If your child is graduating from high school, you have to figure out how to pay for college, if they are graduating from college, you have to pay back the loans. I am going to share with you how we dealt with this question. When I went to college I worked full time. My employer paid my Parents 80% of my college costs as long as I maintained a B average, which I did. My husband financed his college completely through loans, which I then married as I had none of my own. Paying back the loan principal and interest took a long time. When it came time for our daughter to go to college, we decided that being a student was her job and we took FAFSA loans to help fund her education. Every year FAFSA sends out a statement with the interest that has accrued for the loans, we paid the interest off annually so when she graduated there was only principal to pay back. This is my tip for those whose children are in college now. For those who have graduated and now must start paying back the loans, here is what we did. Each month we would transfer the loan payment to our daughter, then she paid the loan. This allowed her to build a credit rating. This worked well for us, please feel free to do the same. Congrats to the Grads!

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