What's Next After the Empty Nest?

As parents, watching our children spread their wings and venture into the world of higher education marks a significant milestone in their lives. But, figuring out how to pay for college can be a challenge. For many families, turning to student loans may seem like the easy solution. 

Below, the team at Alt Lending discusses some considerations you should make before sending your child off to college, how to apply for scholarships, and what to do if student loans have already become part of the equation.

How to Pay for College

One of the most proactive steps you can take to alleviate the financial burden of college is to explore grant and scholarship opportunities from the get-go. Scholarships can be a great way to fund education without accumulating debt. Whether your child is a high school senior preparing for college or already enrolled in a university, there are numerous scholarships tailored to their academic achievements, extracurricular involvement, and personal background. It’s just a matter of finding the right scholarships and filling out the application.

If scholarship money falls short, federal and private student loans can fill in the gap but it’s a good idea to explore scholarship opportunities first.

How to Apply for Scholarships

So, how do you secure scholarships for your child? 

To start you’ll want to do thorough research on available scholarships by exploring reputable scholarship databases and online platforms that curate opportunities based on academic merit, field of study, and demographic background. You can check out our recommendations on our Scholarships page. Before graduation, encourage your child to actively engage in extracurricular activities, community service, and leadership roles, as these experiences can enhance their scholarship applications and showcase their skills.

Have your child familiarize themselves with the application requirements and deadlines for each scholarship opportunity. Help your child craft compelling personal statements and essays that highlight their unique strengths, aspirations, and contributions to their community. Additionally, have your child gather letters of recommendation from teachers, mentors, and community leaders who can attest to their character and potential so they can start applying for scholarships as soon as possible.

Responsible Alternative Financing 

While pursuing scholarships is the most affordable way to cover college, not every student can cover the cost of college through scholarships alone. In some cases, families may need to explore alternative financing options, such as federal or private student loans. If this is the case for your child,  particularly with rising interest rates and inflexible repayment terms, it may be quite costly.

This is where student loan refinancing can offer a lifeline for families seeking relief from the financial strain of college expenses. At Alt Lending, we understand the challenges faced by student borrowers and their families which is why we're dedicated to providing flexible refinancing solutions tailored to your specific needs. Whether you're grappling with high monthly payments, fluctuating interest rates, or limited repayment options, our refinancing options offer a path toward financial freedom and peace of mind.

Unlike traditional lenders, we prioritize the needs of our customers and offer refinancing solutions regardless of creditworthiness. Our goal is to empower student borrowers and their co-borrowers with manageable payment plans and competitive refinance rates that align with their current financial situation. Refinancing your private student loans with us means you can enjoy freedom from exorbitant monthly payments and the uncertainty of rising interest rates.

With careful planning, resourcefulness, and a commitment to exploring all available options you can set your child up on a path to success. We're here to support you every step of the way on this journey toward financial empowerment and academic success!

Contact Alt Lending For Help Refinancing Your Private Student Loan Today

Are you ready to take control of your student loan debt and work towards a brighter financial future? Let us help you choose the path that aligns with your long-term financial goals. Connect with the Alt Lending team at (844) ALT-LEND (258-5363) to get started!