Financial Advice from Liane Crane

Hello Parents!
IT IS TIME to pay the tuition bill!
If you want to pay via payment plan - look on the college website ASAP! Most college payment plans will begin in July. This is a great option if you are paying the semester in full or in part with cash.
If you are paying via 529 funds- once you receive the bill and know the exact amount, you can request the funds from your 529 company. You can have the funds sent to you or directly to the school. If you receive the funds, remember to pay the college with the exact amount you received and keep all documentation. If paying for a computer, books, etc., keep the receipts. Requests usually take two weeks.
Most of the time your student should take their federal student loan - if concerned about this please reach out to me for a discussion. Your student needs to ‘accept’ (check the box) that they want the loan(s) subsidized (no interest) and unsubsidized (interest accrues). They then need to complete Financial Literacy and sign the MPN (master promissory note). Once completed the loans will be applied to the tuition bill, so compete ASAP. The Financial Literacy and MPN are all set for four years. Each semester the student will need to accept the loans. Freshman year will be $5500 (less fees) or $2750 per semester, sophomore year $6500, jr & sr years $7500 each.
If there is a need for an education loan for this year, the options are a Federal Direct Parent Plus Loan or a private lender loan. The current fixed interest rate for the PPL is 8.05% with a fee of 4.23%. You can apply for the loan with your FSA ID on the studentaid.gov website. If you are interested in applying for a private loan, your interest rate will be determined by your credit score, debt-income ratio and other factors. Here are the lenders I recommend;
Try starting with SPARROW - a broker of student loans - remember the rate is not official until completion of the application. Also:
Juno Ascent Funding LendKey
For more information please schedule a free conversation with me at www.calendly.com/collegedollar or book the one-hour consultation for my 11-point Tuition Bill Review Package where I cover optional costs, FERPA, waivers, loans, and more!
Liane Crane, CFSLA - College Funding & Student Loan Advisor Read my recommendations on Financial Aid Packages in FORBES www.TheCollegeDollar.com