SWANSEA, Mass., April 25, 2001 (PRIMEZONE) -- Spring is here and so are the worries for financing a student's education. For parents who have found that federal loans, scholarships and work-studies are still not enough to cover the bill, there is another option: an interest-free monthly payment plan.
Faced with tuition, room and board costs that can exceed $20,000 annually, most families find that they have no choice but to take out considerable loans or add second and even third mortgages to the family home. They soon learn that extensive debt can have expensive consequences. For example, even a ten-year loan at 8 percent interest will increase $40,000 in college costs by a hefty $18,237 over the life of the loan, bringing the total costs to $58,237.
By budgeting even a portion of this sum over 10 interest-free monthly payments, families save thousands of dollars in the end. When families stretch out college payments as they do for car loans, mortgages and utility bills, many are finding that they can afford to budget more and borrow less, thereby reducing their long-term debt. A yearly enrollment fee of $50 allows families to enjoy the financial benefits of paying tuition and other costs associated with college on an interest free monthly basis.
William A. Hastings, president of Academic Management Services, is a respected authority on all aspects of paying for higher education. He has worked with thousands of families and hundreds of colleges to utilize interest-free monthly payment plans to make college more affordable. Hastings lectures frequently at higher education conferences and has been the subject of interviews and articles on finance and education by many local, national, and regional media.
For more information on interest-free monthly payment plans, or to schedule an interview with Mr. Hastings, please contact me at (401) 435-4875 x236 or by email at michaelt@trainoradv.com.