If you’re preparing to attend college in the next year or two, now is the time to begin preparing. Not only do prospective students need good grades, but they also need access to the financial resources that can sustain a four-year degree program. The double challenge of academics and finances can make the last two years of high school stressful for serious young adults who want to build a successful career. Fortunately, there are multiple bargains out there if you know where and how to search. Plus, start thinking about how to find a cosigner for a private loan application.
Federally backed education loans only go so far. They come with caps and other restrictions, which leaves some recipients with the need to find other sources of funding. Cosigners can make a huge difference. Other points to keep in mind as your collegiate years draw closer include the continued importance of SAT (Scholastic Aptitude Test) scores, the hidden value of community colleges, the growing popularity of online study, and the uncertain future of the federal college loan program. Review the following points before finalizing your education plans.
Cosigners Can Make a Difference
If you want to earn a four-year degree and find a way to pay all the related expenses, finding a cosigner can make the difference. Earning good grades and getting through four long years of classroom work is a tough challenge. Adding the financial aspect to the situation makes going to college a truly difficult part of life. After you reach the cap on federally backed loans, it’s necessary to find another resource. For most young adults, that means applying for private loans and using their parents as cosigners. That means they legally agree to be responsible for the loan should you default or make late payments for any reason.
Having a cosigner is a great way to breeze through the application process with a private lender. It’s very common for teens to have parental signatures on loans, which all but guarantees ultimate approval. Few youngsters have the financial history to get approved without another signature. Plus, that extra name on the application opens the chance for lower interest rates, more lenient terms, and other benefits. The first step is to review a comprehensive guide about cosigning, particularly how to ask a parent or other adult to append their name to your paperwork.
SAT Scores Still Matter
Some schools are dropping SAT requirements, but most are retaining the important test as a central component of their assessment for applicants. It’s to your advantage to take the exam and score well on it. The first step to success is to take one of the many SAT review classes offered online or in person. The latter is by far the better choice because attendees get personalized attention, can take practice exams under conditions identical to the real thing, and get pass guarantees from select providers.
What happens if your scores fall short of expectations? SAT administrators let candidates take the test again. The great thing about high-quality prep courses is that you can retake them for free or at a substantial discount. Then, if you face a retesting situation due to lowish scores, take the prep course a second time for maximum scoring potential. Most people who do a second go-round see score increases that are significant.
The Future of Federally Guaranteed Loans is Uncertain
It’s impossible to rely on the availability of federally backed education loans, as the program is undergoing legislative changes and enduring financial woes. For that reason and many others, prospective college attendees should make a detailed plan for how to pay school expenses. When crafting a plan, include a list of all potential funding sources, both private and public.
As the government eases out of the lending business, it’s very likely that private loans will become the go-to solution for youngsters who don’t have enough cash available to cover all the costs of attendance. Expect to see a rise in the use of cosigners, as noted above. Another fallout from the departure of federal money could be a huge rise in the popularity of community colleges, online degrees, and work-study programs. All three represent the best bargains in modern education, with online degree programs leading the way for high school grads and young working adults.
