Sanlorenzo (AQEU:SLM)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Sanlorenzo Charts. Click Here for more Sanlorenzo Charts.](/p.php?pid=staticchart&s=AQEU%5ESLM&p=8&t=15)
Filling the Need Gap: Last-Minute College Financing Options Are
Still Available
RESTON, Va., July 14 /PRNewswire/ -- After the initial euphoria of college
acceptance passes, reality sets in: Someone has to pay for it. When financial
aid is not enough to cover the cost of college and the start date of school is
nearing, more families are turning to alternative financing options.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
Families should first consider funding options that do not need to be repaid,
such as scholarships and grants, said Martha Holler, spokesperson for Sallie
Mae, the nation's No. 1 paying-for-college company. Once those options have
been exhausted, they may consider an education loan to cover their education
expenses. The Federal Stafford Loan is the most common type of education loan
for undergraduate and graduate borrowers. However, students are limited by what
they can borrow.
One option to help bridge the financial aid gap is a Federal PLUS Loan. PLUS
Loans are the lowest-cost way for parents to finance their child's education.
Parents may use PLUS Loans to borrow as they need, including money for tuition,
room, board, books, supplies even travel, to cover the cost of attendance at
their child's college of choice.
"Parents can borrow for college, but they cannot borrow to pay for their
retirement," explains Holler. "Most families will qualify for PLUS Loans, and
everyone gets the same low interest rate regardless of their credit history."
PLUS Loans are not based on income or assets and do not require collateral.
Moreover, parents can take up to 10 years to repay the loan using a wide
variety of repayment options, from delaying repayment for up to five years
while their child is in school or once their child leaves school. Sallie Mae
offers free, no obligation credit decisions regarding PLUS loans when parents
visit http://www.parentanswer.com/ (or call 1-800-891-1410).
Another last-minute financing option for students is a private education loan,
such as a Sallie Mae Signature Student Loan. The Signature Student Loan is a
private education loan for undergraduate, graduate and health profession
students attending four-or-five-year schools at least half time. Interest rates
and fees are based on credit history; the better the student's or co- signer's
credit, the lower the interest rates and fees. Students and families can learn
more about the Signature Student Loan and use Sallie Mae's online pre-approval
feature to receive credit results by logging onto
http://www.salliemae.com/Signature.
Lastly, many schools offer families the opportunity to make monthly tuition
payments over the course of the school year, an interest-free alternative to a
large, one-time payment due at bill time. For a small fee, families can reduce
the amount they need to borrow to cover the cost of college. Students and their
families should ask their campus bursar or financial aid office for more
information.
"Finding last-minute money to pay for college is doable, and parents don't have
to take a second job or another mortgage on their home to accomplish it," said
Holler.
For more information on last-minute college financing options, visit
http://www.collegeanswer.com/, where students and families will find a number
of resources on planning and paying for higher education.
http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a
http://photoarchive.ap.org/
DATASOURCE: Sallie Mae
CONTACT: Erin Korsvall of Sallie Mae, +1-703-984-5136
Web site: http://www.salliemae.com/
http://www.collegeanswer.com/
http://www.parentanswer.com/
Company News On-Call: http://www.prnewswire.com/comp/827187.html