Parents, We Can Help Fill the Gap
Posted on 07/01/2021 at 10:15 AM by Megan Stelter
Parents of college students are feeling the pinch. The gap — between the ever-increasing costs of higher education and the steadily declining amount of financial aid and loans available — keeps getting wider.
As you piece together the aid you'll need, start with your financial aid office; there are several options to help you foot the bill. Financial aid officers can put together a package of federal, state, and college aid, including loans and work-study options. And the application for financial aid from the federal government is the same for most student loan programs, state aid, and private non-needs-based scholarships.
But often times, that is still not enough. For example, the aid package may not take into account the cost of lab fees or books. If only tuition costs are considered in the calculations, the total cost of college still may leave you short of your goal.
We can help fill the gap. Financial Plus Credit Union partners with Sallie Mae to provide student loan options for our members. Or, if college expenses are several years away, we can help you figure out the best savings strategy to avoid negative tax consequences, such as a Coverdell ESA, which is similar to a 529 plan with a few extra advantages. Learn more about Coverdell ESAs here.
Make sure your college-aged child gets the education they need to build a brighter future. Call us today to discuss options at 1-800-234-5628!