College expenses are high enough.
Don't make matters worse by using plastic.
With college costs going up all the time, many parents have to borrow money to pay not just for their child’s school, but for living expenses too. Some use a credit card to pay for school-related expenses that aren’t covered by federal loans and scholarships. But, unless they’re careful about paying off balances in full each month, using a credit card could bury them under a mountain of debt by the time their child graduates.
Credit card debt is at an all-time high in the U.S., averaging more than $9,300 per household.1 Yet many parents turn to credit cards and run up double-digit, high-interest credit card debt – a sure way to add to the financial stress of paying for college over a long period of time.
College is an investment in your child’s future. A recent Census Bureau report found that college grads earn an average of $1.3 million more over their careers compared to those with only a high school diploma.2 But paying for that long-term investment now can be tricky. Federal loans and part-time jobs still don’t cover all the gaps. And running up high-interest credit card debt to pay for recurring expenses like books and travel home doesn’t make sense in the long run.
That’s where the Laurel Collegiate Loan can help. Paying for your child’s education-related expenses with a private loan vs. a credit card can help you come out ahead. Laurel Collegiate Loans have surprisingly competitive interest rates – as low as half of what many credit cards charge. And our flexible undergraduate repayment options let you choose when to start paying back your loan, so you can get a better grip on your finances once your child is out in the real world.
Back to The Laurel Collegiate Loan
