There are many federal, state, and private educational savings programs. Educational IRAs, prepaid tuition plans, savings bonds and trust plans are just a few of the many ways to prepare for your child's educational expenses. The 529 savings plan is also available in all 50 states.
In order for any student to receive federal financial aid, a Free Application for Federal Student Aid (FAFSA) must be completed. It is good to fill this out with your student as soon as possible because the FAFSA may also be used for some scholarship determinations.
What is a loan consolidation and am I eligible for one?
Consolidation loans allow you to combine different types of federal student loans to simplify repayment. Even if you have just one loan, you can still choose to consolidate it. Both the Federal Family Education Loans (FFEL) and Direct Loan Programs offer consolidation loans.