April is National Credit Union Youth Month – a great time to learn about saving and establish a financial plan for your future graduates. But where should you start?
Did you know that children born today will pay up to four times more for tuition than a current 18 or 19- year-old? Why not start saving for college tuition the day your child is born? Watch your savings grow, and pass along responsible lifelong financial lessons to your child by educating them on the responsibilities and rewards of saving at a young age. This will also help prepare your child for those inevitable financial conversations regarding the high cost of college and their role in paying for it after graduation.
Starting early is always ideal, but what if you have a high school student or a senior graduating as soon as May 5th? High school graduates should have already thought about scholarships, grants, and student loans and have a plan in place. But according to a Sallie Mae survey, only 36% of middle-income families and 29% of low-income families are putting money away for college tuitions.
Furthermore, USA Today reports that the majority of families saving for college have put away less than $10,000. That’s scary considering 19% of college grads owing student loans will owe more than $50k upon graduation.
VacationLand Federal Credit Union can help. We'll provide your teens with free tools to help establish a plan, and prepare them for what to expect when applying for student loans.
Check out our Student Loan page and get helpful tips on college costs, financing options, and repayment processes. We even have an easy-to-use cost calculator for college planning, detailing when to start saving, how much to save, and estimated shortfalls.
Be prepared for those college expenses. Save early, reduce debt, and build wealth. Let VacationLand Federal Credit Union be your partner by providing options to help you realize more results from your hard-earned money.