A lack of understanding of how the financial aid system works can cause hardships for you and your teen. These hardships include:
- Having to deplete savings and retirement accounts to pay for the costs of college
- Having to mortgage a home to pay for the costs of college
- Taking out tens of thousands of dollars of student loans which leave you and/or your teen with a huge debt after graduation
- Sending the student to mediocre college rather than the best one they can attend
- Telling your teen you just can't afford to send them to college
Although most families do receive some financial aid, the majority receive much less than they should. The reason for this is they have no idea of how the financial aid system works.
Source: www.collegeaidcounselor.com
Here are some resources for you and your teen to explore as you plan for this next step after high school.
Sallie Mae Parent Answer
Parent Answer helps you explore the reality of college costs, savings opportunities, loans, and managing expenses. Sallie Mae® wants to make sure that you have all of the parent-specific information you need at your fingertips.
Financial Need Estimator
Use this site to determine what your needs will be for college tuition.
Student Loan Funding
- Discover types and sources of financial aid
- Find out how to apply for and manage a student loan
- Review the financial aid process
- Learn about tax breaks for college higher education
Free Application for Student Aid (FAFSA)
Mapping Your Future…
Use this site to explore options for paying for college.
