Merrimack Valley CU
Auto & Personal Mortgage & Home Equity Undergraduate, Graduate, & Refi Commercial Loans & Lines Former RTN Members

Online Banking

Forgot Username?

Forgot Password?'; } ?>

Register

Need Help?

Online Banking

Forgot Username?

Forgot Password?

Register

Need Help?

MVCU, college, saving, loans
Home / Tools / 4 Ways to Pay for College
4 Ways to Pay for College on 3/16/2021

4 Ways to Pay for College

Yikes! It’s almost time for your child to go to college, and you didn’t save enough for the education you want to provide him or her. But guess what? Your goals may still be within reach with the help of a combination of resources. Before getting stressed out, learn about these 4 ways to pay for college:

#1 Federal and State Loans or Grants

Apply for financial aid. Even if you think your income is too high, fill out the Free Application for Federal Student Aid (FAFSA), and see what you qualify for. There also are several state and federal grants available to students for education. Often, they don’t have to be repaid unless the student withdraws from school. Some grants are need-based, while others are awarded for academic achievement. Check with your high child’s school guidance counselor to find the grants you can apply for.

#2 Scholarships

Even if your child doesn’t qualify or receive a scholarship from the college he or she is attending, there are other sources of scholarship money available. Civic groups, religious organizations and businesses often provide scholarship support to graduating high school students in their local communities. Don’t forget to check with your own employer, who might have a scholarship fund for your college-bound children. Trade associations might offer scholarships to students intending to study a field related to the organizations’ missions. No matter the size of the award, those scholarships can pay for expenses large or small to make the cost of higher education a bit easier on your own finances. Learn more in this video “How to Find Scholarships for College”

#3 Working While Learning

For many college students, a part-time job can help make ends meet. It’s a good idea for a full-time student to limit the number of hours a week he or she works, however. That way, the job won’t interfere with classes and academic progress toward graduation goals. Working about 10-15 hours a week is reasonable for most students. A steady paycheck (no matter how small) can supplement the financing required for college. Whether it’s an on-campus work study or a job off campus, both also provide critical experience and valuable life skills– WIN-WIN!

#4 Private Loans

If borrowing money beyond the federal loans is necessary, consider private student loans. These are a much less expensive option than using credit cards, home equity lines of credit, or other kinds of personal loans. Most students will need to apply with a co-signer – usually Mom or Dad – in order to obtain a private student loan. Credit unions almost always provide the lowest rates and best terms. We can help you find the right financial solution to pay for your college education! Learn more about private student loans.

  • Share:

Category: College Bound



« Return to "New Blog"

You may also like:

11/21/2021

Untangle College Payment Confusion

You successfully made it through the college application and admissions processes—congratulations! Now that you’ve found a fantastic school, it’s time to create a smart plan to pay for your education.

Read more

College Bound
MVCU, college, loan, student
4/1/2022

How to Pay for College - 4 Strategies to Fund Your Future

Wow, that went by fast! It’s time to head off to college, but you and your family didn’t save enough for the educational experience you’re hoping for.  Now what do you do?! Don’t worry– it’s never too late. You can use a combination of these 4 strategies to help make your college dream a reality:

Read more

College Bound
MVCU, graduation, college, middle school, high school
5/3/2022

Graduation Gifts They’ll Love!

School graduations are major milestones. So it makes sense that you’d want to mark the occasion with a memorable, meaningful and useful gift.

Read more

College Bound
MVCU, cash, college
7/11/2020

Cash for College: Options for THIS Fall

So you’re college-bound, and before you even step foot on campus, your bank account is already worthy of “starving student” status.  You need money for tuition and expenses, but it’s too late to start saving now. Is there any hope? Yes!

Read more

College Bound
MVCU, college, savings
1/23/2020

BabySteps Program Helps Families Start Saving for College!

Do you know about Massachusetts’ first statewide college savings program, BabySteps? The goal of this program is to ensure every family has the opportunity for future success! BabySteps will provide $50 towards every child born or adopted in the Commonwealth upon opening a 529 college savings account. This program is designed to help all parents save for their child’s higher education, and level the playing field for all children in Massachusetts.

Read more

College Bound
MVCU, college, saving, loans
3/16/2021

4 Ways to Pay for College

Yikes! It’s almost time for your child to go to college, and you didn’t save enough for the education you want to provide him or her. But guess what? Your goals may still be within reach with the help of a combination of resources. Before getting stressed out, learn about these 4 ways to pay for college:

Read more

College Bound
MVCU, high school, senior, college
6/6/2021

Summer Checklist for High School Seniors

This is the big summer, the last one of your high school career! At this time next year, you’ll have graduated and will be on your way to the next phase of your life. Life will change quite a bit, whether you go to college or trade school, take a gap year to volunteer or travel, join the military, or jump right into your career. Are you ready? Probably not, but there’s still time!

Read more

College Bound
MVCU, student, school
8/26/2019

It’s Never Too Late to go “Back to School”

Did you know it’s truly never too late to go “back to school” and learn something new? There are options in New Hampshire, Massachusetts and even online for adults who are ready to expand their knowledge! 

Read more

College Bound
MVCU, college, saving
7/13/2022

12 Money-Saving Tips for the Great College Sendoff

#1  Before you buy anything for your teen’s dorm room, find out what the school already provides either in the room or somewhere in the building.  Some dorms have shared kitchen areas, vacuums that can be borrowed, etc.

Read more

By merrimackCollege Bound
MVCU, college, loans
8/3/2021

Crying Over College Loans?

At one point in my post-grad career, I had to temporarily switch to an Income-Sensitive Repayment Plan. This option stipulated that the loan payments were going to be based on my annual income. I was only on this plan for about one year but I was paying almost $200 less than what my regular payments were supposed to be. 

Read more

College Bound
MVCU, senior, high school, college
6/15/2021

You CRUSHED Senior Year… Now What?

You could spend this summer between high school and college vegging out, or you could use the next few months to get ahead. Here are some quick tips for making the most of this special summer:

Read more

College Bound
MVCU, summer, college, school
6/21/2022

Squeeze the Most Out of Your Summer Before College

You’ve received your college acceptance letters, graduated from high school, and maybe even had a big party to celebrate. Congratulations! While some students may be hitting the beach and taking time to decompress, you want to make the most of the next few months before going off to college. You’re smart! There are several ways you can maximize the summer break to put yourself in a much better position for your upcoming college career:

Read more

College Bound