Apply For Student Loan
For Your Student,
But Know This First

Why You Should Never Spend a Dime on College Unless You or Your Student Know These 5 Crucial Pieces of Information

Before you apply for student loan, pay a college application fee, or set out to visit any college...

...there are 5 extremely important action steps your student should do and have answers to these questions BEFORE you ever spend one red cent on anything to do with college...

Do they want to become a teacher, an accountant, lawyer, or maybe even a nuclear physicist?

Your child may not have a clear direction at this point. But, if they don't have a clue, it may make some sense to wait until they do to attend college...

...and it makes even more sense to hold off for you or them to apply for student loan.

Imagine for a second...

You walk into a bank and ask the banker for an application for a loan for $200,000 for a business. The banker proceeds to ask you some basic loan qualifying questions:

• What type of business are you planning on using the money for?
• What do you plan on doing with the money?
• How do you expect to pay the money back?
• What is your expected profit margin?
• How long do you need to borrow the money for?
• Do you have any collateral to back the loan?

Now, imagine your student, as a borrower in this scenario:

1. They have no idea what type business they are asking for the money for
2. They don't know what kind of equipment that they will need
3. They are clueless as to the type of additional training or licensees they are required to have
4. They have no knowledge of the location that is required
5. They have no idea as to what the operating costs will be
6. And they definitely did not consider what reserve operating costs would be required...
   

They don't know anything other than that they want to start a business.

What is the likely hood that a bank is going to hand them over $200,000 without a sound business plan?

Isn't this a similar situation that your child is facing when they plan to go to college and they apply for student loan but they don't know what they want to go to college for?

And you as their parent (a.k.a. "The BANK"), are you willing to hand over $200,000 of your hard earned retirement money, or co-sign for a loan without a plan from them too?

How much financial sense does that make to put your financial future on the line on a whim? And I say "whim" because if there is no plan in place, then it is up to circumstances that determine where they find themselves (just like in my history).

Or maybe they do know what they want to major in, but they don't have a plan to utilize the resources that are available to them to produce the best return on their time and your money.

There are a plethora of ways to learn about various career fields and identify what employers are looking for in those they that they hire.

It is also important to take the opportunity to keep an open mind about exciting new directions that learning about different careers can take him or her.

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