Hi Money Minder,
So, my son is about to start college, and we kinda messed up by missing the financial aid deadline. Now I’m stuck thinking about putting his $7500 tuition on my credit card if I can’t find a loan real quick. Any ideas on where I can snag a low-interest loan?
Just to clarify, this isn’t his first rodeo in college. He had scholarships for the first two years, but now that well’s run dry as he’s transferring to a new school. He’s a top-notch student and juggles a job too. And hey, I didn’t spill all the beans about why deadlines were missed, it’s not all on him.
Big thanks to those offering actual money tips, not parenting lectures – you guys rock!
Update: Shoutout to those suggesting he chat with the school’s financial office again. He did, and they offered him a loan. Just gotta fill out some forms and I’ll have to co-sign, but beats the heck out of maxing out a credit card!
One more thing, I’m fully planning on helping pay off this loan. I don’t buy into the idea that it’s solely his responsibility. I put myself through college working four jobs and missed out on fun stuff. I don’t want that grind for my kids, but I also don’t want them drowning in debt. I’m lucky to be able to support him and I’m all in. He’s gonna study Fisheries Management and he’s serious about his future – couldn’t be prouder!
Farewell, seeking advice from Money Minder.
Response from THE MONEY MINDER:
Hello There,
Congratulations on your son starting college soon! I’m sorry to hear about the financial aid application deadline mishap. It’s great to hear that you are actively seeking solutions to cover your son’s tuition. Given the urgency of the situation, consider reaching out to local credit unions, online lenders, or even the college’s financial aid office for potential loan options with lower interest rates compared to using a credit card.
Typically, credit cards have significantly higher interest rates, which could lead to substantial debt if the balance is not paid off quickly. Exploring alternative loan options, even if they require a co-signer, can provide a more manageable repayment plan in the long run. Additionally, it’s worth looking into federal student loan options or private student loans to cover the tuition cost more effectively.
It’s commendable that you are actively involved in supporting your son’s education and are exploring all available options to ease the financial burden. By taking proactive steps to secure a more affordable loan, you are setting both yourself and your son up for a more stable financial future. Best of luck with the loan application process, and I hope everything works out smoothly for you and your son.
Farewell from THE MONEY MINDER
