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On The Money –
A Financial Wellness Series
On The Money –
A Financial Wellness Series
Before you decide on where to pursue higher education, you should know the total cost, including those late-night meal runs and rides shares.
Here’s what to factor into your college budget:
This is the biggest chunk and varies widely depending on the school and your residency status.
Whether you’re living on-campus, off-campus, or at home, housing and food add up fast.
Textbooks alone can cost hundreds per semester.
If you have a list of colleges in mind, you can start planning your budget by calculating the school’s actual net price. Net price is the amount that a student pays to attend an institution in a single academic year after subtracting scholarships and grants the student receives.
Once you know the numbers for college, the next step is figuring out how to pay for it. You may end up using a mix of sources, relying on financial aid completely, or paying for it one semester at a time all on your own. The sources you use depend on your personal financial circumstances. Need help understanding the basics of personal finances? Read this blog to get started.
Scholarships are essentially free money. They don’t need to be repaid and are awarded based on things like academic performance, sports, community service, or unique personal traits. Don’t be afraid to apply for as many scholarships as you can. Some of the other ways you can find them are through your high school counselors or local organizations, researching them online, and college financial aid offices.
Redstone Federal Credit Union offers scholarships for students attending its partner schools. Click here to learn more.
Filling out the Free Application for Federal Student Aid (FAFSA) is your entry point to need-based grants, federal loans, and work-study programs. Your eligibility is based on your family’s income and assets.
Through the FAFSA, you can access:
Pro tip: Make sure to complete your FAFSA as early as possible each year. Some funds are limited and awarded on a first-come, first-served basis. A completed FAFSA can also be a requirement of many scholarships and other financial aid.
If there is still a gap after scholarships and federal aid, you may consider:
It is important to note that private loans can have higher interest rates, so utilize scholarships and grants over loans.
Use free budgeting apps like Mint or your Redstone mobile banking app to keep tabs on your money. Review your bank statements regularly so you know where your money is going and where you can cut back.
Work-study programs or part-time jobs help you earn money without sacrificing too much study time. Side hustles like reselling vintage on Depop or editing TikTok videos for creators can help you cover your weekend activities and build your resume.
Sometimes debt is inevitable, but our blog about Personal Finances has some great tips about avoiding or reducing it. Prepare now with a secured credit card in the event you need some emergency cash later so you don’t get caught with a high-rate or -fee loan.
Need music to study or focus? Spotify Premium Student is available for $5.99/ month and includes access to Hulu (with ads) plan. There are countless other student discounts available just like that. Always ask, “Do you have a student discount?”
Next month in our Financial Wellness Series: Side Hustles that Actually Pay
Return to our Financial Wellness webpage to learn and discover more on your own through our partnerships with Zogo and BALANCE.
Membership required. Click here for details.
RFCU does not offer tax advice. See your tax advisor for your specific questions
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