Preparing for college is an exciting time, but it can also be stressful as you start to tally the costs. College is expensive! Before you get overwhelmed, take a deep breath and walk through the process one step at a time.
How much will it cost?
By now you have probably received a financial aid award letter from your college of choice that outlines your Cost of Attendance (COA) and the financial aid you are eligible to receive. Remember that your true cost of attendance may vary based on things such as your housing situation (a single room will usually cost more than a double shared with a roommate) or where you purchase your books (look for deals online or with used books).
How will I pay for it?
Now that you’ve reviewed the costs, how will you cover them? Your award letter includes information about any scholarships and grants you may be eligible for. Start with these options because they typically do not have to be repaid – in other words, free money for college! (Yay!)
The next option for financial aid comes from federal student loans. Federal loans offer many options to help you or your parents fund your college education. They also offer great benefits such as fixed rates, deferment, and income-based repayment, to name a few.
Still need more help paying for college?
Private student loans are the final option you should explore. These loans come from a private lender like Midwest Community. Our Student Choice line of credit comes with low interest rates, flexible repayment terms, and a convenient line of credit structure that allows you to get funding for your entire undergraduate career with just one application. By borrowing from a trusted, local lender, you’ll get a fair value loan with the personal service you’ve come to expect from your credit union.
Don’t wait until your fall tuition bill is due – now is the time to look into your options for paying for college! For more information, or to apply for a Student Choice loan, visit http://midwestcommunity.studentchoice.org/Find-a-Loan/Undergraduate/.