Accidents Happen: Consider Tuition Insurance

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Subject: Accidents Happen: Consider Tuition Insurance

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When the Rubber Hits the Road

A week or two after school begins is when reality sets in for many college sophomores.

"This stuff is getting real!"

They're no longer testing the freshman waters and the road ahead is getting steeper...and they begin to slump.

The "Sophomore Slump" is a true phenomenon, and recognizing that it’s common, and creating a plan to avoid or remedy it can be beneficial for your child’s college career.

Here's what you and your student can do.

Insuring Your Investment

Accidents happen...to everyone.

Especially college students: they lose things, their stuff gets stolen, their stuff gets damaged.

And sometimes, even worse, they get sick, or feel as though they cannot continue attending school any longer for one reason or another.

You've made a BIG investment in their education and when and if these things happen, you will want to know that your investment is covered.

Rule of thumb: If you can’t afford the cost of an extra college semester, then consider purchasing tuition insurance.

We certainly hope you will not have to deal with any unexpected "surprises" during your child's college year(s), but being prepared for them will help you sleep better at night

Learn more here.

30 Days or Less to Pay the College Bill

For most families, it's less than 30 days away from paying their student's fall semester bill.

If you still need to figure out loans, you have time, but you need to act NOW.

The first order of business is...

Make sure your student ALWAYS maxes out the federal student loans.

If you still need more, you'll want to compare private student loan rates to the Parent PLUS loan, which is 6.28% plus a 4.228% origination fee, equaling an APR of 7.25% (the interest rate to compare private loans rates to).

With less than 30 days till the college bill is due, we suggest you apply directly to several lenders to get your actual interest rate, as opposed to a prequalified rate.

If borrowers apply to several lenders within 30 days, multiple credit checks are viewed as one credit pull by the bureaus. Credit bureaus know borrowers shop for rates, and they don't want to discourage that.

Below are lenders we recommended you check with to compare rates (as well as other features like cosigner release requirements and repayment options).

LENDER I VARIABLE RATES (APR)

Ascent (Cosigned) 1.85% - 10.35%*

SoFi 0.99% - 11.22%*

CommonBond 3.78% - 9.34% *

College Ave 0.99% - 11.98%*

Citizens Bank 1.03% - 10.24%*

Sallie Mae 1.13% - 11.23%*

LendKey as low as 1.49%*

*Variable rates as of August 31, 2021. Rates are based on automatic payment discounts of 0.25 percentage points.

My goal is to provide affordable services, insightful information and a support system so your family can make more informed decisions about college.

Feel free to respond to this email with any questions you have.

Debbie Schwartz

Founder, Road2College

I'm a parent, like many of you, navigating college admissions and paying for college. With an expertise in personal finance, analysis, and marketing, I'm working to give families the information and tools to make smarter financial college decisions.

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Subject: Accidents Happen: Consider Tuition Insurance

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