As a local credit union our goal is to help our community succeed. We believe in nurturing personal and educational growth, and that is why we offer scholarships for students in the Quad City area. For members of our credit union and their family members, we offer a variety of scholarships. As of right now we have three different scholarships available. You can apply for these scholarships up to their deadline in April.
The Kevin Post Memorial Scholarship is given to one credit union member or a family member entering or attending an accredited University or College. The deadline is April 1st and the gift is paid July 2nd. Submit your application by email or to any Family Credit Union office. As long as you are attending a University or College, you can apply for this scholarship. There’s no reason not to apply for this scholarship! Apply with the application here.
The Keith Ruefer Memorial Scholarship is given to one of our members or their family member entering or attending the University of Iowa. The deadline is April 1st and the gift is paid July 2nd. You can submit the application through email or to any Family Credit Union office. All you need for this scholarship is basic information about yourself and the letter of acceptance or proof of attendance. You can access the application for this scholarship here.
Our last scholarship we are offering is the Family Scholarship for Hispanic Students. The Family Scholarship is given to one credit union member or family member of Hispanic heritage entering or attending an accredited University or College. The deadline is April 1st and the gift is paid July 2nd. Submit your application via email or to any Family Credit Union office. You can access the application here.
The awards of these scholarships are based on:
If you are applying for these scholarships, please make sure to get them in by their deadlines. If you have questions or want to know more about the scholarships, do not hesitate to give us a call. We would be happy to help in any way we can.
With student debt continually rising, it is important to come up with a game plan. Many recent high school graduates don’t actually understand how much college costs and what their student debt will be once they are finished. Help your child learn about student debt and come up with a plan to pay it off. Forming good money habits early on will help establish these habits for life. Take a look at some current statistics of student loan borrowing and repayment in the United States HERE.
The first step is calculating the costs. Consider how much factors such as room and board, books, tuition, etc. will cost. Compare these costs to the “free money”, such as scholarships and grants, your student is earning. If you need to borrow money, consider this as well. It is recommended that students choose to apply for federal loans before private loans because federal loans typically have lower interest rates.
Also, consider how much your student’s annual starting salary will be once they graduate. Compare it with the total debt of what they will have post graduation.
Students should begin tracking their spending as soon as possible to help learn how to manage money. Interest accrues on student loans, so having your child help pay the interest loans while in college can help them get used to paying off student debt, and reduce the overall payment. Have them keep in mind what costs you have right now and costs that they may have in the future.
Break down how much the monthly payments will be. Be aware of how much you borrowed, what lender you borrowed from, and how much your payment will be.
Which loans should you pay off first? Prioritize your loans so that you pay off the ones with a higher interest rate first.
The Family Credit Union is here to help with your student loans! We offer a Smart Option Student Loan, by Sallie May, that is an ideal situation to help you pay for college expenses that are not covered by scholarships and federal loans. Feel free to contact us today and we will be happy to answer any questions that your have about our private student loan program.