Citi.com
- Explore Your Funding Options
Paying for college can be one of the largest expenses
a family can incur. Good thing there are many options available to assist
you. Options available to consider:
Government and School Sponsored Funding
Tuition Payment Plans
Student Loans
Home Equity Loans
Assets
Credit Cards
Next Steps
Government and School Sponsored Funding:
Scholarships
and grants
are "free money" options that do not have to be repaid. School
sponsored work-study
programs involve earning money either on or off campus during the
academic year. Many scholarships, grants, and work-study programs are
typically awarded to students who have demonstrated financial need as
determined by the results of their FAFSA.
As these options provide a debt-free way of funding all or a portion
of your education, you should explore these options first.
Start searching for scholarships and grants using our Scholarship
Search, which provides access to over 2.4 million awards worth over
$15 billion.
Tuition Payment Plans:
Tuition payment plans are an interest and debt-free way to spread tuition
payments over several months. This option is best for families who have
discretionary income that will cover all of, or a portion of, the gap
between the cost of attendance and the financial
aid received. When evaluating this option, consider that an enrollment
fee or participation fee is often required. Compare this fee to the
fee or tax implications of liquidating an asset or the interest associated
with a loan.
Student Loans:
Federal
student loans are low interest, long-term loans for undergraduate
and graduate students, which offers attractive repayment options including
the ability to postpone payments if you are having difficulty during
repayment. The Federal Student Loan program includes loans for both
parents and students.
In addition, Citibank offers the CitiAssist
® Loan, an alternative loan designed to assist undergraduate
and graduate students afford the school of their choice.
To learn more about the various student loans available, check out
our Loan
Products information.
Home Equity Loans:
Many parents choose Home
Equity Loans or second mortgages because they are readily available
– assuming they have equity in their home and good credit. Home
Equity Loans are tied to the amount of equity a home owner has in their
property. The interest accrued and paid is typically deductible on a
federal tax return. (Please consult your tax advisor for your individual
situation.) Learn
more about Citibank Home Equity Loans.
Assets:
401K plans, stock portfolios, savings accounts, and IRAs offer a debt-free
option for funding education. Before liquidating an asset, consider
the earnings that you'll be foregoing as well as any associated fees
or penalties. Then, compare the lost earnings to the interest that would
accrue on a student loan or the fee on a tuition payment plan.
Credit Cards:
This option is typically not the best choice for students or their families
as interest rates on credit cards tend to be high. If you have exhausted
all other less expensive possibilities to fund your education, Citibank
offers a range of flexible and personalized credit and charge cards.
Find
the Perfect Card for You.
Next Steps:
Free Application
for Federal Student Aid (FAFSA) is the single most important form
that is required to initiate the financial aid process. For the steps
required in this process check out FAFSA
and SAR.
Expected
Family Contribution (EFC) is a term you will hear often when researching
financial aid options. The EFC is how much your family is expected to
contribute toward college costs. The result is based on data such as
income and assets, and the number of family members as provided on the
FAFSA. Check out the Sample
Financial Aid Package page for more information on how your EFC
is used by the school.
Financial Aid Options - Financial aid opportunities abound. The key
is, knowing where to look. To explore your options, visit our Financial
Aid Options page.
The Student Loan Corporation
Citi.com
Privacy
Terms, conditions, caveats and small print.
Copyright © 2007 Citigroup Inc.
For U.S. Residents only
|
