January 13, 2007

College is Looming!

Snapshots In My Time...
Of My Time.....Hauntings.

When I was in college my parents had to pay for all four years. I did try out for student loans and I also applied for grants as well, but I got nothing. Now I am going way back to recall this but I was ineligible for any school loans because my parents made too much money. I guess that is a blessing. When I got out of school I was not like so many young people...burdened with hefty student loans looming with years of repayment.

I do not think that my child will be so lucky! As a single parent I do not have the big nest egg saved up for her college. I have the nest egg saved up for my old age and retirement. I do not think that I will be able to just give all of that over to her when it it time for her to go to school. With the way healthcare, medication costs, long term nursing home care and possible no medicare when I am old and elderly, I may need that money. I am so glad there are alternatives. Plus I saw some report on Good Morning America about a year or so ago, that parents with kids today with college looming ahead of them SHOULD be saving just for themselves. The kids should be going to college on loans or some other form of income.

Now I do remember that when I was thinking about college, I did apply to Brandeis University and they gave me a scholarship. I even qualified for student loans with that school only because it was so far away from where I was living at the time. Mom was fearful....it was too far away. I wanted to really go there. I will not be putting any restrictions on where she can go.

Many years ago in a different time and place I bought house and I did get a mortgage. It was my first home. I was excited. It was a wonderful house that I bought at a government foreclosure sale. I never had to ever remortgage it. Things were great financially then. Man there were so many hoops to jump through, it was crazy. But I got through it and I was a homeowner in my 20's. Nowadays it seems the real estate business has changed with so many investors buying ugly houses and snapping up tax sale homes even before you have a chance. (I have been up late and seen those infomercials...they are tempting!)

Nowadays there are all sorts of new products that I had not realized were out there. Bad credit loans? That actually helps rebuild your credit status. There are even unemployed loans. That I had never ever heard of. You will need some collateral with that one. Today there are a host of loans and opportunities out there to improve your credit status and to help you financially. You just need to look around, do some research and be sure you choose the right opportunity for the situation. Let's hope 2007 is a fit year for all, financially!

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