Are you a senior in high school? Are you considering going to college in the fall? Now is the time to look for scholarships and start applying for them! Some schools will provide you a list of scholarships that are available. Many local businesses have a scholarship fund, as well. In fact, we here at The Family Credit Union are proud to offer a handful of scholarships to students who are looking to further their education. Check out our page where we have our available scholarships listed.
If you are a member of our credit union, or have a member of your family that is a member of our credit union, you can apply for these scholarships. Especially consider looking into these scholarships if you are attending the University of Iowa or have Hispanic heritage. There are other scholarships that you may qualify for, so please apply before the deadlines in April! Submit your applications by email or to a Family Credit Union branch in person.
Other Financial Solutions for Students
For those who are looking for other payment solutions, Family Credit Union also offers student loan options. The Smart Option Student Loan features and benefits:
- Multiple in-school repayment options plus a choice of competitive fixed and variable interest rates provides even more flexibility
- No origination fees and no prepayment penalty
- Rewards and interest rate reductions available
- Rates that reward creditworthy borrowers
- Applying with a creditworthy cosigner may help you qualify and/or receive a lower rate
- 100% US-based Student Loan Specialists
Contact us today to learn more about these student financial help solutions! We want to help you succeed.
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.
Budget Now. Borrow Later.
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.
Know Your Cash Flow and Costs
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.
Keep Track Of Your Student Debt
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.
Tackle Bigger Loans First
Which loans should you pay off first? Prioritize your loans so that you pay off the ones with a higher interest rate first.
Let The Family Credit Union Help!
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.
