Can Child Support Be Considered Income To Finance A Home College Tuition Costs are Spiralling

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College Tuition Costs are Spiralling

So, our children want to fly away from the nest and continue their academic life in college. But with rising costs, can we afford it? Will they have to take part-time jobs to stay afloat or can we supplement their financial needs with college loans?

These are just some of the questions parents and prospective students ask themselves today. It’s not surprising when you look at the facts: a 51% increase in tuition costs for public four-year colleges and a 36% increase for private four-year colleges in the last decade alone. This, coupled with disproportionate increases in the incomes of families likely to have college-aged children, means that more and more often parents or the students themselves are turning to direct loans or private college loans for help.

Why do parents and students need extra help?

Every parent and family is aware of what their expected financial contribution (EFC) will be to their child’s higher education when they apply for a place. It is calculated less government grants and college loans that will be awarded to the student. Every family has numerous financial commitments, and additional support for your child during college can be too much to bear if you don’t have enough savings or disposable income. But all is not lost! Other sources of financial support are available.

How can the deficit be covered?

Additional financial support comes in all shapes and sizes. They typically take the forms of unsubsidized federal student loans, state-sponsored loans, and private sector college loans. It is the latter that has seen the most significant growth over ten years (a 745% increase) and accounts for a whopping $10.5 billion in aid used to finance college education.

The private college loans available can be divided into student loans or parent loans:

Student loans

o Private university loans from banks and other funding sources.

Loans for parents

o Private education loans from banks and other financiers.

o Mortgage guarantee loans to take equity funds from your property. These funds can be used to pay university fees.

Is it all worth it?

It’s all too easy for parents and students to balk at the idea of ​​taking out college loans to continue their education. The hard money needed to support them through up to four years of study may seem impossible to raise, but they only need to realize the benefits it will bring to their child and to America. People with a college education earn more than high school dropouts, they also participate more in society, and their children will also achieve higher levels of education.

The investment is worth it.

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