Be realistic about your budgeting needs. Creating a budget starts with monitoring and documenting your spending relative to your income to determine how these patterns will translate to college life.
Instead of paying your tuition bill in one lump sum each semester, you can enroll in the tuition payment plan to make smaller, manageable installment payments. This plan can be used on its own, or combined with financial aid and student loans.
There are two types of Federal Direct PLUS loans—one for parents of dependent undergraduate students and one for graduate and professional students. Both can cover up to 100 percent of remaining eligible education-related expenses. A credit check is required, but outstanding debt and the recipient’s current income are not considered.
Private student loans are made available to students through banks and other private lenders. These loans are made available to students through banks and other private lenders. These loans can typically cover 100 percent of the remaining costs of eligible education-related expenses. Full credit underwriting is required as well as a debt and current income. Most students will need a qualified cosigner to meet credit eligibility requirements.
It is also important to pay special attention to the college application deadlines to make sure that you can take full advantage of these opportunities.
(Cary Yates is a business development manager with Wells Fargo in Houston.)
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