According to the Vanguard investment management firm, when today’s babies are old enough to attend college, a year at a private school will cost upwards of $120,000, so a four-year degree will have a price tag of nearly a half-million dollars. Even public colleges are expected to cost $54,000 annually, for a four-year cost of $216,000. That’s why it’s so important to start planning (and saving) for education long before your student is ready. Indiana Members Credit Union created this guide to help you prepare and save, whether college is more than a decade away or coming soon. We’ve included plenty of valuable advice and helpful resources. Continue reading
Second semester is a few weeks away, and you’ve probably chosen your classes. As if college weren’t expensive enough, now you have to buy textbooks that may add up to hundreds of dollars. Fortunately, there are ways to cut the cost of your books and still get what you need. Continue reading
When you take out student loans, you may have the opportunity to borrow more than you actually need for tuition, fees, books, and room and board. It can be tempting to ask for extra money to cover other costs associated with going to school — but it usually isn’t a great idea. That’s because student loans can be very costly. The bigger they get, the more time it takes to pay them off, and the more expensive they become.
In simple terms, it’s okay to use your loans to cover things that will have a long-term benefit, such as the cost of your degree and basic room and board. It’s generally not a good idea to borrow for things that will be consumed very quickly, like Saturday-night pizzas, munchies, adult beverages (of course, we’re referring to fancy coffee drinks), or concert tickets. Continue reading