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Each year millions of kids will graduate from High School and many look to try and get into college. Their parents have worried for years about how to pay for college. Saving for most families is nearly impossible. By most estimates, college costs have increased an average of 14% a year for the last 10 years. Parents stress levels are at an all time high. They know their kids’ future could be at stake because of the money issue. Let’s take a quick review of traditional options when it comes to paying for college.

Your Financing Options

When the Family Share of paying for COLLEGE Is More than You Can Afford

There are a variety of financing options available for families who are concerned about their ability to meet their family share of costs. These alternative sources of aid, most often in the form of loans, can help families cover financial aid gaps, or unmet need in a financial aid package.

Student Loans,
Federal Unsubsidized Loans,
Private Student Loans,
Parent Loans,
Federal PLUS Loans,
Federal Grad PLUS Loans,
Home Equity Loans
IRA Withdrawals,
Tuition Tax Credits

These are all most certainly options for being able to pay for the cost of college BUT…
All these options require at least one of a minimum of five things:

1. Borrowing money
2. Filling out mounds of paperwork
3. Affording the LOAN
4. Saving enough money for an IRA in the first place
5. Good Credit

I keep thinking to myself, all this constant worry, stress and pressure could have been easily prevented if families would have just had the information and knowledge of creating a home business to generate income to pay for college for their kids.

Here are several benefits of having a home business to pay for college;

1. Generate a monthly cash flow to save and pay for college.
2. Congress has passed laws giving Thousands of Dollars in Tax Deductions to average Americans who operate legitimate home-based businesses. Thereby creating additional savings.
3. The average American who runs even a part-time home-based business can now qualify for more Tax Advantages than any other category of taxpayer.
4. Pay less taxes than you do now. Don’t have a home-based business? Then you are definitely paying way too much taxes. This alone will help most families save more than enough to pay for college.
5. The United States has TWO Tax Systems, and You Just Might be in the Wrong One!
6. Hire Your Family Members to Perform Business Services, and Watch Your Deductions SOAR!

There are all kinds of home businesses to get into. Many can help you generate monthly cash flow and potentially reduce income taxes you pay. However, there are many businesses out there that are scams and you have to do your homework on them to make sure they are legitimate.
One of the best methods to finding a home business is already at your fingertips. A hobby, or interest you have can easily be turned into a cash generating machine that would provide cash flow and keep many families from having to borrow money for college.

Ask a High School student if they plan on going to College after graduation and chances are many will say, “Yes”. Ask them why, and you’ll get the same old tired and rehearsed answers. “To learn a skill so I can have a career”, “So I can get a job making lots of money so I don’t have to work hard” or this two, “To party and meet lots of girls (or hot guys)”, “To further my knowledge and help the World be a better place.” For the purposes of this article, we’ll not be talking about students who made the last two statements.

The cold hard facts are that not every High School student is cut out to go to college. Others do not want to go for what every reason. That being the case, why do we as parents go into debt with student loans and force our kids to do something they don’t want to do or that they are not ready to do. Others who do not have parents paying for their college will amass huge piles of student debt on a 4 year degree that Society tells them they must have. For some, it will take them a decade or more to pay these debts off. Others will be ruined financially, many for life, by these debts.

There are many Blue Collar workers in the workplace today who make way more than a person with a 4 year college degree. And what’s more is that these blue collar workers are generally a lot happier with their career choice than those with the 4 year degree.

How is this possible? Simple. By hook or crook, they obtained the skills to specialize in an industry where workers are paid a premium. Many went to Vocational Schools to learn their trade. Others went to Third Party training schools.

Ask yourself this, how many people do you know with 4 years or more of college that are working in a field that they actually have their degree in? I’m guessing not many. I know about 2 dozen people personally who have 4 years or more of college and only 3 of them are actually working in the fields that they obtained their degree in.

You see, this country has a growing need for specialty trades such as:

Welders
Fitters
Nurses – and most anything in the Medical field
Electricians
Plumbers
Auto mechanics
Machinist
Machine operators
electrical engineers
HVAC Technicians
and many others

Needs for these skilled tradesmen will only grow in the coming years.

Also, ask yourself when is the last time you heard about your Air Conditioner guy’s job being outsourced overseas? Many of these trades, well almost all, are recession and outsource proof.

If you’ve education loans, you will face the challenge of having to service multiple student loan rates when making loan repayment. This is common when consolidating student loans at a lower interest rate and taking up new loans at the current student loan consolidation rate.

By consolidating student loans, you practically combine all of your loans together into one single loan package. This implies that you will have only one lender and one loan payment to manage. College loans consolidation also gives you an opportunity to lock in at a lower interest, which can potentially save you a great deal of money over time.

Your personal debt can be easier to manage if you consider repackaging all your loans into one single loan. When talking to a prospective lender about college loans consolidation, you may realize the possibility of converting your loans with variable student loan rates into one with a fixed rate to get the best rate for consolidation, including the option of a longer loan repayment period. Such approach could help you more effectively manage your overall personal loan debt by reducing your monthly repayment.

The consolidation rate chargeable for college loans consolidation will vary depending on if you go through a government or private lender. As a rule of thumb, you will theoretically get the best deal on student loan consolidation rate when working with the federal government to complete consolidation. However, as and when student loan interest rate heads south, you should check out a private lender to find out any chance of you getting a better deal, should you decide to do your college loans consolidation with a particular lender.

It does not really matter if you should eventually decide to consolidate your loans with a private or government lender. Here is a piece of advice. Be sure to carefully consider what the resulting post-consolidation monthly payment will be like, and find out how much the consolidated loan will cost you in total (principal plus interest) until the entire consolidated loan has been paid in full.

If you do your homework right and your final figures project significant amount of monthly savings, then the answer to our question at the start, “Should I Consolidate My Student Loans?” is certain to be a resounding yes. In this case, any decision to go ahead with college loans consolidation is really a ‘no-brainer’.

Ray Young writes on topics like Affordable Health Care to promote healthy lifestyles for healthier living. Healthy lifestyle is marked by greater financial independence and freedom. Why pay more when you can potentially save with student loans consolidation? Should I consolidate my student loans? For these answers and more, why not check out Consolidating Student Loans

See Also : Finance Info

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Student Loan Consolidation Program – The Trusted Choice For Student
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Private Student Loan Consolidation, Consolidate Student Loan
Istudentloan Featuring Infomation On Private Student Loan Consolidation, Consolidate Private Student Loans Private Student Loan Consolidation Is Much.
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Federal Direct Student Loans
Federal Student Loans Provide Capital Directly From The Federal Government (rather Than Through Private Lenders) To Vocational, Undergraduate, And Graduate.
usgovinfo.about.com/cs/grantscontracting/a/studentloans.htm?terms=federal+direct

Financial Aid Glossary :: South Carolina Student Loan
Consolidation Loan. Federal Direct Student Loan Program A Private Loan Offered Exclusively By SC Student Loan That Allows Borrowers To Consolidate All.
www.scstudentloan.org/financialaidglossary.aspx

Student Loans And Financial Aid Information: Options For Education
Information On Student Loans, PLUS Loans, Federal Stafford Loans, Alternative Loans, And Student Loan Consolidation. A Private Student Loan With Discover.
www.studentmarket.com/student-loans.html

FinAid | Loans | Student Loan Consolidation
Both Student And Parent Borrowers Can Consolidate Their Education Loans. Who Offer Federal And Private Student Loans, Including Consolidation Loans.
www.finaid.org/loans/consolidation.phtml

Student Loan Consolidation – Student Loan Financial Group
Apply For Federal Or Private Loan Consolidation. A Private Consolidation Loan Is A Tool That Conveniently Allows A Borrower, Student Or Parent.
www.studentloanfinancialgroup.com/student-loan-consolidation

Student Loan Financial Group
Offers Student Loans, Including Federal And Private Loan Consolidation.
www.studentloanfinancialgroup.com

Big Changes Ahead In Student Loan Programs – WTNZ Fox43 Knoxville, TN-
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www.wtnzfox43.com/Global/story.asp?S=10778023

The Online Office Of Congressman John Murtha – Student Financial Aid
On How To Consolidate Student Loans, Call The Federal Direct Consolidation Federal Family Education Loans (FFEL) From Private
www.murtha.house.gov/index.php?option=com_content&task=view&id=341&Itemid=1
Financial Aid Search
What Is The Best Student Consolidation Loan For You? … Private Student Loans. Institutional Student Loans. State Financial Aid. Military Financial Aid.
www.colleges.com/financialaid

School Consolidation Loans Guide – Free Articles
Start Saving Money For The Future, Instead Of Throwing It Away On Old Private Student Loans And Their High Interest Rates. School Consolidation Loans Are Very Much.
www.greendoc.net/view/33072/school_consolidation_loans_guide

Student Loan & Student Loan Consolidation
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