Most of us who have experienced college are all too familiar with that intimidating mountain you have to climb upon graduation: repaying your student debt. Seeing our children struggle financially is heart-wrenching, and though we want to see them prosper and be resilient, life today just isn’t the same as it was when we were young. The cost of living, inflation, and education expenses has continued to soar over the years, leaving our new graduates with debts far exceeding their entry-level incomes. Here are nine ways parents can help their kids repay their student loans.
Consider consulting a financial professional to see which method works best for you and your financial goals. Everybody’s situation is different, and understanding how your decisions will impact you and your child’s future can help your family prepare for whatever challenges may arise.
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions
Sources:
Parent PLUS Loans | Federal Student Aid
Cosigning a Student Loan: Pros and Cons - Earnest
LPL Tracking # 1-05374812
- Offer to match your child’s monthly payment
- Assist them with in-school payments
- For birthdays and holidays, give them loan repayments as gifts
- Cosign a refinancing loan
- Consider a parent PLUS loan
- Help them with day-to-day expenses
Consider consulting a financial professional to see which method works best for you and your financial goals. Everybody’s situation is different, and understanding how your decisions will impact you and your child’s future can help your family prepare for whatever challenges may arise.
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions
Sources:
Parent PLUS Loans | Federal Student Aid
Cosigning a Student Loan: Pros and Cons - Earnest
LPL Tracking # 1-05374812