As the cost of college and higher education continues to rise, we at Midwest Community Federal Credit Union want to provide you with tools and resources to make your budget work as you pay for higher education for yourself or a loved one.
Read more below about financial tools available to you, and be sure to stop in any of our branches to learn more about paying for college and to talk with an expert today.
Applying for financial aid
One of the most important steps in creating a plan to pay for college is determining how much you’re willing to spend on higher education and what financial assistance might be available.
Filling out a Free Application for Federal Student Aid (FAFSA) will help determine what federal financial aid you may be eligible for, including Pell Grants. It will also help schools determine your scholarship eligibility. You should also apply directly to schools for scholarships and financial assistance.
Be aware of scams: if an offer seems too good to be true, it probably is. Never share your personal information with an untrusted or unverified source.
Creating a budget
While tuition will likely be your most considerable expense, remember to plan for everyday expenses, including transportation, books, technology, entertainment, and any emergency expenses.
As much as you can, try to track your fixed costs and determine how much money you spend each month vs. how much you earn. A good rule of thumb is to save 20 percent of your income for unexpected costs.
You can compare the costs of different colleges using the U.S. Department of Education’s College Scorecard.
Tracking your finances can help ensure that you stay within your budget while enjoying your time at school.
Visit us
Whether you’re interested in learning more about creating a budget, looking for resources available for college students, or applying for a student loan, we’re here to help. Visit any local branch today to get your questions answered and learn more about the services we offer students and families.
Above all, enjoy your time at school. We look forward to celebrating your milestones with you along the way.
