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Ways to Pay for Your Child’s College Education

The average college tuition cost increases each year. During the 2019-2020 academic year, the average costs of tuition are $10,116 for public in-state, $22,577 for public out-of-state, and $36,801 for private. These costs do not include other expenses such as books, room and board, and meals.

The most critical factor in preparing for the expense of college education is time. The sooner you start saving, the better off you’ll be. Several types of financial aid may be available. Financial assistance may be given based on financial need, special skills (such as academic, athletic, or arts), contest winners, or simply because you meet the unique requirements of an unusual scholarship. It is essential to not only apply for government grants but also to research the thousands of awards provided by a large number of private organizations. You are generally able to receive multiple scholarships, so taking the time to investigate available scholarships and then apply for those you may be eligible for can save you a lot of money. Your credit union, AHFCU, offers a Get Smart Scholarship for students with a GPA of 2.5 and above.

There, of course, are also student loans. While student loans generally offer low-interest rates, it’s crucial to have a good understanding of what the total loan amount will be and how long it will take to pay back. A part-time job can also help subsidize the cost of tuition.

AHFCU also provides savings and financing options for college. You can call 562.933.0370 or visit a branch for more information. To learn more about or to apply for AHFCU’s Get Smart Scholarship, click here.