Terry I have payed for my daughters first year college with the college of Illinois fund. I saved enough for the first year but now I need to find away to pay for the next three years. I don’t want to use my retirement savings but I have been unable to get a loan for the full amount for the next year. Do you have any advice
Terry Says: Yes, that’s what student loans are for! Go immediately to the college financial aid office, explain your situation. You should have filed the FAFSA form in January to qualify for Federal student loans. But maybe they can work something out for her. Parental PLUS loans depend on your credit, but could be the answer. But the are very expensive in terms of interest rates. Go to www.Finaid.org for more information. And go to www.Scholarships.com to see if she qualifies for those — although most are given out early in the year. You could search for some that she might apply for next year.
However, I would like to see her take some responsibility for the costs. Or else she might have to transfer and live at home for a couple of semesters.