School’s out for summer, but as the fall semester approaches, many students and their families are searching for the best ways to cover the cost of college tuition.
Federal Aid
Grants and work-study jobs are two forms of federal financial aid that don’t have to be repaid as long as a student meets eligibility requirements. The amount of aid awarded in the form of a grant depends on the student’s financial need. A work-study job is a part-time position for the student to earn money that goes directly to their bank account or back to the school to cover educational expenses.
The Free Application for Federal Student Aid (FAFSA) will determine the amount of aid awarded to the student by a grant and whether the student qualifies for a work-study position.
Visit studentaid.gov to complete the FAFSA. Contact your school’s financial aid office to learn more about on and off-campus work-study opportunities.
Scholarships
Scholarships are also a source of funds that don’t have to be repaid. Scholarships are typically merit-based, factoring in academics, community service and leadership in addition to financial need. Contact your school’s financial aid office and local community foundation to learn more about available scholarships.
Peoples Bank is proud to award 26 Robert E. Evans Scholarships this year to area students seeking a four-year degree in business, education, engineering, liberal arts, math, science or technology.
Student Loans
If there is still a gap to cover tuition after financial aid has been applied, families may consider borrowing, using federal student loans or private student loans, like those offered by College Ave.
Peoples Bank and College Ave Student Loans have partnered to provide a personalized student loan experience tailored to suit individual budgets. For graduates seeking financial relief, College Ave also offers student loan refinancing options to reduce monthly payments and overall loan expenses.
Home Equity Line of Credit
Another way to borrow is to open a Home Equity Line of Credit (HELOC). A HELOC allows you to leverage the value of your home in exchange for a revolving line of credit. You can use this funding for tuition, housing, travel, food allowances and other expenses federal aid may not cover.
Peoples Bank is here to help you with all of your financial needs, including discussing options for student loans, an auto loan for the drives between home and the dorm and so much more. Visit your local branch today.
