Choosing which college to attend can be a tough decision. Figuring out how you will pay for a college education can be even more frustrating. Ease your nerves with college financial planning tips from professionals.
College Financial Planning Tip #1: Start Early
You can start saving for your child’s college fund when he is younger, and you will find yourself in a much more comfortable position when his college acceptances start coming in the mail. Set aside some cash each month in small increments, and the amount will add up over eighteen years to pay for your child’s college education. Better yet, talk to our financial consultant or join our upcoming college planning workshop to talk more about getting started today.
College Financial Planning Tip #2: Calculate College Costs
A college education can vary widely in cost, as private and public schools of different tiers have different tuition costs. You will need a much different financial plan if your bundle of joy ends up attending an Ivy League school than if she goes to a university or college in the state.
You can create a sense of the tuition costs you will be facing by creating an average cost based on various colleges. Of course, it is in your best interest to also count for inflation over roughly eighteen years. There are great tools on the internet that can help you with this endeavor, like College Cost Calculators!
College Financial Planning Tip #3: Build Credit
A college financial plan is often an amalgamation of scholarships, federal grants, and loans from both the government and private lenders. Scholarships are awarded to applicants who meet certain criteria set forth by the creators of the scholarships. Federal aid, both grants and loans, are awarded by the government to college students based on financial need and a family’s ability to assist with a student’s tuition costs, which is determined by calculations from information on a FAFSA application.
If scholarships and government aid do not cover your student’s college costs, you can turn to financial institutions like credit unions to apply for educational loans. Private lenders may determine both the amount to lend as well as the interest rate on each loan, and they factor in your credit when making those decisions. Start building your credit now to improve your credit score and position yourself for good-quality student loans.
You can build your credit in various ways. Your credit score is a reflection of your financial behavior, so your credit score will be higher if you pay your bills on time. You can also build your credit score or repair a poor credit score with our ReBuild Together Loan program at Great Basin FCU!
College Financial Planning with Great Basin FCU
At Great Basin Federal Credit Union, we can help guide your family through financial decisions like how to pay for college. Speak with one of our financial advisors about what steps you can take now to pay for your child’s college education later on.
If you are a high school student or current college student looking for solutions when it comes to paying for college, you can learn more about our Student Loan offerings at Great Basin FCU as well!Share: