Due to the high cost of college tuition, many families are unable to pay for college with savings alone. Traditionally, student loans have provided an important avenue in allowing students to be able to go to college. Even though paying for school may seem like a daunting task, there are several steps you can take to find financing:
- Talk to your school’s financial aid office. Employees at financial aid offices are trained to help people find financing for school and have dealt with many others in the same situation. Ask them what options are available for your financial circumstances.
- Look for scholarships and grants. Lucky for you, LAPFCU’s Scholarship Program is currently accepting 2020 applications through April 1. This year, we’ve increased our award amounts. Eight members will receive $4,500 and one grand prize winner will receive $6,000.* For more information, call (877) 695-2732, ext.3393. Additionally, check with high school guidance counselors and college financial aid offices or visit finaid.org for more scholarship and grant opportunities.
- Consider a loan. For parents with a significant amount of equity in their homes, a home equity loan or home equity line of credit may be a good way to help finance college. If you don’t own a home, a personal loan can help manage college costs too. Get a great rate from a lender you trust. To apply for a loan with LAPFCU, call us at (877) 695-2732.
- Stay informed. Laws surrounding student loans are constantly changing. Watch or read relevant stories in the media, so you are better aware of available options and new opportunities.
*Qualification Requirements: Scholarship Applicant must be an LAPFCU member at time of application submission. No applications will be accepted until membership is verified. Applicant must be between 17 and 22-years-old and in good standing with LAPFCU. Applicant must be enrolled in an accredited university, college, junior college, technical or trade school for fall 2020. Scholarships will be awarded based upon combination of GPA, extracurricular activities, scholastic awards and achievements, community involvement and a written essay. Your application, essay, and supporting documentation must be sent to Los Angeles Police Federal Credit Union, P.O. Box 10188, Van Nuys, CA 91410-0188. All entries must be postmarked by April 1, 2020 to be considered. 0320-06 ©BALANCE