I used to love back-to-school time. Now, I still share Staci's love of school supplies, but as a parent, "back to school" time can be hard sometimes. The first time you send your kid off to school it's tough — suddenly your round-faced "baby" is wearing a "Lightning McQueen" 
backpack stuffed with crayons, juice and baby wipes. (That's what they request at preschool these days.)
But when you send your kid off to college — like many of you probably did over Labor Day weekend — it's even tougher. Suddenly your "baby" is leaving town with your car and a laundry basket full of clothes. And this time, she won't be home in three hours, ready for a nap.
Recently, I found a great article in the Des Moines Register about how parents handle sending their kids off to college. It profiles three families: one with a senior in high school, one with a student about to start college, and one with a student who's just completed his freshman year of college. There are also some good tips for parents and students found in the article's left sidebar.
So parents, tell me: How are you coping with sending your kids off to college?
Caroline--this photo is so cute, it makes ME want a Lightning McQueen backpack!
It can be tough to send your kids off to school no matter how old they are. A good friend of mine's oldest son just started kindergarten, and it's a toss up as to which one of them did more crying! Fortunately, after a week under their belt, they are both doing better. :)
Caroline,
I recently graduated and am now in my 4th month of my 6th month grace period. I have not yet consolidated my stafford loans (both subsidized and unsubsidized). Now I am reading that Congress is about to pass a bill that would cut federal interest rates on federally back loans from the 6.8% to 3.4% over the next four years. My question is, will this affect my current loans (reduce their interest rate) and should I therefore wait to consolidate until the rates go down to 3.4%?
Please help!
Jason
Hi Jason – excellent question. The legislation that you’re referring to is part of the “College Cost Reduction Act” – but it actually will not affect your existing student loans. The interest rate reduction you mention only affects subsidized Federal Stafford Loans, beginning with those first disbursed on or after July 1, 2008. The interest rate reduction will be phased in gradually over five years, between 2008 and 2013.
If you are planning to consolidate your loans, doing so during your grace period is a wise move, because you can lock in a lower interest rate on your federal loans. (Your rate automatically goes up after your grace period ends.) And, although the above-mentioned interest rate reductions will not affect your loans, other parts of this legislation may impact the benefits your lender is able to offer you in the future. Since you have not yet consolidated, you should contact your lender right away to see if it’s advisable for you to consolidate on that basis.