Financial eNews Issue 16: School Savings

Quick Links

>>BACK TO SCHOOL

We're collecting items for the Victory Mission Back to School drive, to be held August 12th at Central Assembly of God.

If you would like to donate, bring your items to either CU Community location before August 10th or contact the Victory Mission.

>> HSA DEBIT CARDS

We now have debit cards available for our Health Savings Accounts! If you have CU Community HSA, contact us to get your free debit card. New to HSAs? Check out our website to read more about them.

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Article To Note:

America's Credit Unions Rescue American Homeowners

School Savings: Be Prepared

Just as Scouts will tell you, being prepared is always wise. Before the back to school season gets into full swing, start preparing now to help cut costs later.

First Up: College

One of the most expensive endeavors you'll encounter. How do you decide what aid is best? Here are 4 questions you'll want to ask before taking money offered to you or your child:

1. Does it have to be repaid? In general if it's a loan the answer is yes; if it's a grant or scholarship, the answer is no.*

2. Is it renewable? Some renew automatically, some require reapplication and some are one-time only.*

3. What else is required? To apply for any form of Federal Student Aid, you must first complete a FAFSA (Free Application for Federal Student Aid). Beyond a basic application, is there a certain GPA requirement? Are there income limits (like with a Pell Grant)?*

4. Can the debt be forgiven? Certain types of loans can be forgiven. For example, the Perkins Loan can be forgiven or reduced through Peace Corps service or teaching at a public school.*

*Before assuming anything, it's safest to ask and read the fine print :)

Next: General Savings

Check out our various calculators on topics such as back to school budgeting and college savings.

Buying online? Order together with enough friends to get free shipping. Or buy bulk packs of supplies to share. Office supply stores such as Staples & Office Depot offer free shipping on purchases over $25. You might also find a steal on eBay or Craigslist. Good deals on textbooks can often be found on Amazon.com or Half.com.

Parents: this isn't a Staples endorsement, but you'll want to check out this Staples commercial from a few years back: