Paying for College Responsibly

INVEST IN THE FUTURE WITH SALLIE MAE’S 1-2-3 APPROACH TO PAYING FOR COLLEGE

When you’re planning for college, the first question is often which school to choose. But just as important is the question of how you’ll pay for it. That’s why we’ve partnered with Sallie Mae® to bring you their 1-2-3 Approach to Paying for College. These three steps can help you make more informed, responsible financial decisions for a big investment in your future. Continue reading

An IMCU Lifestyle Guide: Preparing For A College Education

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

How NOT to use Student Loans

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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