There are several financial aid options available to parents to help their children pay for college or career school. Here are some of the options:

• Federal Parent PLUS Loans: Parents of dependent undergraduate students can use federal loans called PLUS loans to help pay for college or career school. These loans are available to parents with good credit histories and can cover up to the full cost of attendance minus any other financial aid received.

• State-sponsored college savings plans and prepaid tuition plans: Parents (and other family members) can start contributing to a college savings plan at any time, but such plans are more effective the earlier parents start saving.

• Federal student aid: The Federal Student Aid Estimator provides an estimate of what federal student aid the student may be eligible to receive and helps the family understand their options to pay for college or career school. Many types of student aid are available, including grants, work-study, loans, and scholarships.

It is important to understand the financial aid process and to prioritize grants and scholarships before money that must be paid back, such as loans. Parents must include tax, income, and some asset information on the FAFSA form, which is the students responsibility, but parents have a large role in the application process if the student is considered a dependent student for FAFSA purposes. If a parent is unable to obtain a Direct PLUS Loan, the student may be able to get additional Direct Unsubsidized Loan funds.

Overall, parents can help bring college costs within reach by planning ahead and learning about the financial aid process.