As the school year is back in full swing, many credit union members may be thinking about how to save for college – whether for themselves or their children and grandchildren. Saving for college can seem daunting, especially when trying to fund an education in the future, when college costs are likely to be higher.
Credit union professionals should let their members know that the best plan to save for college in their future of their children’s future is to start as early as possible. Planning now can save them headaches later, and credit union professionals need to help members understand this. They should also set out the options for what types of financial products are available, and which may be best in certain circumstances.
Funding options like student loans
It’s also important to talk to credit union members about the financial realities of college. Some may never have attended, while those who have may find their knowledge outdated by the time their children reach college age. For instance, it’s not necessary to save for a whole four years of tuition necessarily, as loans, scholarships and grants are available. Lenders may also be more lenient about college loan approval than other loan types. Credit unions that offer college loans should discuss with members the ways in which these products can help supplement savings, too.