Puzzles are often fun, but not this one: With credit scores plunging and loans in short supply, how do you go about paying for college these days?
It’s a question you’d think might almost be easy for Scott Gamm. Granted, in many ways, he’s just another high school kid, about to turn 18 and headed to college this fall (New York University’s Stern School of Business). But in many ways, he isn’t a typical high school kid: He’s the founder of HelpSaveMyDollars.com, a personal finance website that he began in July, 2009.
“I’ve had an interest in finance since age 12,” says Gamm, “and after my family experienced some financial problems, I realized how important it is to learn about money at a young age. Personal finance isn’t taught in schools very much, and I felt I needed to provide this critical information in an easy-to-understand manner.”
But even Gamm and his parents don’t have a magic answer to that “how to pay for college” question and are scrambling to shore up loans to pay his tuition, which will be north of $50,000 per year.
In a perfect world, students would have a big, fat 529 to rely on, but it’s not a perfect world. And even 529s have taken a hit these days. So what are people doing to fund a higher education? Here are three avenues to consider taking:
The smaller banks and community banks are where the action’s been lately.
By all means, check out the loans and offerings at the bigger banks — the last thing you want to do is ignore any possible source of revenue to pay for college. But community banks are jumping into the fray more often these days, and while you don’t want to ignore the big banks, you sure don’t want to drive past that little community bank in your neighborhood and assume it has nothing to offer.
FULL STORY
http://www.walletpop.com/blog/2010/02/17/with-credit-drying-up-where-can-you-turn-for-student-loans/
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