Navigating College
Navigating finances in college doesn’t have to be difficult or daunting. In order to avoid the pitfalls that many individuals face when trying to manage their college expenses, it’s important to have a plan.
Saving
College is expensive-there’s no getting around that-so starting early is an excellent way to help out your future self.
Here at Greater Kentucky Credit Union, we offer free and convenient savings accounts that can help you get started on your savings journey.
Loans
Student loans are an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. We offer three great repayment options and competitive interest rates.
Types of College Expenses
While most have tuition on their mind when applying for college, there are many other expenses that need to be accounted for as well.
Tuition
Tuition is typically the largest expense and varies from school to school. When applying for colleges, it’s important to weigh the price of tuition with competing schools. This comparison will help when it comes time to decide which school make the most sense for you.
Fees
Tuition doesn’t tell the whole story. Many institutions will tack on extra fees to cover ongoing maintenance, construction, lab expenses, etc. It’s important to be aware of these so that you can work them into your budget.
Room and Board
Living costs are typically the second biggest financial burden placed on college students, both on and off campus. When deciding whether or not to live on campus, research the average cost of living in the area and determine whether or not on-campus living makes sense for you.
Books
While some universities and colleges provide textbooks for their students, many do not. It is up to the student to pay for their required reading (usually out of pocket).
Spending Money
While the primary focus of college is education, it's important to take breaks and do something fun. Whether it be daily coffee runs or midnight bowling sessions, don't let these added expenses fly under the radar.