Financing For College
Competition for college acceptance and the cost of tuition continue to rise. Financial institutions like Royal are working to make college possible for anyone. If you are in need of aid and not sure where to turn, here are a couple things you can do:
First – Apply For A Federal Student Loan
When I was told in high school that I had the potential of being eligible for a loan to pay for college, I had no clue where to turn or what to do. Here is an easy 3-step process on how to apply and potentially get a federal loan from funds that are set aside specifically for this reason.
- Complete the Free Application for Federal Student Aid (FAFSA) Application
- After submitting the application, a response will indicate how much you are eligible to receive
- You then need to accept the loans you have received. You'll need to sign and look at any other materials required of you. Funds are disbursed through your school.
Second – Apply for a Private Student Loan through Royal
After exhausting any potential federal student loans available to you, applying for one of our student loans is a smart step two in the financial aid process. Below our some of our requirements when it comes to applying for a student loan:
- Must be a Royal Credit Union Member
- Yourself (or co-signer) must have 2 years of credit history and a satisfactory credit score
- Must attend an eligible school at least half time
If you (or your child) is seeking options on where to turn financially when it comes to attending college, these two are great starting points in your search. Our student loan program offers benefits like no payments due until after graduation, a repayment term going as far as 12 years, and interest rates that compete well against other financial institutions. Make your life a little easier and combat high college tuition fees with help from us today!