Incoming college students have a lot to keep track of, and most students aren’t thinking about their finances. After all, the real cost of college goes far beyond tuition. There are fees, books & supplies, housing, meals, and more to consider. That’s why it’s so important to start preparing for college early.

Everything starts with the FAFSA

Completing the FAFSA (Free Application for Federal Student Aid) is the first step in accessing multiple forms of financial assistance including federal grants, scholarships, work-study programs, low-interest student loans, and even state and college-based financial aid.

Some financial aid is first-come, first served, so there’s no reason to wait. Don’t forget to create a Federal Student Aid ID so you can sign your application electronically, and make sure you verify your financial information using official tax documents to avoid errors. Also, make sure you list every college your Senior is considering so each school can review their eligibility.

The checklists on the Federal Student Aid website are a great place to start making sure you're correctly completing the steps needed.

Help build strong financial habits

For many students, it’s their first time managing their own money. A monthly budget will help them keep track of their spending. A checking account can be used for daily expenses while a savings account puts money aside for emergencies (hint: pizza is not an emergency) and upcoming expenses.

For example, one of the biggest money mistakes college students make is signing up for high-rate credit cards and running up balances. Make sure you have those honest, direct conversations about money and expectations before your student heads off to college so that they’re equipped to make good decisions.

We're here to support students at every stage of their educational journey

For most families, multiple sources of funding are needed, such as grants, scholarships, Federal loans, financial aid from the state or school, savings, and part time jobs. Mission City Federal Credit Union's student loan marketplace can help fill those remaining money gaps so students can focus on learning.

If you have any questions or need further assistance, our dedicated team is here to help. Reach out to us via email at loans@missioncityfcu.org or give us a call at (408) 675-3939.

We're always ready to support you on your educational journey!