Paying the College Bill

Please note that this transcript was auto-generated. We apologize for any minor errors in spelling or grammar.

[00:00:00] And I'm going to record that right now. All right.

All right. Well, let's get started. So first, you know, I hope, um, many of you know MIFA, but if not, MIFA is a state authority with been created by the state of Massachusetts, and we've been around since 1982. And our mission is to help families plan, save and pay for college. And we were created for that reason, and we continue to do that.

All that good work today. We have We have loans for students, which you'll hear about in this webinar. We also have the state's college savings plans. And then we offer free guidance to all families, no matter what stage that they are in the college process.

So before we get into the nitty gritty and some of the [00:01:00] details of what you're probably here for, I just want to say congratulations, uh, to students, if there are any students, uh, joining us, or, um, if, if they're with parents, uh, this is an exciting time of life, uh, it's a real milestone, and, uh, so I want to say congratulations to all of you for, um, being accepted, um, and the fact that you're going to be going on, uh, To next really exciting step.

So today we're going to talk about understanding your financial aid offer. Um, sometimes those are a little bit confusing to understand fully. And then we're really going to talk about the methods you can use to pay your college bill, which, of course, um. probably needs to happen in the next number of weeks.

And then we'll talk about sort of the timeline of what's next, when things are going to happen and any resources that you can continue to use to help you.[00:02:00]

All right. So your financial aid offer, um, I'll also add that this year was a very strange year to be going through the college application and financial aid application process. Uh, as you know, the FAFSA was delayed, which delayed everything in the whole process. So at some point, hopefully you received a financial aid offer.

I have heard some students who are still waiting for, um, full complete offers. So if that's you, you are in company with a lot of people, but hopefully many of you have received your aid offer. And one of the things about financial aid offers is that, um, they look different from college to college. So, um, here are the things that should be on an aid offer.

And hopefully you have this. Um, so we'll, we'll kind of talk through and I can answer any questions around this, but basically you should. Uh, be able to see the costs, you know, the [00:03:00] full college costs for tuition and fees and room and board if you're going to live on campus and maybe some planning for additional costs that you need to plan for, that should be listed on your aid offer.

If it isn't, you just want to make sure you work with the college to have a good understanding of your full costs. And then you should see the aid that's been offered. And that can be in the form of grants and scholarships, the best kind that you don't repay, um, work study offers and loans. And these are, uh, well, these can come from a variety of sources as well, from the federal government, from your state.

And, uh, from the colleges and universities themselves. So the financial aid office at a college is really the, um, you know, they gather all of the aid up from all of the sources that you're eligible for and put it on this aid offer for you. So if we look at the example of the aid offer [00:04:00] on the screen, you'll see there's an ABC University grant.

So that comes from the college itself, and that's a grant that doesn't need to be repaid. Um, then there are a couple of federal awards, federal SEOG, which is a federal grant program and a federal Pell Grant. Also a federal grant program, and you can see those amounts. This award also has a MAS grant, which is from the state of Massachusetts.

So again, all of those are grants that don't need to be repaid. Then we move down into the other type of aid, such as the federal work study program. So there's an offer there for 1, 500. That you don't receive up front. What that is, is the student can find a job, either on campus mostly, um, when they start their program and work.

And then they get paid, just as they would in any job, either [00:05:00] weekly or every other week or, or something like that, monthly sometimes. And usually then the student uses the money they receive from working to pay miscellaneous expenses. Maybe bus fare, maybe Pizza late at night when they're studying, things like that.

Um, they could also use it for some books or other expenses they have. Um, but that's how they will, that's how the work study comes in. It's not anything that's upfront. And again, a student needs to find the job. Um, but work study jobs are usually readily available on a campus. Uh, but just, uh, for the best choice of jobs, maybe look right away.

Maybe even before you start. Um, and then there are the, uh, loans, the federal direct student loans, which are part of the aid package because we'll talk about, they have a lot of benefits and here it [00:06:00] lists a subsidized part and an unsubsidized part. So they're both the same loan, the same terms. Um, but the difference between subsidized and unsubsidized is that with the subsidized portion, the federal government pays the interest to the student.

While the student is attending college with the unsubsidized portion, the federal government doesn't pay the interest. But what happens is when the student graduates and is going into repayment, then any interest that has accrued during the time they were student would then get capitalized before the student starts repaying six months after graduation.

So that's the difference between those two. And when you have, you know, grants and scholarships on an award offer, just know that some of them can be merit based and some are need based. And what that means is merit based means they were awarded to the student Based on [00:07:00] achievement, uh, usually academic achievement, but it could have also been for something athletic or artistic as well.

And it's really good to understand the criteria for the merit based award, uh, because sometimes there is a criteria. A common one might be the student needs to keep a 3. 0 grade point average, something like that, 3. 2. Very important to know so the understands that if they If they miss that, they may not receive that merit based award in future semesters.

Um, need based is based on the, the information, the financial information that you submitted on the FAFSA and any other financial aid form, like a CSS profile or an institutional application. And that's based on the family's financial situation. Uh, parents and students income, parents and students assets, all of that.

So, hopefully you can Count on the same amounts of aid from year to [00:08:00] year, but that is based on if there are big swings in your financial situation, that could change. So, um, you just want to know that that's how either of those could change, but schools, colleges do try to help. To have students receive the same award from year to year.

So you can count on that. So let me say a few words about those federal student loans. Okay. So what's special about those is the student is the borrower. There's no cosigner, no credit check. And this year, the fixed interest rate. on those federal student loans is 6. 53. And, um, yeah, that's higher than it's been.

Interest rates are a little bit higher all around. Um, that changes each year on July 1st. So, but when you borrow alone at this rate, For this year. That's the rate that it stays. Um, and then next year, if it's a different rate, [00:09:00] that's, that's the rate that it will stay. And again, I meant I talked about what subsidized and unsubsidized, um, means.

And, um, there is a fee and the way that the student will receive this loan is the college will tell the student to go to a website called studentaid. gov. If you accept these loans on the award offer and you go to studentaid. gov. And the student will go through what's called an entrance counseling, and it really is just an informational, uh, quiz, so to speak, so that the student understands that they're taking a loan, and what are the terms of the loan.

Um, but no payments need to be made on either of these two loans while the student is in schooling. It, um, begins six months after the student leaves college. And the maximum amounts that a student can The amount of money that students borrow through these this program is 5500 as a freshman, 6500 as a sophomore [00:10:00] and 7500 each for junior year and senior year.

I'm going to look. I do have a question. So I'm going to look quickly.

Oh, there's a good question. Just if a student is awarded a good amount of a merit based scholarship, um, will the school offer less of need based aid thinking the student is already covered by, uh, the merit. That's that's a good question. Um, if the if the college has a need based and a merit based program, the student would still be eligible for both.

However, having that merit does reduce the students need a little bit. Um, right. So because part of what's factored in there is the costs minus what you can afford as a family. According to the formula and then the need. So there may be a little bit, um, of a reduced amount of financial needs. So it [00:11:00] could, could mean, um, that the financial need based aid could be slightly reduced, but they, they can definitely, if a college has both, then they're eligible for what they're eligible for in the two programs.

All right, and this is what I was starting to show that it's, it's the college. We're going to talk about how are you going to calculate the balance due that you're going to owe as a family. So the college charges minus the financial aid and your enrollment deposit that you've already put down equals the balance due.

And those college charges are tuition, fees, housing. food and health insurance. So the college needs to by law, um, put a health insurance cost on there. They need to offer health insurance to all students. However, if [00:12:00] your student is on your family health insurance, which is a common scenario, that's very common that students Are on their parents health insurance or family health insurance, then you can waive that health insurance.

So that's an important step that you need to take you want to waive that health insurance if your student is already covered by another plan. And that's a, that's a good little charge there. So, um, Look and get the form from the college and waive that quickly. I'll say that I know many times a family will appeal for more financial aid.

And, um, so We had a webinar with all of these experts from colleges. And if you have an interest in putting in an appeal and hearing people talk about what appeals might work and what might [00:13:00] not and, and, um, you know, what forms to use all of that, you can join, um, you can use this QR code and you can listen to this webinar that we had because it was very, um, eyeopening all the details of, um, You know how you should appeal.

What I would say to you up front is If you have a change in your financial circumstances from the time that you applied for financial aid, you should definitely appeal to the financial aid office just to let them know so they know what your situation is. I know sometimes if you have a crisis, you may not be thinking of contacting the financial aid office, but it's a good place to To call.

I'm going to try to answer this next question here, too.

Okay, great. Good question. If after we accepted the subsidized and unsubsidized loans, we find that we don't need both loans this year. Can we drop the [00:14:00] unsubsidized loan within a certain time period? And the answer is yes. So, um, you know, one easy way to do that is you accepted them. They get dispersed half in the fall, half in the spring.

So you could just let the financial aid office know that you don't need the spring disbursement. That's a way that some families will do it. Um, if you want, we want to reduce it further than that and your bill is paid. Um, you can also just let the financial aid office know. All

right, so now let's talk about paying your bill. So, you know, usually we say that it's sort of That parents can look to past income, current income and future income as a way to think about paying, uh, paying the college bill. Um, the, the other piece is also, uh, that, that we don't necessarily talk about here [00:15:00] is another way to pay is if you have any, any relatives who, um, are willing to help out a little bit.

That's, that's a nice thing too. I guess that would fall in the current bucket. But anyway, um, this savings would be past income. So if you've saved anything for college, anything, you're going to be happy. It's just, it's just nice at this time to be able to have a little bit to rely on. So that's terrific.

That could have been a 529 college savings plan, a prepaid tuition plan, savings bonds, stocks. it. Um, and so using any of that, you'll, you'll pat yourself on the back that you had that. So a couple that we're going to talk about here are MIFA's prepaid tuition plan, the U plan or the U fund. And if you have either of those, um, Listed below are the ways that you can withdraw the money.

So with the you plan, you would log into your account [00:16:00] online and request a distribution. Um, or, and you can also call, um, with questions and then your. Your monies will be sent to either the college or to you, and you set that all up with the U fund, which is the Massachusetts 5 29 plan. Um, and I would say most 5 29 plants across the country work in a similar way.

You would contact your, um, fund program manager. Um, in the case of the U fund, that's fidelity investments. Um, and you would Also request a distribution and you can let them know if you'd like the funds sent to the college or you'd like them sent to you. And you can set that up to also have that paid on a regular basis if you want to do that.

And, uh, Fidelity also has an 800 number. Um, I, They also have a [00:17:00] lot you can do online. I remember when I was using my U Fund, the first time I liked to call and just make sure I understood exactly how I was setting it up. And then in future times, I could go online and, and, and just request the distribution myself.

So, um, that's how you will withdraw money for those. And again, most 529 plans work very much the same way.

And then for present income, um, Most colleges have something called a monthly payment plan, and maybe they've sent you information about that already, but if not, you can ask, and they usually have a plan that will allow you to spread out the cost of your tuition and fee payments, um, more than the, the typical, um, cadence, which is usually fall and spring.

But if you want to spread it out further and pay anywhere from over 5 to 12 months, [00:18:00] you can join the monthly payment plan. Plan. There's no interest charged, but usually there is a fee could be anywhere, maybe 75 sometimes. Um, and then you set that up and you can pay on a monthly basis. Many times colleges will have another entity that that runs that program, but, um, ask the financial aid office or the billing office and they will set that up for you.

And then the third piece is. So let's be clear. We already mentioned the fact that students have sometimes the direct subsidized and unsubsidized loans as part of an aid award. So that is the best way to borrow. And what I do Didn't mention about that. Is that, um, students have a variety of repayment options when they go to repay their [00:19:00] loans.

Um, and the most current one, the save plan allows students to tie their monthly payment when they graduate to their income. So very small percentage. Currently 10%. Um, so that that allows students to get on their feed, um, and be able to manage their payments, even though, of course, the faster you pay it off the list you pay over time.

But, um, there are just lots of repayment options to choose from. So that's another benefit of that. Um, but sometimes you saw those maximum amounts that students could borrow sometimes. Students need more and the family needs more to pay that college bill, so that's when other loans come into play. And any other loans outside of those federal student loans, federal direct student loans, um, will need, um, a co signer or co borrower, um, because as we saw [00:20:00] on those federal direct student loans, there was no credit check, you know, the student can borrow on their own, based on the fact that they're going to be a student.

graduate from college, hopefully get a job. Um, but any other loans other than those federal direct loans, the students will, um, need to have a co borrower and there will be a credit check done. So that's important to know. So here are some things to think about. Obviously you want to borrow Just as little as you have to, um, because you really want to keep in mind that probably, as we mentioned, this aid offer that you received this year is probably going to look similar in the next year.

Three to four years. So you may need to be borrowing in future years as well. So you want to make sure you keep that in mind. Some other things to keep in mind, um, from on the parent's side, you might want to think about your other children that you have, do you need to be thinking [00:21:00] about other children coming up, attending college in the future, think through that.

Students, you might want to think about, um, do you know, What your plans are in the future. Maybe, maybe not. But if you have a sense of what you might like to do and starting salaries that can be helpful when thinking about how to borrow. And I mentioned both what parents are thinking and what students are thinking about all this because really at this point it becomes between the parent and student to think about who is going to take on these additional loans.

Um, and. You know, as a parent, can I take that on? Um, for a student, it's it's it's challenging to take on more in addition to those federal direct loans, but maybe necessary. So I see that as a family conversation. So really important to know about any other loans is you want to understand, is there a fixed or variable interest rate?

What is the [00:22:00] interest rate? What is the repayment timeline? Um, you know, who's on the note? So, who's going to be responsible? You know, in most situations, any co borrower is equally responsible to paying that loan. Um, and when you're shopping for your best financing option, your best loan option. One good thing is if you make inquiries into a couple of different loans, apply for a couple of different loans all within a one to two week period.

Um, that counts as one hard credit poll, one inquiry on your credit because they understand that you're shopping. That's how, you know, it works. If you're shopping for cars, mortgages, things like that as well. All right, so how much can you borrow? Well, you can borrow up to the amount of the school's, the college's cost of attendance, minus any other aid received.

But really, Probably you you can borrow more than you should almost so really whittle [00:23:00] that down and try to borrow only what you need. Um, you apply for loans for the full year usually, but only one year at a time and what you want to do up front is try to estimate what your monthly payment might be in the future to just so you have a sense of what it means to borrow 10, 000 or what it means to borrow 20, 000.

So think, think through that. Um, Loans are usually dispersed half in the fall, half in the spring, and they first, they go directly to the college when they're dispersed. If you're going to use some of that money for housing or food and you're not living on campus or something like that, then um, the college can, can kind of check and, and once they're, the bill is paid to the college, they can send a refund so that you can use it for other expenses.

So this is. Me a's [00:24:00] student loan payment calculator. And before I even say that, let me say, so Mifa has private loans. Probably your bank that you do business with may have a, an educational loan. Um, there are a number of educational loan providers out there. Your college may give you a list and say, our students have used these, these lenders.

Um, and the federal government has a program, and I'll tell you about that in a moment. So no matter what, when you're shopping for a loan, you want to find out all of the details about all the loans up front. So you have an understanding of, of which loan is going to work best for you. So I love, this is MIFA's student loan payment calculator.

You just go on the MIFA website and when you go to apply for a loan on the page, if you scroll down, you can use the calculator first. And I highly advise that. And it will just ask you how much do you need to borrow and how many years before [00:25:00] graduation? And is your credit good, very good or exceptional?

And then you calculate. And in this case, this family put in 20, 000 students going to be a freshman. So we have four years to go. And our credit is very good. And then you receive this page, which shows MIFA loan options. So MIFA has an immediate repayment, 10 year loan, immediate repayment, 15 year loan. And then some other options, interest only, deferred payment, and student deferred with co borrower release.

And they all have slightly different interest rates, as you can see going from lowest on the left, so the immediate repayment that you repay over 10 years will have the lowest interest rate. And then as you move out, um, the interest rates go up a little bit, but then you can look at the details about what is that payment going to be when in school?

What about when the student graduates? What will the payment be? What [00:26:00] is the total cost of the loan if you get that? pay it out the entire amount of time. So I just find these figures so important in trying to think about what's, what's going to be the best term for our family. Um, so think about that, look at these details really closely and do this with any lender that you're considering.

So you have all of that information.

And then I mentioned that the federal government has an additional loan. It's called the direct plus loan, and that is a parent loan for undergraduate students. And that can be a good option for some families. So I put it here. Because the, you know, the school will give it to you and you go to that website again that I mentioned for the federal direct loan student aid.

gov and a parent would go [00:27:00] in. and apply for the loan there. But especially this year in this high interest rate environment, the PLUS loan has a 9. 08 fixed interest rate plus an origination fee. So I just thought it was good for families to understand that during this year. So here are some of the differences.

MIFA has rates that range from 5. 75 to 8. 95 and has no fee and the direct plus loan is that nine percent rate. And the fee. So good to know. Um, but there are some other differences. So on the MIFA loan, the student and the parent, for example, would both be on the note, um, and equally responsible, whereas on the direct plus loan, it's just the parent on the fee.

On the note. [00:28:00] So and just the parents responsibility to pay. So that's that's important to know. Um, you can also see that MIFA's repayment terms go from 10 to 15 years. The direct plus loan goes from 10 to 25 years, which could allow, um, Someone to pay a lower amount further out. Um, and you can see all of the repayment options, um, enrollment status, eligibility requirements and, um, the safeguards.

Um, you also do need to file, have a FAFSA on file for the direct plus loan, but wanted to point that out. Keep that in the mix and any other lenders that you're looking at and choose a loan that's going to be best for your family. So I'd say, let me see, there is a question. I'll take that question before I move on to this next one.[00:29:00]

So are MIFA loans provided backed by the state of Massachusetts or, uh, or they pass it to private banks? Um, MIFA, we are our own Um, you know, they'll stay, they will stay as a MIFA loan. So, uh, we have a servicer that services MIFA loans, but they will stay as MIFA loans, um, as a state based lender. Um, there is no deferment offer in MIFA loans other than the ones that you saw about deferring while the student is in college.

Is in school. Um, so students with, you know, a really long program or a really long graduate program, um, you know, wouldn't be able to defer undergraduate loans during that. However, we do have some hardship deferments. So, um, families who are having problems, you know, can can call us and, um, there are options when, um, a family is in a hardship [00:30:00] situation to defer for short.

You know, forbearance for short periods of time. So there's flexibility, but there is no deferment. So someone who's going to be in a, in a, um, a long graduate program, um, wouldn't have that from an option.

Good question. Um, so I think when I am sitting with a group of, uh, families, well, I guess I'm sitting with you now, but, uh, I can't, I can't hear everything that you're thinking and talking about. But, um, most what I find is that every family will do this a little bit differently. Every family will pay the bill.

Um, so I'm just going to go through and give an example of how one family may decide to pay a 20, 000 balance, um, for, um, for college. So maybe this family, um, has, maybe the student has been working summers and during the [00:31:00] school year and has some savings. And so they take a little bit of the student savings, 1, 000, and they're going to use that.

Toward the bill this year, and the parents have some savings. Maybe they are saving in a 5 29 plan. Um, but they can decide to take all their savings or they might just decide to take a portion right now. And so they're taking a portion 4, 000. And then. Again, just an example. Um, let's say the parents just paid off car loan.

Okay. So the parents have 500 extra sort of in their monthly budget at the moment. So they're going to join the monthly payment plan at the college and pay 500 a month for 10 months. And that's that parent contribution to payment plan. And then the family is going to take A loan, an educational loan, [00:32:00] so they're going to decide to borrow 10, 000 and that's how this one family might come up to pay that 20, 000 balance and hopefully they'd be able to do the same thing year over year, um, if their financial situation stays the same and the student does well and is able to keep all the merit money.

So let's talk about timing. Oh, and I see another question. Thank you for your questions. Okay,

so this is a great question. We have enough for one year's tuition in our son's 529. Once that's paid down, will they recalculate aid? And then I guess I'll read the whole question. I assume, but I'm unsure. My understanding is parents are expected to spend 50 percent of any assets they have outside of retirement towards the tuition.[00:33:00]

So let me take the first part. First, um, congratulations. First of all that you have one year's tuition 5 29. That's not easy to do. Um, so that's terrific. And then yes, when you apply for financial aid next year, you will have a different financial situation and you won't have that money. So your financial aid will be calculated on your aid applications next year.

So yes, however, um, the way that assets all assets are factored into, um, the financial aid eligibility is that the expectation is actually that families are really only expected to pay at most 5. 6 percent of their assets. Toward their, their college bill each year. Now, what ends up happening in reality is families end up paying a lot more than that because, but the [00:34:00] expectation before financial aid is awarded is that, um, 5.

6 percent of your assets are factored into your students financial aid eligibility. Um, so that's the way that works. Um, so that's great. So for example, let's say you have 100, 000 in assets. Um, then your expected family contribution, which is now called your student aid index, would go up by 5, 600 when they're calculating your aid.

So that's how 100, 000 in assets would factor into your aid. Um, and then there's a eligibility there and that from the fast so that can be all of your assets minus retirement and minus your home is not considered on the FAFSA application. But if you're applying for [00:35:00] financial aid and your college requires the CSS profile or another application, they may ask about the equity in your home.

And that could also be counted at that five or six 5. 6 percent rate. Right. So that was a lot. A meaty question. Um, so a few other things, uh, bills for the fall semester tend to be due in July or August. I'm seeing that, that most of the bills are, um, due in early August. The last look that I took. And that would be for, you know, your tuition, fees, housing, meal plans in any other direct cost.

There's lab fee or something like that. Um, again, I'll just say it again. It's worth saying it may include a health insurance charge. So if you, if your student already has health insurance, you can waive that. And then things that will be subtracted from [00:36:00] your bill or your enrollment deposit that you made back when if there are any private scholarships coming in, those can be deducted from your bill as well.

And then any financial aid that you have accepted will be deducted. Um, also, once you sign up for the payment plan, um, or let's say you apply for a loan, Once the college sees that you have a loan in process, um, they can deduct those amounts as well. And they just sort of put them on there as tentative credits until the money actually comes in for the loan and it becomes a permanent credit.

As I mentioned, work study does not get deducted from the bill. That's up to the student to find a job. And earn money and then use that for some miscellaneous expenses. I'll give my little work study talk as well that I think sometimes parents think, oh, I don't know if I want my student working the first year because I don't want to disrupt [00:37:00] their studies, but I have a Friend in a financial aid office who always said, don't assume if they're not working that they're studying.

So, um, work study is a great program. And if your student has it, um, I'd encourage them to get a job and they could get a job that might. end up being, you know, something toward their career, or they could get a job sitting at the desk in the library or the gym and just checking how many people are coming in.

Easy job that then they could sit there and do their homework as well. So, um, I'd talk up the work study. Um, You want to apply for, um, any of the other loans on top of those federal direct student loans. Hopefully about two weeks before the bill is due. Now sometimes the process is a little quicker than that, but you want to try to get those in process.

Give yourself a couple of weeks in case there's any back and forth with paperwork or signing, signatures of both parties, all of that, [00:38:00] um, tends to take a few days. And if you don't apply for a loan now, you could still apply for one later in the year. If, if you know, your plan sort of goes awry and you think you might need some funds later, you can do that at any time.

And again, if you're interested in that payment plan, make sure you're in touch with the college. All right. A few more resources, and then I'll get to your last questions. Um, in all of this, Ask questions of your lenders. You're looking for transparency. You want to understand your interest rate, the repayment terms, all of that.

Um, please feel free to be in touch with MIFA at any point. You can call us. I'll put up the contact information. You can call us anytime. Um, you could email us. We're happy to help you through this really for the whole time that your student is in college. And another great resource is the financial [00:39:00] aid office at the college where your student is attending.

Um, so, um, you know, it's been a, Crazy year reference again because of the FAFSA delays. So financial aid offices have been busier than usual, but they are still a great resource for students at at their college. Alright, so all of the details here. You probably are signed up for me for emails now that you are here at this webinar.

So we'll send you emails a couple of times a month on anything relative to your student and their age and stage. Um, keep in touch. Come back for any, any further, um, webinars, view any videos, uh, check out our blog. We, we post, you know, relevant information, um, in a timely way, and listen to the MIFA podcast.

Currently it's called the [00:40:00] MIFA podcast and we're nearing our hundredth episode. So, um, wherever you get your podcasts, check that out. And, um, Yeah, that's, we, we have fun. And then here are all the ways that you can contact MIFA and stay in touch. So you can make a virtual appointment request, you can email us at collegeplanning at mifa.

org, or you can call us at 1 800 449 MIFA. And these are just, you can see, um, these are our webinars, our podcast, John Hughes here is our podcast host, um, and he's, he's a great conversationalist, I'll say, and these are our blog posts, specialized appointments, and social media. Facebook, Twitter, Instagram, LinkedIn, wherever you get your information.

And here we are. So, um, I see a couple of questions. Let me [00:41:00] try to answer those. Oh, you're so welcome.

Oh, great. Okay. This is a great question. So this person wants to borrow me for loan. When you begin to apply for the loan, it asks for some personal information. Whose information are you putting in? So when you go in and it says borrower that you can put in your parent borrower information because then it will say Student borrower.

So wherever it says student borrower, you can put the student's information in But when you start out you can put your information in and you'll see as you go along that the two get linked And um, you'll both need to do a section But once once you as the parent do most of it the students The student will have very little to complete and sign off on [00:42:00] that's a great question.

Are there any other questions?

Well, you heard me. You don't need to have them all today. Um, please know that you have a good number of us. Our team loves to help students, families, all of that. So please be in touch, stay in touch and anything that we can help you with, um, about this process right now or into the future. I hope you will, you will reach out.

So thank you and have a great day.