children to attend the best and most prestigious school possible. However, given the price of a college education today – especially at top-level schools – this could mean years and years or debt for borrowers. It’s important that families get all excited and end up making a choice that costs borrowers dearly.
The class of 2014 carries an average student loan debt per borrower amounting to $33,000. This can put a strain on a borrower’s finances and budget for years to come. The article points out that one of the things parents and students need to before taking out student loan is to take a long hard look at the budget.
For parents, it is important to look at how much they can contribute to the college fund of their children. After this, the students can then look at how much student loan they need to take out to be able for college. It is also a good practice to try and compute how much the student loan repayment amount would be and compare it to the expected industry salary. This can help manage expectations in terms of payment in the future.
The article also points out that the school may not always be as important as families imagine it to be. It is a great accomplishment to graduate from an ivy league school but borrowers need to understand the debt they will graduate with can very well leave them with high monthly repayment amounts for a minimum of ten years.
To read the article, click this link: http://www.nationaldebtrelief.com/8-things-know-childs-applying-colleges/