We all want the best for our kids don’t we? Sometimes the costs are prohibitive though.
Take their education. We want our children to have the best opportunities, possibly better than we had or at least as good. As ‘A’ level results come out this month, and further education is on all teenage parents’ minds, let’s look at the average costs of funding your child’s university education.
According to the Telegraph a year ago, an estimate of £53,000 is envisioned to put your child through the University system. A similar article in USA Today found one student graduating over a year ago with his four year tuition costing him $50,000 and leaving him with $25,000 loans to address.
How do parents deal with this if they haven’t had the foresight to invest for a college education or their portfolio of investments falls way short?
Funding the shortfall
In the first instance it is worth seeing if your child qualifies for any bursaries or grants. This will probably depend on your financial status but it is definitely a first call response worth pursuing.
Another way is to consider a loan or a series of loans to cover the period. There are a multitude of online financial service providers that can source suitable lenders to fund these types of loans.
The amounts available to fund educational provision vary depending on the provider with amounts up to amounts £15,000/$23,000 to £100.000/$156,000 per loan. And of course your circumstances have an influence on what lenders are prepared to lend.
Finding a reliable source
Start by selecting a reliable online financial service provider the likes of Norton Finance is a good starting point. Their websites will give you clear information about what they can do for you.
Application for a loan is simple; you just complete the online forms. These will ask for all the information needed for the initial request. They may come back to you for more information which you’d be wise to respond to quickly so that the process isn’t held up.
They will source a suitable lender from their bank of companies. Some of these will be High Street names and others secondary lenders who you might not be so familiar with. On occasions the provider may source more than one lender and you may decide to spread the funding. The online financial service provider is always there for advice. They are like any other financial advisor, it is just that they are online rather a man in a suit on the other side of the desk!
Some things stay the same
As with all loans, your credit rating may have an effect on who will loan you money and what interest rate they charge. The amount of money you borrow and over what period can also affect the interest rate. Remember that each lender probably has different criteria. What online financial services like Loans Direct UK and Norton Finance do is match you with the lender offering the best deal for what you need.
Rob Rudd has been saving towards the cost of his children’s university fees since they were born. When not writing and saving, he enjoys surfing and kiteboarding in Hampshire, England.