6 Tips To Decoding Your Financial Aid Offers

 

Decoding Your Financial Aid Offers

6 Tips You Should Know Before Making the Big Decision

1. The acronyms you need to know
   Cost of attendance (COA): an estimate of what one full year of school will cost. It includes
   tuition, along with room, board, fees, books, and more. Check your school’s website for a detailed COA.Expected Family Contribution (EFC): an estimate that the school uses to determine how much financial aid you could get—the amount you actually pay may be different.
2. You might get a few types of financial aid
   Scholarships and grants: free money that you won’t have to pay back—seriously!
   Work-study: money you earn by working a part-time job through your school
   Loans: money you can borrow that you will have to pay back with interest
3. Remember this equation
   COA – financial aid = what you’ll payDo this equation for every school on your list. If you still owe money, you may need to use savings, private student loans, or other sources to cover the difference.
4. Hold on: don’t just pick the biggest offer
   A small financial aid offer with more free money may be better than a larger offer with more loans. Why? Because you’ll have to start paying back those loans after graduating.
5. Read the fine print
   Before you pick your offer, pay attention to the conditions. Some types of financial aid may be renewable, and some may be for one year only. Also, some scholarships might require you to maintain a certain GPA.
6. Choose what works for you
   You don’t have to accept all the aid listed in your financial aid offer. Pick the types and amounts of aid you need, and make sure to respond before the deadline.

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All You Need to Know About Student Loan Changes During COVID-19

With unemployment levels rising and many employers cutting work hours, lots of college grads are now struggling to meet their student loan payments. Thankfully, the federal government has passed legislation to ease this burden. Unfortunately, though, many borrowers are confused about the terms and conditions of these changes.

Here’s all you need to know about the changes to student loan debt during the coronavirus pandemic.

All federal student loan payments are automatically suspended for six months

Changes to the PPP

Small businesses struggling to remain afloat during the economic upheaval caused by the coronavirus pandemic received some relief with the passing of the Paycheck Protection Program (PPP) as part of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act. The program provides eligible businesses with unsecured loans to help them cover payroll, rent and other ongoing business expenses, with the possibility of partial or complete loan forgiveness.

On June 5, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law, making significant changes to the PPP program. Here’s what you need to know about these changes.

More time to spend the funds

Member Security Alert

Indiana Members Credit Union values your identity.  Be aware of scams where fraudsters call members purporting to be a credit union employee and ask for debit or credit card information. IMCU will not contact you to ask for personal information.

If you are ever concerned about a text message or phone call you’ve received, please hang up and contact your local IMCU branch, or our member services department at 317-248-8556 or 800-556-9268.

Click here for a listing of IMCU locations and hours:  http://www.imcu.com/Locations-and-Hours.aspx

Indiana Members Foundation Awards $2,500 for First Annual Ron Collier Family Collegiate Scholarship Program

Indiana Members Foundation, the charitable arm of Indiana Members Credit Union (IMCU), along with Indiana Members Credit Union, is excited to announce Rachel Bates as the recipient of the first annual Ron Collier Family Collegiate Scholarship Program, receiving a $2,500 scholarship.  The Ron Collier Family Collegiate Scholarship Program is available to Senior students attending New Palestine High School that are members of Indiana Members Credit Union, intending to study full-time at an accredited college or university.   Applications will be accepted annually from January 1 through March 31.

Indiana Members Credit Union President and CEO, Ron Collier, is donating $2,500 to Indiana Members Foundation to create an annual scholarship for a New Palestine High School Senior.
Collier is a long time resident of New Palestine, and his three children all graduated from New Palestine High School.  His oldest daughter, Ashley, is a teacher at Sugar Grove Elementary and her sons attend Sugar Grove.  After graduating from Ball State University with a Bachelor’s Degree in Secondary Education, he went on to teach at Noblesville High School.  Collier has been with IMCU since 1985 and became President and CEO in 2003.  Indiana Members Credit Union continues to grow under his leadership, reaching $2 Billion in assets in 2019.

In Challenging Times, We’re Here to Help

 

We hope you and your loved ones are healthy and doing well in the current situation. Helping our members and strengthening our communities have always been what Indiana Members Credit Union is all about, and we’re doing our part to help you through these challenging times.

Still serving you. While we’ve temporarily closed our office lobbies to protect the health, safety and well-being of our employees, everyone at Indiana Members Credit Union is still here to serve you. You can interact with us through our drive-thru’s, by using the IMCU home banking portal, the IMCU Mobile App, Mobile Deposit, QPhone banking at 800.527.7258, or one of many free ATM or ITM locations throughout the state. If you have questions, you can easily reach our Member Services department during business hours at 800.556.9268, or by using the chat link within NetTeller.

Member Security Alert

Indiana Members Credit Union values your identity.  Be aware of scams where fraudsters send  a “FREE TEXT” message alerting you to verify transactions then follow up with a phone call purporting to be a credit union employee.

If you are ever concerned about a text message or phone call you’ve received, please hang up and contact your local IMCU branch, or our member services department at 317-248-8556 or 800-556-9268.

Click here for a listing of IMCU locations and hours:  http://www.imcu.com/Locations-and-Hours.aspx

All You Need to Know About the COVID-19 Stimulus Plan

The Senate and the White House have signed a historic $2 trillion stimulus plan to help mitigate the economic fallout of COVID-19. The Coronavirus Aid, Relief and Economic Security Act (CARES) will put cash directly into people’s pockets, provide desperately needed funding for hospitals and help struggling businesses remain afloat in these financially fragile times.

Here’s all you need to know about the CARES Act.

Beware of Zoom-bombers

With social distancing mandates in order until at least the end of April, and three out of every four Americans under statewide lockdown, huge parts of normal life have now moved into the virtual world.

Social visits, executive meetings, classes and more happen over videoconferencing apps, with Zoom being the most popular. The app was downloaded 62 million times during the third week of March, and 60 percent of Fortune 500 companies are now using Zoom.

Zoom’s simplicity is likely the driving factor behind its popularity — and its vulnerability. The FBI is warning of a new kind of scam in which criminals join Zoom meetings with malicious intent.

How to Work from Home

The coronavirus pandemic has taken the world as we know it and turned it upside down. Hospitals are scrambling to meet the needs of their patients as the federal and local governments are issuing stricter guidelines to help stop the spread of the virus.

Shopping malls that were filled with crowds just a week ago now stand vacant. Universities and schools have emptied out and students are continuing their education online to diminish the spread of the virus. Small businesses have shuttered their doors as they choose their health and the health and safety of their customers over profit.

As part of this upheaval, millions of Americans have been sent home from work with laptops in hand and instructions to remotely tend to their usual workload. Unfortunately, this can prove to be a lot harder than it sounds. If you find yourself struggling to complete your workload from home during the outbreak, we can help!

Here are some tips on how to stay focused, on-task and productive as you work from home.