Metro Graphics
BRONX TIMES REPORTER, O BTR CT. 29-NOV. 4, 2021 23
KIDS & EDUCATION
Heading to college is an
exciting adventure. While
schools everywhere may look
and feel a bit different than
how they’ve been traditionally
or family fi nances may be up
in the air, it’s still important
to explore your options.
“Make a plan to pay for
college, so you’re ready when
school begins,” said Brittany
Mills, Assistant Manager
of Education Lending at
Navy Federal Credit Union.
“That means knowing
what’s available through
scholarships and grants,
work-study programs, federal
student loans, and private
student loans.”
Getting your fi nances in
order
Funded by the federal
government, federal student
loans only have fi xed rates
and may come with different
benefi ts than loans through
private sources, such as
income-driven repayment
plans. You’ll fi rst need to
complete the Free Application
for Federal Student Aid
(FAFSA), which is available
every year on October 1. Once
processed, your college’s
fi nancial aid offi ce will let you
know how much federal aid
you’ll receive.
Private student loans, on
the other hand, are offered
through fi nancial institutions
like credit unions and banks.
There are fi xed and variable
rates available for private
loans. The fi nancial institution
will decide if you qualify for
the amount requested based
on creditworthiness.
Choosing a co-signer
If you think you may not get
approved for a student loan on
your own, consider applying
with a co-signer who’s willing
to assume responsibility of the
loan along with you. Having a
creditworthy co-signer, such
as an eligible family member
or friend, can help increase
your chances of loan approval.
“A cosigner may be released
from their loan obligation once
the borrower has graduated
and made 24 consecutive, ontime
payments,” added Mills.
Borrowing the right
amount
“After you submit the
FAFSA and know how much
federal student aid you’ll
qualify for, research private
student loan options as a way
to help fi ll any gap in funding
for your education-related
expenses,” said Mills. “Many
colleges can give you a list of
lenders they consider having a
good track record too.”
It can be hard to know if
you’re borrowing too much
or too little, especially in the
current environment. But,
once your lender approves the
loan, your school will certify
your loan amount based on
the cost of attendance, as
well as any scholarships and
fi nancial aid that you were
awarded.
Bottom line: Paying for
your education can be doable
with these expert tips in mind.
Navy Federal is federally
insured by NCUA.
-Bronx Times
Here’s how to make sure you
have funds to start college