With college costs always on the rise, thinking about how to pay for it is daunting. Did you know that college tuition has more than quadrupled between 1980 and 2015? In fact, the average monthly loan payment for a college graduate of 4 years is a little shy of $400! Read our tips on how you can go to school at a lower price:
- Fill out your FAFSA (Free Application for Federal Student Aid): FAFSA becomes available every year on October 1st. This is something that has to be renewed or you will not receive financial aid for the following year. The earlier you complete this the more student aid you could possibly get.
- Fill out scholarships: Guidance counselors should have a list of local scholarships for you to fill out. Make sure you are involved in high school activities and community service as this will increase your chances for scholarship money. For enrolled university students, there should be a scholarship link somewhere on your university’s website.
- Ask colleges for more money: Write the college a formal appeal letter and follow up with a phone call. Not everyone who gets into the college will attend, so that leaves more money for other students. If you take the time they will know you are serious and you can probably get a few thousand dollars more.
- Take out loans: After all is said and done and you still owe some money, take out some loans.
Westport Federal Credit Union has partnered with Sallie Mae to give you the best student loan options. You can borrow from $1,000 up to 100% of the schools certified cost of attendance. Sallie Mae allows students who are pursuing a bachelors or associates degrees or a certification at a degree granting school to get a loan. They also have options for parents who want to take responsibility for financing their child’s education, or loans can be taken out for students pursuing a master’s degree.
The possibilities are endless, and your education should not be on hold due to finances! At Westport Federal Credit Union we have you covered. Visit us at westport.org to fill out a student loan application or stop on in to one of our locations at 655 State Road or 790 Main Road in Westport.
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