CLEVELAND, Aug. 19 /PRNewswire/ -- While the value of a good education is
never a question, how to pay for it often can be. Whether you are looking to
finance an education or have existing student loans, there are options to make
the process easier.
"The best place to start when financing an education is to determine your
needs," said Daryl Leake, senior vice president of Key Education Resources.
"Whether a student is entering a private school for kindergarten or is heading
off to graduate school, we recommend calculating the total cost first. The
total cost will include tuition, room, board, books, fees, laundry,
entertainment and transportation. Then, you can explore options to meet those
costs."
Key Education Resources(R), the education financing arm of KeyCorp, offers
some things to take into account to help make paying for education easier:
* Investigate scholarship or grant options during the admissions process.
Many merit scholarships are awarded long before families begin the
financial aid process.
* Apply for aid through your school's Financial Aid Office.
* Ask if your school offers an interest-free monthly payment plan that
spreads the cost out in regular installments over the year. For payment
convenience, funds can be directly deducted from a checking account or
the customer can request to receive a monthly invoice.
* Research education financing options online through resources such as
Key.com/educate, the Web site of Key Education Resources. The site is
designed to assist students and their parents in understanding the
education financing process, with specific loan products offered with
quick or instant credit decisioning and information about education
loan consolidation. The site has calculators and other easy-to-use
tools, a scholarship search, the Free Application for Federal Student
Aid (FAFSA), as well as links to other useful sites.
* Pay as much as you can upfront, and then look at financing options for
the remaining balance.
* Explore education loans if you'd prefer payments spread over an
extended number of years. Remember -- loans must be repaid and you will
pay interest.
* Depending on the type of loan for which you apply and are approved, you
may be able to sign a promissory note that features an easy annual
renewal process.
* Avoid using credit cards to make tuition payments. The rates are higher
and you begin repayment immediately. Most education loans have a
deferment option while the student is in school.
* If you have already incurred student loan debt and need a way to manage
the payment, loan consolidation may be an option. Loan consolidation
means combining all outstanding loans into a single monthly payment at
a lower interest rate. Consolidating student loans can help you save
money and simplify your finances, but it may not be the best financial
solution for everyone.
An education lender can help you work through these options and choose
those that make the most financial sense for you.
SOURCE KeyCorp
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Related links:
http://www.key.com/newsroom
CONTACT:
Jill Arslanian of KeyCorp, +1-216-689-0065,
or jill_arslanian@keybank.com ; or Ann Gurin of Public Relations
Partners, Inc., +1-216-520-0092, Extension 230, or
agurin@prpartners.com
NOTE TO EDITORS: Key Education Resources is the education
financing arm of KeyCorp. In business for more than 50 years, Key
Education Resources provides federal education loans, private
loans, monthly payment plans and education consolidation loans
for students and families in K-12, undergraduate, graduate and
continuing education institutions and programs.
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