Student Loans
Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
Money SmartsJanuary 9, 2024
Going to college is an exciting time in any student’s life, but figuring out how to pay for college costs can be daunting. Fortunately, there are many planning resources available to help you start your college career on the right financial foot.
Read on to learn how to pay for college, and how to budget for college expenses.
How to Evaluate the Cost of College
College costs include more than just tuition. You also must consider the cost of books, supplies, room and board fees, meal plans, club fees, transportation, and any technology you’ll need for class such as a laptop or tablet. Compare the costs of specific colleges by visiting the College Scorecard website provided by the U.S. Department of Education.
You should also budget for emergency expenses. What if your car breaks down? How would you pay for an unexpected hospital bill? These are just a few costs to keep in mind.
Financial Planning for College Students
Once you’ve determined your college-related costs, start creating your college financial plan. Here are three key steps to take when developing your plan:
Budgeting Tips for College Students
Creating a college financial plan and tracking your income and expenses will set you up for success. Here’s how you can create a budget:
What Is Financial Aid?
Financial aid is money you receive to pay for college. You can apply for financial aid to pay for costs not covered by either yourself or your family. Financial aid includes grants, scholarships, work study, and student loans.
Gift aid such as scholarships and grants are funds you can receive to pay for school that you don’t have to repay. Self-help aid such as student loans are funds you must repay.
You can get financial aid from a variety of sources, including:
Before taking out any student loans, make sure you understand where the loan is coming from, the interest rate, whether the loan is subsidized or unsubsidized, the repayment options, and the grace period.
Meeting Your Financial and Educational Goals
While the cost of college can be intimidating, there are financing options to help make your college dreams a reality. Whether it’s through scholarships, federal financial aid, or private student loans, making informed financial decisions is a key step in achieving your educational goals. And with a college financial plan and budget in hand, you’ll be setting yourself up for success in the long run.
As a not-for-profit credit union, GLCU empowers its members through community giveback programs, financial education, volunteerism, and competitive interest rates. Learn more about our scholarships and student loans, and check out our college resource center.
This blog was adapted from a webinar hosted by the GLCU Foundation for Financial Empowerment and the Illinois Student Assistance Commission (ISAC). Check out the full webinar to learn more about this topic.
If you or someone you know needs help with college financial planning, contact us.