College education costs have grown exponentially over the past 20 years, a trend that is only expected to rise. On average, today’s graduates have an average student loan debt of nearly $40,000, which can make it much more difficult to build a life. Even if you can’t pay for your children’s college expenses, there are some steps you can take to help them manage this debt.

3 Ways to Minimize Your Children’s Student Loan Burden

1. Investigate Financial Aid Options

Almost every school offers tuition waivers, grants, and scholarships that can dramatically decrease education costs. In fact, the school’s financial aid program may be more important than the actual cost. For instance, an expensive private school with generous grants may cost less, in the end, than a state college with a lower sticker price.

2. Make Sure They Understand the Loan Terms

To many young, inexperienced college students, loans may seem like free money, even though they will have to pay it back. Before they sign the promissory note and accept a loan offer, be sure your child understands how interest works and how much they’ll be expected to pay in the future.

3. Help Them Start a Career

Student loans are a career investment, but with the current cost of living, it may be necessary to help children get started on a path that will allow them to pay off their debts. This might mean letting them move back in with you while they search for a job, putting them in touch with professional connections, or helping them move to take advantage of a career opportunity.

If you’re burdened by debts you can’t repay, the bankruptcy attorneys at Padgett & Robertson, Attorneys at Law can help you find the path back to financial solvency. For over 35 years, they’ve helped borrowers throughout southern Alabama relieve the pressure of student loans, credit cards, medical bills, and a wide range of other debt. Visit their website for more on their debt relief services, connect with them on Twitter, or call (251) 342-0264 to schedule your free initial consultation.

No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers.

We are a debt relief agency. We help people file for Bankruptcy relief under the Bankruptcy Code.