Set your child up for success financially
Modeling good financial decisions is critical at every stage of your child’s life. However, as they transition into adulthood, it becomes even more crucial to involve them in learning how to apply for loans, budget and responsibly manage debt.
With College Ave, you can secure a private student loan at the lowest available rates. They are always adjusting to stay ahead of the marketplace, so even if you don’t find the rate you are looking for right away, you can check back for updates within a few hours or days.
How it works is simple: You or your college student starts the application and chooses from a few options — become a borrower with your student as a dependent, or become the guarantor for their own student loan.
This stress-free user experience also includes an instant credit decision — so there’s no waiting and wondering about how much you’ll be approved for. Plus, the whole process can be completed in as little as three minutes — a major bonus considering how much planning, packing and shopping you’ll need to do before September rolls around.
Keeping your eye on family finances
Whether your children are living away from home for college or planning to stay with you, this is still a big change for parents, and one that requires a bit of financial recalibration for most families.
While you are finding room in your budget for your child’s education costs, don’t forget to check in with your own goals. Are you on track for retirement? What do you envision for your life at that stage, and at what age do you plan to retire? It may seem laughable to think about retirement with your child’s new college life front and center, but reminding yourself of your own goals at this stage can give you perspective.
With a new budget, you can confidently face the extra costs of a child in college. If you need a loan to fill in the gaps, College Ave can help ensure that up to 100% of your child’s school costs are covered. Their loans have no origination or prepayment fees, and you can also get instant pre-qualification with no credit check. That means no ding to your credit score when you’re shopping around for the best rate for a private college loan.
Plus, if you cosign a loan with your child instead of being the primary borrower, most College Ave loans will release you from the agreement after a specific number of consecutive regular payments. This frees up your finances and lets your family member take on more responsibility when they’re ready.
As your child takes on this rite of passage into adulthood, don’t forget that you’re transitioning, too. It can be an exciting time for both of you, and an opportunity to find a new way of communicating as adults — about finances, your feelings, and what the future holds for your family.
