ÿþ<html> <head> <meta http-equiv="Content-Language" content="en-us"> <meta name="GENERATOR" content="Microsoft FrontPage 5.0"> <meta name="ProgId" content="FrontPage.Editor.Document"> <meta http-equiv="Content-Type" content="text/html; charset=windows-1252"> <title>Accel Finance Information for Parents about Student Loans</title> <meta name="keywords" content="private student loans, private student loan, private students loans, private college student loans, private loan consolidation, private student loan consolidation, private student loans consolidation, private student loan consolidation, private students loans consolidation, private college student loans consolidation, student loan consolidation rates, student loan consolidation calculator, compare student loan consolidation, student loan consolidation rate, student loan consolidation interest rate" /> <meta name="description" content="Accel Finance provides information and research on private student loans and private student loan consolidation. Everything for Student Loan Consolidation research, calculators, low interest rates, research, compare results. Educate yourself and prepare to get the best rates available. <meta name="Microsoft Border" content="tlb, default"> </head> <body><!--msnavigation--><table border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td><p align="center"><br>&nbsp;</p> <div align="justify"> <table height="160" cellSpacing="0" cellPadding="0" width="100%" border="0"> <tr> <td width="33%" height="160"> <img height="238" src="_borders/Accel_Logo.jpg" width="236" border="0"></td> <td vAlign="bottom" align="middle" width="67%" height="160">If you have questions we are available by telephone or email when you need us.<blink><b><i><font color="#ff0000" size="5"><br> </font><font color="#009900" size="5">888.210.5231</font></i></b></blink> <p>&nbsp;</p> <div align="center"> <center> <table cellSpacing="1" width="100%" border="2"> <tr> <td borderColor="#006699" align="middle" width="33%" bgColor="#009900"> <a href="apply.htm">Apply Now</a></td> <td borderColor="#006699" align="middle" width="33%" bgColor="#009900">&nbsp;</td> <td borderColor="#006699" align="middle" width="34%" bgColor="#009900"> <a href="http://www.accelfinance.com/contact.htm">Contact Us</a></td> </tr> </table> </center> </div> </td> </tr> </table> </div> </td></tr><!--msnavigation--></table><!--msnavigation--><table dir="ltr" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td valign="top" width="1%"> <table cellSpacing="0" cellPadding="0" width="100%" border="0"> <tr> <td>&nbsp;</td> </tr> </table> <table cellSpacing="0" cellPadding="0" width="100%" border="0"> <tr> <td vAlign="top" width="1%"> <div align="justify"> <table borderColor="#006699" cellSpacing="1" width="100%" border="2"> <tr> <th borderColor="#006699" width="100%" bgColor="#009900"> <a href="private.htm"><font color="#ffffff">Private Loan</font></a></th> </tr> </table> </div> <div align="justify"> <table borderColor="#006699" cellSpacing="1" width="100%" border="2"> <tr> <th borderColor="#006699" width="100%" bgColor="#009900"> <a href="privateparent.htm"><font color="#FFFFFF">Private Loan Parent Info</font></a></th> </tr> </table> </div> </td> </tr> </table> <div align="justify"> <table borderColor="#006699" cellSpacing="1" width="100%" border="2"> <tr> <th borderColor="#006699" width="100%" bgColor="#009900">&nbsp;</th> </tr> </table> </div> <div align="justify"> <table borderColor="#006699" cellSpacing="1" width="100%" border="2"> <tr> <th borderColor="#006699" width="100%" bgColor="#009900"> <a href="consolidation.htm"><font color="#FFFFFF">Consolidation Loan</font></a></th> </tr> </table> </div> <div align="justify"> <table borderColor="#006699" cellSpacing="1" width="100%" border="2"> <tr> <th borderColor="#006699" width="100%" bgColor="#009900">&nbsp;</th> </tr> </table> </div> <div align="justify"> <table borderColor="#006699" cellSpacing="1" width="100%" border="2"> <tr> <th borderColor="#006699" width="100%" bgColor="#009900"> <a href="repayment%20benefits.htm"><font color="#FFFFFF">Benefits of in School Payments</font></a></th> </tr> </table> </div> <div align="justify"> <table borderColor="#006699" cellSpacing="1" width="100%" border="2"> <tr> <th borderColor="#006699" width="100%" bgColor="#009900"> <a href="rates.htm"><font color="#FFFFFF">Rates &amp; Fees</font></a></th> </tr> </table> </div> <div align="justify"> <table borderColor="#006699" cellSpacing="1" width="100%" border="2"> <tr> <th borderColor="#006699" width="100%" bgColor="#009900">&nbsp;</th> </tr> </table> </div> </td><td valign="top" width="24"></td><!--msnavigation--><td valign="top"> <p>All of the resources in Ken s Korner are presented with ultimately one goal in mind; showing you the reader how to responsibly pay for college while going into as little debt as possible. This website provides knowledge that will save you both time and money and avoid a lot of headaches. But you will have to apply this knowledge in order for it to become truly effective. The following guide will not only help you understand the facts, but also the subtleties of the financial aid process, how to avoid pitfalls, and finally succeed with your child s graduation.</p> <p><strong>Know your role: Which one of us is going to college?</strong></p> <p>Please immediately note that your role as parent should be to <em>assist</em> your child. This does not mean doing everything for them. You want the best for your child, but if you are making all of the decisions and planning everything out without your child s efforts and inputs then your work will be in vain. The first lesson you must learn as a parent is to know your role. You are an advisor, a facilitator and a source of life wisdom. If you are saying to yourself  My kid will never be able to figure this financial aid stuff out then you need to question if college is something they can handle at all. Figuring out how the school bills get paid is every bit apart of the college experience as studying for exams, writing term papers, playing sports, joining clubs, and partying with friends. It s all part of the process, but <em>none </em>of those things will occur if the costs are not accounted for. The tuition bill has only one name on there; the student s. Make sure your child takes ownership over the process as they would take ownership over their studies. This is an opportunity for your child to learn valuable life lessons in personal financial management.</p> <p><strong>Start saving early and often:</strong></p> <p>Demonstrate to your child the value of saving money by putting something aside for their college education and encouraging them to do the same. Leading by example is a powerful force and can leave an indelible mark by way of a healthy habit. One method you could follow is a monthly matching program where for every dollar they put away, you put a dollar away as well. Just look out if your kid gets super ambitious and tries to save you under the table! The point is that young people today need to recognize the value of setting something aside for the future. </p> <p>There are many different methods of saving for college, including 529 plans, Coverdell education savings accounts and UGMA s. <a href="http://www.savingforcollege.com">www.savingforcollege.com</a> compares the differences between each plan to help you make a decision. </p> <blockquote> <p>&nbsp;</p> <div class="ohighlight"> Ken s Tip</div> <p> When using a college savings plan, you will want to keep the parent as the owner of the asset rather than the student. Reason being that the FAFSA (We get to this next) will weigh the value of assets under the student s name more heavily than the value of assets under the parents name. In order for your child to remain eligible for potentially more financial aid keep college savings under accounts owned by the parent.</p> </blockquote> <p><strong>File the FAFSA early every year:</strong></p> <p>The Free Application for Federal Student Aid (FAFSA) is the single most important form that <em>must</em> be completed in order for your child to get college funding. From this the federal and state governments along with the school you plan to attend determine how much financial aid you are eligible for. It requires that you data input information from the parent s and student s prior year taxes. So if you are starting school in fall 2011, then the FAFSA requires the 2010 tax information for processing. Go to <a href="http://www.fafsa.ed.gov">www.fafsa.ed.gov</a> to complete the form. Bring your child along for the ride so they can get involved in the process. Remember you want them to take ownership of their educational financing. </p> <blockquote> <p>&nbsp;</p> <div class="ohighlight"> Ken s Tip</div> <p> School deadlines can vary, but the rule of thumb is to file your FAFSA by at least February 15 to ensure maximum funding eligibility. This is because many grants are awarded on a first come, first serve basis. Filing the FAFSA late can put you out of contention for certain grants because schools simply do not have enough to go around. You owe it to your child to make sure you hit this goal by having your taxes ready. This is for every year your child attends school. If you are unable to complete your taxes by February 15, then complete the FAFSA on time with your best estimation and return to the website as soon as you have the taxes ready to enter the actual correct data. </p> </blockquote> <p><strong>Grants are free money:</strong></p> <p>The money you want the most is the kind you don t have to repay. By filing the FAFSA early you stand the best chance of acquiring need based grants. They originate from three areas; the federal government, state governments and the colleges themselves. Please review the need based grants section of Ken s Korner for more details.</p> <p><strong>Scholarships are also free money:</strong></p> <p>Scholarships are merit based and awarded by considering a student s grades and standardized test scores, athletics, extracurricular activities, or other characteristics. They can come from a variety of sources like the school you attend or from scholarship organizations that you can apply for independently. Getting scholarship money to go to college is a great boon but requires extra work on part of the student. Check out the Scholarship Q&amp;A article for more info</p> <p><strong>Federal loans:</strong></p> <p>As long as the FAFSA is filed, the student can access Federal loans. While you want to avoid going into debt as much as possible, keep in mind that federal loans are the best loans you can use to help pay for college. The most common loan program is the Federal Stafford loan. Offered through Direct loans, they come in two varieties; Subsidized and Unsubsidized. The government also offers the Parent Plus loan. This is a loan in the parents name and begins repayment while the student is in school. Then there is the Perkins loan. Perkins is a need based loan awarded and processed by individual schools.</p> <p><strong>Private loans:</strong></p> <p>Only after you have exhausted all federal loan options should you look into taking a private loan. Private loans are credit based and in the student s name. Because most recent high school graduates have little or no credit history they will need a cosigner to get approved for a private loan. Interest rates on a private loan can vary based on the lender and the creditworthiness of the borrower and cosigner. Please review our sections on Applying for a loan and Cosigner for more insight.</p> <!--msnavigation--></td></tr><!--msnavigation--></table><!--msnavigation--><table border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td> <table cellSpacing="0" cellPadding="0" width="100%" border="0"> <tr> <td vAlign="top">&nbsp;</td> </tr> </table> <table cellSpacing="0" cellPadding="0" width="100%" border="0"> <tr> <td> <p align="center"><a href="apply.htm"><img src="_borders/apply.jpg" border="0" width="468" height="60"></a></p> <p align="center"><a href="http://www.accelfinance.com/about.htm">About Us</a> | <a href="http://www.accelfinance.com/privacy.htm">Privacy Policy</a> | <a href="http://www.accelfinance.com/contact.htm">Contact Us</a> </p> <p align="center"><font size="1">Accel Finance offers this Private Education Loan through an arrangement with cuStudent Loans, Inc. All loans are subject to credit approval. Equal Opportunity Lender. <span id="ctl00_LabelCoName"> Accel Finance</span> may be compensated for the referral of private student loan and/or private consolidation loan customers to the lender. All Rights Reserved.<br> </font><br> &nbsp;</p> <h5 align="center">Send mail to <a href="mailto:webmaster@accelfinance.com"> webmaster@accelfinance.com</a> with questions or comments about this web site.<br> Copyright © 2008 Accel Finance, LLC<br> &nbsp;</h5> </td> </tr> </table> <p>&nbsp;</p> </td></tr><!--msnavigation--></table></body> </html>