Posts Tagged ‘finances’
College is one of lifes biggest expenses, but its also the best way to increase your earning potential. In fact, a college education can lead to a salary thats up to $20,000 higher annually when compared to salaries for workers who only have a high school education. Fortunately, there are ways you can lessen your financial load today so you can reap the rewards of a higher education tomorrow.
To qualify for financial aid, you first need to fill out the Free Application for Federal Student Aid (FAFSA). This form can be completed online and is used to help determine your households college contribution, based on income and assets. After youve submitted your application and received your award letter, you should begin applying for scholarships and grants.
If you still need money for school after receiving scholarships and grants, you should apply for government loans first. A popular option is the Stafford Loan which nearly all students are qualified to receive, regardless of need or credit history. Features include low, fixed interest rates, flexible borrowing limits, and payments that do not begin until after graduation. There are two types of Stafford
Loans:
• Subsidized loans are based on financial need and interest does not accrue on the loan as long as you are enrolled as a part- or full-time student.
• Unsubsidized loans are not based on financial need and interest begins accruing at the start of the loan.
If you still have a financial gap after applying for government loans, you may want to pursue private loans. These loans are offered though financial organizations and typically have higher interest rates than government loans. To find the right private loan for your situation, visit several financial organizations to see what each can offer. You should find out how much money you are able to borrow, the loans interest rate, and if payments can be deferred while you are in school. Also, ask about administrative costs associated with the loan and what options you have for repayment.
At Affinity Plus, you may qualify for the Student Choice Private Loan The advantages include one application for your entire four-year college experience, no administrative costs, low interest rates, deferred payment until after you graduate, a flexible grace period before payments begin, and the option to release the co-borrower after 48 months of on-time payments.
Affinity Plus also offers the Student Choice Line of Credit with features including low, fixed interest rates, tax-deductible interest, and low monthly payments. However, this option does not offer deferred interest and repayment begins as soon as funds are advanced.
Visit your local Affinity Plus branch location today for answers to your questions about college financing. Our financial professionals are available for one-on-one consultations and can help you create an individualized plan to pay for college. Well help you find the right loan options for your situation, says Hodenfield.
For more information about college financing, free workshops, or to make an appointment with an Affinity Plus Federal Credit Union financial professional, please call (888) 830-2280.
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Getting married is one of lifes most important milestones. However, before tying the knot, you and your partner need to have an honest conversation about your finances to make sure you are on the same page. Money can create a lot of discord if two people have differing viewpoints on how it should be spent and saved, says Debbie Bruns, Director of Branch Services with Affinity Plus Federal Credit Union. An open line of communication helps ensure a financially successful marriage.
Discuss financial goals: For example, try setting a savings goal together and decide how much each partner will contribute toward it each month.
Credit score: Learning your partners credit score can give you insight into his or her financial history and money management.
Prenuptial agreement: If one partner has significantly more assets than the other, a prenuptial agreement can be a smart move to protect each partners property.
Strategies to make your wedding a success
Work with a financial professional • Prioritize whats most important • Start saving now • Plan for the unexpected
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During the month of September, Affinity Plus will help you uncover myths surrounding savings and investing strategies. There is no better time to start saving then now, so visit onthemoneymn.com to learn how – no matter what your income is
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