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Smart ways to finance a college education

Smart ways to finance a college education

Higher education is one of the most significant investments you can make for your future - but figuring out how to pay for it can feel overwhelming. At Members 1st Credit Union, we're here to help you navigate your options and make smart financial decisions so you can focus on achieving your dreams. Here are a few ways to make college more affordable and manageable:

  1. Start by submitting the Free Application for Federal Student Aid (FAFSA) for the opportunity to get federal aid like grants, work-study opportunities and federal student loans. The FAFSA can also qualify you for state-level and school-based aid.
  2. Apply for scholarships and grants as early as possible. This type of aid doesn't require repayment and can significantly reduce your overall costs. You can find these through local organizations, businesses, high school guidance counselors and college financial aid offices
  3. Research neighborhoods thoroughly by visiting at different times of the day. This will give you a better idea of neighbors, noise factors and the type of area you're buying into.
  4. Open a savings account specifically for college expenses as early as possible. This will help reduce your reliance on loans, minimize debt after graduation and provide financial security in case unexpected expenses arise during your education.
  5. Budget wisely and consider future costs so you can reduce future expenses. Be mindful of expenses by living at home or choosing affordable housing options, cooking meals instead of dining out and using student discounts whenever possible.
  6. Consider part-time work or a work-study position. Earning an income while in school can help offset tuition, living and other expenses. Work-study opportunities often provide flexible jobs that align with academic schedules. Additionally, finding a job related to your field of study can provide valuable experience
  7. If you need a student loan, come to us first! We partner with LendKey to offer more competitive rates than banks and flexible options to help you finance your education responsibly. Explore your options today here.

By following these steps, you can make college more affordable and reduce financial stress. Members 1st Credit Union is here to support you with competitive loans, savings plans and expert guidance - so you can focus on achieving your goals.

Source: NerdWallet