Is your school or youth organization working towards a merit badge, class project, or simply wanting to learn more about personal finances and credit scores? We work with local schools and youth organizations to build a stronger financial future for everyone. Contact us to schedule a time for us to help teach the building blocks of a strong financial foundation.
Saving for College
Our savings accounts enable you to set up a sub account designated to saving funds for college. We make it easy to add to your account, and use it as needed. We also offer certificates that can be used to put aside funds for use at a later date, which will typically earn higher interest. Another option is a Coverdell ESA. With these, contributions are not tax-deductible, and your withdrawals are tax-free if used for tuition, books, or other qualified education expenses.
You should also consider starting a 529 Savings Plan. This qualified tuition plan was created by Congress as an option to set aside funds for college costs, allowing you to make higher contributions than other funding options. These contributions grow tax-free and withdrawals remain tax-free as long as they are for qualified educational purposes.
Repaying Student Loans
Repaying student loans can feel like a daunting task, especially if you don’t know where to start. After graduation, you are given a six month grace period before payments begin. Federal loans offer a variety of repayment plans and are eligible for the Public Service Loan Forgiveness Program.
As you begin your career, be sure to leave plenty of room in your budget for your student loan payments. We have resources to help you create a budget and strategy to pay off your student loans. Many students borrow money from private lenders to help bridge the gap between Financial Aid and tuition costs.
When it comes time to repay, it may be worthwhile to consider Student Loan Consolidation, which will combine multiple loans and provide you with one monthly payment. This can be easier to budget for and pay as you adjust to your new, post-graduate life.
The Youth Savings Certificate is available for members age 0-12. The minimum deposit is $100, with an account maximum of $10,000. The certificate matures on the child’s 13th birthday.
The Teen Savings Certificate is available for members age 13-17. The minimum deposit is $100, with an account maximum of $15,000. The certificate matures on the teen’s 18th birthday.