The Role of Parents in Controlling and Eliminating College Student Debt

How do you eliminate student debt as a parent?

Flickr user Pete

Who do we see first when we open our eyes as newborns? Well, we may not remember it but they are definitely our parents. They are responsible to raise us in all good ways and teach us reasonable ways to live our lives. With that being said, it is a great responsibility upon parents to also teach us about the value of money.

When a child comes of age and they start with their higher studies, parents often take college student debt to help finance their child’s education. It is noticed that nowadays there is a rapid growth in student loan debts and they can have a bad impact on the graduating students. Here’s how parents can control and eliminate college student debt.

Parents Should Teach Students to Save Money Before Going to College

Parents do know how much higher studies can cost. Thus, they should prepare their children from the beginning to save money. They should teach them how to save money before going to college or high school and how to pay off their debts from an early age.

It is better if parents encourage their children to earn before joining college. It isn’t always necessary to go to college right after high school, children can always take a year off to earn and save some money before enrolling in college. This can not only give you time to earn but also help you think over your majors or area of studies that you might be interested in.

Parents Should Help Students Search for Scholarships

Scholarships are granted by organizations to deserving and commendable students, these scholarships do not depend on the year of school as they can be granted at any time. Therefore, parents should help their children to search and apply for scholarships from any credible organization.

There are many groups and affiliations that can easily provide your child with scholarships or education grants. According to advocates, it is best for parents to escort their children to the financial department of the high school and to apply for potential scholarships–most scholarships and grants are awarded by the schools themselves and the federal government. Earning scholarships will lower the burden of their college student debt.

Parents Should Encourage Children to Work

When your child is all set to join the high school program, they are no more kids; they are adults. You must not treat them like kids or bear their tantrums so that they learn the reality of life. For this reason, parents should encourage their children to work while they are in college. Though it may seem difficult to them at first, managing both classes and work but they can manage it if they put their mind to it.

With that being said, if you are wondering how your children will find a job, then you need not worry as the job listings on the job board on their college website can help you in this regard. This can really help make them learn how to live life prudently, alleviating the debt load.

Learn the Average Cost for College to Control Debt

With the rapid growth of college student debt, many parents are facing losses and it’s badly affecting their student’s studies. But if all parents consider these three roles, we are sure they will be able to control and somehow eliminate the college student debt.

Paying on any money you borrowed can be very disheartening. Here’s how you can lower the overall cost of your student loan!

 

Lender Rates (APR) Eligibility
Earnest company logo.
Variable APR: 1.99%* +
Fixed APR: 2.98%* +
Undergraduate and Graduate
VISIT EARNEST
Lendkey company logo.
Variable APR: 1.90%* +
Fixed APR: 2.95%* +
Undergraduate, Graduate, Parent PLUS
VISIT LENDKEY
Credible company logo.
Variable APR: 2.13%* +
Fixed APR: 2.58%* +
Undergraduate and Graduate
VISIT CREDIBLE
Laurel road company logo.
Variable APR: 1.89%* +
Fixed APR: 2.50%* +
Undergraduate and Graduate
VISIT LAUREL ROAD
Commonbond company logo.
Variable APR: 2.46%* +
Fixed APR: 2.59%* +
Undergraduate, Graduate, Parent PLUS
VISIT COMMONBOND
Fixed APR: 2.74%* +
Undergraduate, Graduate, Parent PLUS
VISIT ISL Education Lending
Variable APR: 1.95%* +
Fixed APR: 2.55%* +
Undergraduate, Graduate, Parent PLUS
VISIT Nelnet
Variable APR: 2.94%* +
Fixed APR: 2.99%* +
Undergraduate and Graduate
VISIT College Ave
Variable APR: 2.39%* +
Fixed APR: 2.58%* +
Undergraduate and Graduate, Parent PLUS
VISIT ELFi

*APR includes a 0.25% interest rate reduction for enrollment in automatic payments.

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