iHELP’s position has always been for families to first consider all scholarships, grants and Federal loans prior to pursuing a private loan and even then only borrow the amount necessary. However, securing a federally sponsored PLUS loan first is a decision best left up to informed students and families after consulting with their school’s financial aid office.

Consider:
• Interest rates – fixed on PLUS loans at 7.90% and generally variable, but sometimes much lower on private loan programs. Variable rates are near all time lows and may increase over time.
• Credit checks – lower requirements on PLUS loans
• No grace period on PLUS, repayment begins immediately
• Cosigners are generally required on private loans, some parents may prefer to cosign a private loan to taking out a PLUS loan
• Many private loan programs now offer cosigner releases
• FAFSAs are required for all PLUS programs
• 4% Origination fees are charged on PLUS loans, many private loans do not charge Origination Fees.
• Deferment, forbearance and repayment options may be different

There certainly is a great deal to consider as schools guide families. On one thing we all can agree – a well-informed family considering all of their options can be satisfied with their final decision.

Please contact us or your school representative to learn more about the iHELP Private Loan Program and help with any questions you may have on comparisons to federally sponsored programs.

Based on my cursory observational research study of all the people I’ve met over the last four years, I’ve found that what differentiates us more than any of our glaring cultural dissimilarities is the variation in our parents’ approach to our education. My own parents never pushed me to study one subject or another, so I was nearly in shock after countless of my new friends, on separate occasions, explained to me how their parents would be angry, disappointed, devastated, disapproving, etc. if they couldn’t claim a doctor as their daughter, or if their son graduated with anything other than a degree in engineering.

While some of these friends appreciate having this guided path to their education (and life thereafter), others resentfully obey their parents’ wishes. These hard-working future professionals spend hours indoor laboring over chemistry equations under their parents’ jurisdiction, wishing that the controlling pair that pays their bills would let them frolic near the ocean and read books in the sun like the literature majors do (or as they think the literature majors do…). Though maybe eventually, they too will thank their parents for drawing up their blueprint for a successful career.

On the other end of the spectrum, are those who wished their parents had pushed a little harder. They dwell on a life decision to not do one thing or another, and will often blame their parents for these missteps. Personally, I like to fault my parents for the fact that I’m unathletic, can’t play the piano, and don’t speak 15 languages. Recently, I even heard my mom wish aloud that her parents had pushed her into majoring in computer science.

After letting these regrets ruminate and fully thinking them through, I came to a realization—there is no way I ever could have been good at gymnastics and the reason I don’t play the piano is because I refused to practice (I stand by blaming them for my monolingualism). Similarly, for my mother, no amount of formal training would turn her into a computer geek. I mean, the woman needs a 12 year old to help her use an iPhone.

In the end, we are who we are, and excessive amounts of expensive education can rarely altogether change our interests, let alone skillsets. Although pushing an indecisive child with a knack for physics toward a career in civil engineering may be exactly what he or she needs, a university education will not transform a squeamish bookworm into a straight-A biology lover. In my still college degree-less opinion, instead of pushing your children toward your unrealized dreams and away from the subjects they love, support their passions and push them toward success in whatever field they chose to study.

The idea for this blog post was sparked by an interesting Huffington Post discussion, “Should We Force Our Kids to Major in Science or Engineering?“

Once you’ve exhausted all your other financial aid options, iHELP student loan is a great way to pay for all of your remaining college costs, because it’s one of the lowest-cost loans you’ll find, with a truly affordable interest rate of either LIBOR + 2.5% or LIBOR + 6.8%, depending upon your credit status, with no origination fees whatsoever.

The iHELP Student Loan is a private, credit based loan. It is offered through local community banks and is designed to cover educational costs that aren’t covered by your traditional financial aid package of scholarships, grants and federal student loans. We don’t want you to borrow more than you absolutely have to, so you can borrow up to the cost of education minus the financial aid you’ve already received.

The program is flexible, and allows you to make no payments until after you graduate. Of course, if you choose to make some payments while you’re still in school, you will save even more in total loan costs. Your co-signers are eligible to be released after just 24 months of repayment.

Applying for an iHELP Student Loan is quick and easy. The loan has multiple repayment options of up to 20 years, and it takes just 10 minutes to fill out the application and find out if you’re approved.

iHELP is simple, honest and affordable. Our goal is to makes sure you know exactly what you’re getting into and avoid any unpleasant or expensive surprises once you borrow.

Ready to apply? Click here to begin.

Of course, you do have options when it comes to financing college education. You should always start with free money, looking for scholarships and grants. Take this scholarship search very seriously! Each dollar you manage to get as a scholarship is one less dollar you will end up owing, and paying interest on.

Next come relatively-cheap (though getting more expensive in the near future) federal loans, and then there are private loans, with terms that vary greatly, some of them are truly affordable student loans, while others just post a tempting teaser rate, but upon reading the fine print and going through the application process, you are likely to discover that you would pay a rate much higher than the advertised rate.

So how do you navigate through all the information that’s out there?

One cool tool that we really like is a brand new interactive tool from the Department of Education. Right now it’s still in beta mode, and the department is asking students to help it fine-tune the tool. The goal of the tool is to help you make side-by-side cost comparisons, tailored to your unique financial circumstances, giving you an easy-to-understand view of how your decisions today impact your debt burden after graduation.

We went ahead and gave the tool a try, entering three schools: Stanford University, UCLA (in-state) and San Jose State University (in-state):

After we submitted our choices, the tool explained that “We’ve gathered the most recent information for your schools and made some estimates based on the average starting salary for bachelors graduates.These estimates are based on average grant and scholarship awards. To make the estimates more accurate, enter the financial aid you’ve been offered.” So, you can really tailor this to your individual situation.

Here are our results:

As you can see, you can specify whether you’re on-campus or off-campus. The tool also lists the average cost for a 4-year degree at a private university and at a public university as an in-state student. You also get the option to save and/or email your results.

We think this is a great tool, and a very welcome one. If you’ve tried it, let us know what you think in the comments below.

1. Majors offered. If you know what bachelor’s degree you’re aiming to achieve, it would be wise to make sure that a college offers a curriculum (and degree, of course) for that topic. However, unless you’ve dreamed of studying some obscure subject since the first day of kindergarten, this should definitely not be your deciding factor. Very few people graduate with the major that they bubbled in on their college applications, so keep your options open. Personally, I’ve learned a lot about myself and my own academic interests since my senior year of high school. And though I’d consider myself a particularly indecisive person, I know that had I chosen my major four years ago, I would not have picked the environmental science degree that I am so pleased with today.

2. Public university or private school? While public schools are cheaper and often offer a world-class education, many private schools provide students with more attention and guidance throughout their college careers. Consider this in conjunction with your own academic tendencies and educational needs when making final decisions about your school.

3. Distance from home. I always envisioned college as the point in my life where I would no longer need, or even want, to go home. However, I coincidentally ended up a short, cheap, 45-minute plane ride away from the city where my parents live, affording me the luxury of flying home for the weekend, if I so chose. If you’re a homebody, don’t stray too far.

4. Academic calendar. Unlike high schools, different colleges are set on different educational systems. Most schools follow the typical semester system, while several schools go by the quarter system. The quarter system starts and ends later than the semester, and squeezes three quarters into the timespan of two semesters. The ten-week quarters fly by quickly, so consider your learning style when matching yourself with a university.

Of course, my list of criteria does not fully encompass every important aspect to ensure that you chose the best college for yourself. Each person has their own set of needs to maximize the benefits of his or her university experience. Think about the things that matter to you and draw up your own list before weighing out the pros and cons of your school options.

Here are a few tips for high-school seniors and college freshmen:

1. You’re not done. The beginning of college does not hail the end of worrying about your future. Contrary to popular belief, admittance into your dream school does not signify the end of tedious schoolwork, much less the end of critical thinking.

2. Seek out help. Professors offer office hours on a weekly basis, at the least. Your professors are highly educated, proximate resources, and you can gain much more insight unto the material, and often one-on-one attention, during office hours. Access to so many renowned academics is a privilege reserved for the college setting, so try to fully exploit this unique opportunity.

3. Search for your passion. As my father always tells me, “passion does not tap you on the shoulder.” Be proactive about choosing your major, engaging in your classes, and finding out what you love. The more energy you pour into finding yourself, the better your chances of graduating college with some semblance of an idea of your true passion.

4. School isn’t everything. Most universities offer an extensive array of clubs. No matter what you might be interested in, be it culture, sports, community service, research, or quiddich, there’ll most likely be a group for you. Groups are a great way to fit into a smaller community within the larger student body. Consistent involvement may eventually make you eligible for leadership position in the club, which not only looks great on a resumé, but provides valuable experiences and skills that can be used in your post-college life.

5. Keep a calendar. Sure, you had an agenda in high school. And maybe you even used it. But despite the fact that your time in a classroom will be divided by four once you get to college, your schedule is inevitably going to get a lot crazier. Between due dates, club meetings, and social plans, it is essential that you have a clear vision of your obligations each day in order to maintain your reputation as a reliable student, club member, and friend.

6. Have fun. Yes, directing energy toward your schoolwork and co-curricular activities is always important, but make sure to schedule in some time for yourself too. College will most likely be the last time in your life where you’re surrounded by people your age, who have similar goals and ambitions. Explore your surroundings, meet new people, and spend time with close friends.

Thus, in my attempt to delay the end of my world as I know it, I’ve continually bumped my job search to the of my to-do list, a subconscious decision that my parents are less than enthusiastic about, to say the least.

But my Peter Pan complex hasn’t been the only factor deterring me from diving into the pool of post-college job applicants. The economy and the sagging job market, even for qualified college graduates, seems to be a topic of particular interest to various newsmagazines and papers, which seem to be publishing a plethora of articles with the sole purpose of scaring soon-to-be university graduates like myself. Or maybe that’s just my self-centered worldview. Either way, chancing upon constantly multiplying feature stories about Harvard grads working at McDonalds doesn’t make me anxious to join the national search for employment.

Yet after a spring break of fighting with my parents, I’m beginning to realize what I always dread realizing, but inevitably always do—they’re right.

While the conditions for scoring my dream job may not be ideal, I can’t avoid graduating. Rather than letting the news scare me into solitary days staring at the TV screen, I should use it as an indicator to put my best foot forth with respect to my job search. During a recession, it is more important than ever to send out applications, network, and do everything possible to secure a successful and happy post-college experience.

Though I’ve been reluctant to ask anyone for assistance in my unenthusiastic job hunt, I’m starting to understand that it would be wise for me to take my parents up on their offers to help me out, by using their knowledge, resources, and networks.

And no matter what I may get stuck doing next year, whether it’s a fun job that pays next to nothing, or a tedious year of filing papers, it won’t be forever. This is only my first step out the door; it’s just chapter one of my life with a B.S.

It’s time for me to get started looking for a job and sending my resumé to every job for which I’m qualified and pray that I get accepted to do something, somewhere. And if not, there’s always the hope that the Mayans will be right, and the 2012 apocalypse will end the world just in time to save me the worry of being unemployed.

1) The value of experimentation. And we don’t mean in a lab. Or a frat house, for that matter. But a university is filled with dozens of opportunities to do things that you probably haven’t even heard of yet. Take a chance; try something new. Who knows, you may discover a hidden talent or uncover an unknown passion.

2) Balance. University life will afford you many different experiences and ways to get involved. There will be many chances to pursue activities that you love, that you need, or that will stand out on your resumé in the future. This combination of responsibilities and desires may be overwhelming and even exhausting at times. A hectic college schedule will teach you how to balance what you need for school with what you need for co-curricular activities and with what you need for yourself.

3) Responsibility. Living away from home leaves you in charge of your own chores, errands, and spending. Your clean laundry will no longer magically reappear in your dresser drawers, dirty dishes won’t wash themselves, and new food isn’t going to spontaneously regenerate in the pantry. College teaches you that taking care of a human being, such as yourself, is constant work. Living on your own prepares you to deal with the everyday tasks of up-keeping your life.

4) Financial awareness. When you’re living away from home, you need to keep track of how much money you’re spending and where you’re spending it. Even if you’re one of those lucky college students that is still financially supported by very patient parents, it is essential to know to what extent you’ve depleted those funds. Money doesn’t miraculously funnel into your account, and you must assure that you are living within your means. Even if your means may seem limitless, they’re not.

5) Safety. College is full of hazards. Most are due to stupidity, but they’re hazards nonetheless. There is no one to scold you for attempting a backflip off the couch. Instead, you have to use your pre-frontal cortex and think your decisions through before you act.

The lessons you learn through trial and error during your college years will prepare you for life in “the real world.”

Yet, as with the majority of things in life, the real version of my naïve underclassman fantasies have proven to be much less exciting than I’d expected. Buying food is often a chore with my busy schedule and my messy living room, which is still missing a coffee table (due to my own crippling laziness), has been the site of a total of zero parties this school year (not to mention, classy is a rare attribute among the college party scene).

However, by far the most shocking aspect of my dive into reality has been the difficulties of hosting. Months ahead of the visit, I’ll romanticize it; imaging her clicking with the rest of my friends, or picturing all the sunny Los Angeles sites I’ll visit with him.

As the visit draws nearer, my excitement builds. I plaster their Facebook walls in all caps, and somehow convince myself that I’ll be able to put school on the back burner for three days.

What I never expect, or rather, what I always forget, is that as great as each and every one of my friends is, hosting is stressful. It’s difficult to balance my concern for how an out-of-towner is enjoying Los Angeles with my ever-packed school schedule. Trying to entertain my guest while simultaneously not failing my classes is taxing.

Suddenly, I’ll find myself completely and unjustly annoyed with my visitor. Our four days together in the past four years starts to feel like they couldn’t fly by fast enough, and I notice that I’ve inadvertently started to count down the hours until I can send him or her home.

And then I wonder what’s wrong with me. Over my four years in college, my disposition has been relatively upbeat, and after two days with an old friend I fall immediately back into my moody teenage self. Why can’t I be nicer? Where has my patience gone?

Though I will by no means excuse my own unpleasantness, having an overnight guest is seldom what I anticipate, and it’s never easy.

Of course, that doesn’t mean that you, or I, should altogether scrap any plans for a visit to friends. Rather, know what you’re in for. As a guest, don’t overstay your welcome and find things you can do on your own to make the most out of a weekend with some old friends. As a host, don’t set the bar too high and certainly don’t sacrifice your schoolwork. Know and enforce your limits, and you can have successful, even fun, visits with friends from your past.