Parents who have paid their student loans can use the College Fund to pay down the debt without having to pay interest.
That’s because students with a $1,500 loan balance will not have to pay any interest over 10 years, which is the current standard for federal student loans.
It is not known whether parents can still use this credit to pay off their debt if they are in arrears on a student loans balance, though.
The College Fund is the result of legislation signed by President Donald Trump, but the law does not require lenders to lend students any money.
The Federal Reserve announced in July it was revising the Federal Reserve Act to allow the college fund to be used to pay student loan balances, but there is still a lot of uncertainty as to whether lenders would lend the College fund to students, and if so, to whom.
Parents can use a $200 credit to get a refund from the Federal Student Aid program.
The credit can be used toward the cost of attending college.
It only takes one application to qualify, but parents who apply early have a better chance of getting the credit.
The College Fund can also be used as an alternative to federal student loan payments for certain types of students, such as students with incomes below the poverty line.
The program is available to students who are not in arres or whose parents cannot afford the cost.
For more information about paying for college, visit www.collegefund.gov.
Follow USA TODAY college education news at USA TODAY College.