Education, Financial Tip, Money
by Insight Credit Union,
September 12, 2022
When you’re planning for college, the first question is often which school to choose. But equally 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. If you’re not sure how you’ll pay for college or what you can afford, taking it one step at a time can help.
1. Start with money you won’t have to pay back.
Apply for scholarships—the earlier, the better, since many have deadlines. Be sure to apply every year you plan to attend college—not just for freshman year.
2. Explore Federal Student Loans
There are several types of federal student loans, including Direct Subsidized Loans, which are based on financial need and Direct Unsubsidized Loans, which are available regardless of family income.
3. Consider a responsible private student loan.
If you still need more money for school, a private student loan can help. Private loans differ from federal student loans in several ways:
Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
1 See https://studentaid.gov/understand-aid/types#grants for more information.
Sallie Mae does not provide, and these materials are not meant to convey, financial, tax, or legal advice. Consult your own attorney or tax advisor about your specific circumstances. Grant, work‑study, and federal student loan information was gathered on July 7, 2022 from Studentaid.ed.gov. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. FAFSA is a registered service mark of U.S. Department of Education, Federal Student Aid. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.
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