Credit Unions and College Students

Last week we talked about ways that all of you parents with school aged children can save money this time of year.  This week, we’re talking about ways college students getting ready to get back into focus for the fall semester can save a few bucks.  Even as a college student, it’s never too early to start looking at your financial future and Honor is here to help!  Here are three ways that credit unions can help college kids save money:

1)      Techy Resources – The old myth that credit unions don’t have all the cool and convenient technology resources that the big banks have is just that…a myth!  We know that as a college student, you are BUSY!  You need tools like online banking, an easy to use mobile app, mobile deposit capture that lets you deposit checks with your smart phone, HonorPay that lets you pay back virtually anyone anywhere all from your phone, and automatic bill pay so that you never have to remember to pay for your cell phone bill so that you can use all these fancy tech tools on the go!  You want to access your account in a way that’s easy for your on-the-go lifestyle from wherever in the country that your education is taking you, and credit unions tech tools make that possible!

2)      Easy Access - Moving away for school, but need to have access to your account from your hometown? No problem! When you’re a member at a credit union like Honor, you have access to 30,000 surcharge-free ATM’s and 5,000 shared credit union branches! This means you can take care of your financial needs through your honor account at any of our shared branches! To find a list in your area, visit honorcu.com.  Between shared branching and accounts like Honor’s Benefits Checking that reimburses up to $20 in ATM fees every month if you meet a few simple requirements and the techy resources we already talked about you can access your account from virtually anywhere you are. 

3)      Student Loans. Did your federal loans, scholarships, and grants not quite cover tuition this semester? Many credit unions like Honor offer private student loans with competitive rates. Through our partnership with SallieMae, Honor Credit Union now features the Smart Option Student Loan.  This is an ideal solution to help cover the extra costs that always seem to pop up when it comes to higher education.

Don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

The Top Three College Majors That Will Return The Investment

It’s almost that time again…the school year is just around the corner.  As students head off to college either for the first time or to continue work on their degree, many may be still wondering exactly what major is right for them.  Being an obviously high dollar investment, the decision of what to major is a big one.  Thinking long term may help make that decision a little easier.  Here are the top three Bachelor degrees by major that will return the investment*:

1. Engineering – the highest rated return on investment, engineering is estimated to give a 21% return a year.
2. Math & Computers – coming in second, majoring in a study related to math or computers pays out an average 18% per year.
3. Business – perhaps one of the most popular majors based on the wide variety of options that are available with a Business degree, it is no surprise that this degree ranks in the top three with an average 17% return.

If your student is heading off to college this fall, what are they majoring in and where are they headed?  Let us know on twitter @honorcu using #askhonorcu!  We wish them luck! 

Listen to 97.5 Y-Country's Wild Bill and Honor's Scott's conversation about degrees that pay you back in last week's Mason Jar Monday! 

*Source: http://money.cnn.com/2014/06/24/news/economy/college-worth-it/index.html?iid=SF_PF_River

You Got Accepted To College...Now How Do You Pay For It?

As Youth Month continues and the school year approaches an end, many students (and parents) are already looking ahead to next fall and the tuition that comes with it.  If you or your student is headed to college, here are a couple tips on paying for it:

• Scholarships – This sounds like a no brainer, but make sure you look at all the scholarship options available that you may qualify for!  Your high school counselor is often a great first resource for a list of local scholarships, like Honor’s Community Commitment Scholarship for example.  Every spring Honor awards ten $1,000 scholarships to graduating seniors (we’ll be announcing winners soon!), and many other businesses or organizations may be listed at your high school with scholarship options, too!  Websites like scholarships.com or finaid.org/scholarships are also great resources.  You will be surprised what a little bit of effort and research can get you as far as scholarship options!
• Student Loans – There is approximately one TRILLION dollars of outstanding student loan debt in the United States.  $864 billion of that is federal student loans - that means it is backed by the government.  The other $150 billion is privately funded student loans - not backed by the government¹.  Federal student loans typically provide more benefits than private loans, such as fixed interest rates, no payments until the student is no longer attending class full time, and in many situations no required co-signer.  The Federal Student Aid website is a great resource when comparing federal loans to private and can save you time and confusion when determining the best option for you.
• Other Loan Options – Home Equity loans or personal loans through your local credit union may be another solution to assist with school expenses.  If you just need that little extra to help with your child’s textbooks, for example, a personal loan or home equity may be a good option.  Honor can help you with all of these options, and more information on which route will work for you is at our website.  You wouldn’t have the option to defer payments until your student graduates like the federal student loan, but you may qualify for a lower interest rate than another student loan option saving you money in the long run.

Hear Wild Bill and Honor's Scott McFarland discuss paying for college in this week's Mason Jar Monday here!

Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!

¹ Source: http://www.asa.org/policy/resources/stats/