Ways to Pay for College Tuition

Earning a degree in higher education can be the ticket to a better life for many people. As college has become more and more expensive, finding ways to pay for college tuition is a concern for vast numbers of American families. In your hunt for appropriate financing, turn to Bellco Federal Credit Union for appropriate guidance and financial services.

Scholarships

Most students would be amazed by the sheer number and variety of scholarships available to them. With some diligent research and application efforts, you should be able to compile funding based upon academic achievement, athletic prowess, or community service efforts. 

Grants

Fill out the FAFSA (Free Application for Federal Student Aid)! This application provides the basis for both grants and student loans. Even if you don’t qualify for a Pell Grant or subsidized student loan, the unsubsidized student loans could be a great deal of help to your college affordability goals.

Personal Loans

Personal loans are another avenue that you can pursue to afford college expenses. Tuition, books, and housing will add up quickly. The knowledgeable and thoughtful professionals at Bellco FCU will happily help you explore appropriate funding sources.

Borrowing on Home Equity

A powerful asset that you might not have considered is your home. If you’ve lived in the residence for a substantial period of time, you likely have a equity built up in the asset. Equity is the difference between the appraised value of the property and the balance remaining on the mortgage. Using this equity, you might consider either taking out a Home Equity Loan or a HELOC (Home Equity Line of Credit).

A Home Equity Loan is a second mortgage. It allows you to borrow a large amount at one time, repaying in monthly payments over a fixed period of time. You’ll pay this in addition to your primary mortgage.

A Home Equity Line of Credit, or HELOC, will allow you to borrow in a more revolving fashion. Your credit limit will likely be around 85% of your home’s equity. Since tuition will come due twice a year in most cases, this method could be best. During the “draw period,” usually 5-10 years, you can pay down the balance and borrow repeatedly on the same line of credit. 

This list of financial products, services, and sources is not exhaustive. For help with more sources or guidance with achieving one that’s right for your situation, contact the financial professionals here at Bellco Federal Credit Union. We’re always available to help you meet your family’s present and future financial needs. 

Why Consider Bellco FCU

Since 1938, Bellco Federal Credit Union, in one form or another, has provided the community of Berks County, PA, with community-focused, not-for-profit, member-owned financial products and services. We aim to continue helping the students, residents, worshippers, and workers of the community and this help extends to financing higher education.

As you hunt for effective ways to pay for college tuition, begin with a conversation with our helpful staff at Bellco Federal Credit Union. We offer professional guidance that will help you through the otherwise overwhelming process of paying for college.