Citizens Bank offer College Students Affordable School Loans

Citizens Bank offer College Students Affordable School Loans

College is expensive there’s no doubt
about that and with rising costs every
year, millions of students and their
families are wondering how they’re going
to pay for tuition, books, and other
expenses. While grants and
scholarships are available students like
Natalia and her parents Michael and Michelle
Anderson are still concerned about how
they’re going to pay for the gaps in her
higher education. Well initially
we were looking at total costs versus
how much we’re going to have in the
grants and then, of course there’s the gap
or the obvious problem we have to try
to figure out now. Yeah I think that’s
been the big biggest stress we don’t know
exactly how much we need to cover her
education and we just don’t want there to be
any interruptions so she can go
straight through. And that being said I
guess I just have always loved writing
so I would want to pursue English and
get a Bachelor’s degree in English
when I go to college. And the Andersons
are not alone, in fact the increasing
cost of college is posing serious
challenges. Did
you know that only about one in five
families are able to put more than half
of the bill for their child’s education,
with most expecting their children to
rely on loans to fund their schooling. Well initially we have the
tuition of course and then the grants but
there’s always that gap in between and
having the loan is actually really
beneficial for us because as a family we
can make sure that Natalia gets her
education. I
think it works out great for us actually. But we just find the whole
process has been a little overwhelming and
confusing and it would be really nice to
have somebody who could guide us through
the process so we make a smart decision
for our family. Financial
banking institutions can now help the
Andersons and other families every step of
the way to prepare for the financial
cost of college. Citizens Bank for
example is helping families make informed
decisions. We like to provide tools to
empower people to make the right
financial decisions, so one we have a loan
calculator where if you already know
about how much you need to borrow you
can put in that general information. You’ll be able to see a range of
rates and what the payments would be
when you finish with college and start
paying back the loan so you can make a
decision before you apply. Secondly if
you’re still not sure we
have the cost of college calculator that
you take your reward letter or several
you can compare up to three that you
then input the tuition, the fees, grant
scholarships, federal aid and will tell
you what the gap is. You can
then choose to fund that gap with savings or
take a private loan and then we’ll show
you at the end of that what your
monthly payments would be for your
federal loans and for your private loans so
that you know how much you’re going to have to
pay off on a monthly basis when you
finish school. Citizens bank also has
both parent and student loan options
that provide flexibility including a
new multi-year approval designed to
secure funding for several years with
only one application. So you apply once
get approved for funding for the
number of years you have left in school
that you think you’re going to need to
borrow and then draw down when you need it. So if
you don’t need it you don’t have to take
it but if you do need it you know it’s
there and you have the peace of mind of
not having to go through the process and
worry and know that your cost of college
is covered. They gave us a
breakdown of our monthly cost what it was
going to be, what we would owe in terms of
how to pay off the loan, etc it made it
really easy for us to plan for Natalia’s
future and education and of course
retirement. Yeah
and for my future now I could just focus
on my goals my dreams and not worry
about money. So the best advice
we can give parents about financing
education is, first of all make sure you
talk to your kids early and often about
what is the financial situation of your
family? What can you afford that allows
for smart financing of education and
smart borrowing to covering any gap
both for you and for your student for
when they graduate. Second is to talk to a
professional. Really get good
advice on how should I use my financial
aid, should I take private loans should I take federal loans,
should I use my savings and when? So that
you’re making really good smart decisions now
so that the college experience is
enjoyable for everybody and your financial
future isn’t completely stressed. [Music]
[Music] You can visit these websites to
learn more about the participants on
this edition of Designing Spaces.


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