With college students returning to classes in droves over the coming days, many parents are still scrambling for ways to cover the cost of higher education. A tough economy and stiffer lending requirements is putting the squeeze on some families, forcing some people to turn to high interest rate credit cards to pay for tuition.

Even the age-old fall back, home equity, has fallen on hard times as housing prices plunge and parents find that what little money is available to them won’t pay for tuition or the interest rates being charged are causing some to pause.

Worse yet, are those lenders who’ve you dealt with in the past who are no longer writing student loans or have ceased business altogether. This has been especially challenging year for families looking to renew a relationship with a lender they like only to learn that it isn’t business as usual for them.

Searching For Student Aid

Even as classes get ready to start, it might not be too late to secure funding for the 2008-2009 academic year. You’ll have to move quickly though as the number of applicants is up while the number of lenders is down — private student loan lenders are definitely being stretched. Here are some tips to help you secure financing this year:

Search Around – Our sister site, SayStudent.com, offers excellent tips and advice on how to find private student loans. Download a free copy of the free Student Loan Aid Booklet to help you get organized and track what you need.

Consider PLUS Loans — PLUS loans or Parent Loan for Undergraduate Students allow you to borrow up to the full amount of college tuition minus any financial assistance. With a fixed APR of 8.5%, this rate is much lower than a credit card and slightly below what some private student loan lenders are charging. With a PLUS loan, just remember that you are responsible to repay it, not your student.

Contact Financial Aid — Your college’s financial aid office can help you out by sharing with you a list of recommended lenders. Be careful as some schools work closely with lenders receiving contributions from them in order to be included on their list. Shop around!

Payment Plans — Some schools will allow you to make payments over the coming academic year, understanding that students might be very limited when it comes to paying for their education. Usually offered interest fee, you may have to pay an administrative fee which is typically set at $50.

It certainly is a tough year for some families, requiring parents and students to work together to find a way to pay for education. If your financial condition has worsened since your child first entered school, you could be eligible for additional relief. Contact the college’s financial aid department to find what your options are.

Tags: PLUS loans, private student loans, stafford loans, student aid, student lending

College dreaming will soon become a reality as your high school years give way to your freshmen year on campus.

College Countdown — One Year Left!

High school seniors are returning to school this year with mixed feelings: on the one hand they’ll really enjoy being at the top of the academic heap for the whole year, but on the other hand they’ll be getting themselves prepared to apply for college and say good-bye to their friends. A lifetime of memories will be made, good thoughts, which can carry students through for the rest of their lives.

Let’s take a look at what you can do now to make heading off to college as worry free as possible.

College Planning And Your Family

Preparing for college isn’t a solitary endeavor. Parents get involved as they are the ones providing the bulk of the financing while offering guidance on which schools to visit, what scholarships are being offered, and which financing options are applicable. Yes, even your siblings cannot be left out as whatever family decisions are made will affect them.

College Tracking Tools To Help You Stay Organized

As you will soon find out, your last year of high school won’t be as carefree as you may think that it will be. High school seniors still must finish up course work, complete college entrance exams, and deal with constant change. The thought of planning the next four years of life while handling today’s problems can seem overwhelming which is why we have developed free tracking tools to help take the edge off of college preparation.

Four tracking tools for college planning:

1. Student aid tracking worksheet — a worksheet to record and track your financial aid information (excel file).
2. College budgeting worksheet — an automated file to plan and budget college aid and costs (excel file).
3. College cost comparison worksheet — compare colleges by cost and amount of aid awarded (excel file).
4. College spending sheets — use these spending sheets to track daily - weekly - monthly spend (PDF).

Please visit this page to find the four tracking sheets and related planning tools.

Starting Your College Search

At the same time you are taking a look at your financial condition, you’ll want to begin your college search. Chances are you spent some time last summer visiting some college campuses, but narrowing that list down to a manageable three or four schools will make college planning a whole lot easier.

Use a financial aid checklist to balance college search with student financial aid options for a clearer picture of your schooling options. Parents need to remember that Stafford loans and private student loans are two forms of student aid that have opened up educational opportunities for millions of students.

Almost Done, But Not Quite!

With the tracking tools at your disposal, college planning becomes less of a stress and much more of an enjoyable experience. You still need to consider your college major and meet with your guidance counselor, so plan wisely now to take the edge off the coming crunch time!

Tags: 529 college savings, College Financial Aid, college freshmen, college planning steps, college planning tools, college search, financial aid, high school, high school senior, private student loans, Student Loans