All students qualify for unsubsidized Stafford loans. Remember that if your child wins a scholarship, the college may reduce the size of the package it offers you. Also remember that any financial decision you make from January 1 of your child's junior year in high school to January 1 of the junior year in college can ruin your chances for financial aid the following year. Common mistakes include withdrawing funds from a pension or selling securities and realizing capital gains. Parents who remarry during the child's college years may also be unpleasantly surprised when the income of the new spouse is factored into the formula.
Members can apply for federal and private loans right over the phone.
Competitive loan rates and money-saving repayment plans are available. A major challenge facing the retired is paying for medical care without depleting savings. Medicare Part A, which covers hospital, skilled nursing home, hospice, and home health care, and Medicare Part B, which covers doctors, outpatient surgery, emergency room visits, x-rays, lab fees, and prescriptions are the first line of defense. You're entitled to Part A at age 65 provided you are eligible for Social Security. Part B is optional and costs extra.