Preparing For College

Are you prepared?

Attending college is a major life event. Are you prepared?

According to the College Board, tuition, fees, room and board at a public four-year college or university in the 2010-2011 academic year averages around $16,140 a year for an in-state student,

With increasing costs like these, saving for a child's college education is a daunting challenge. However, choosing to not attend college may have graver consequences. On average, the College Board estimates that a person with a college degree earns 66% more, over his or her lifetime, than a high school graduate.

Several alternatives exist to save and pay for a college education. Whether it is an education for your child, grandchild, or yourself. In addition, the Economic Growth and Tax Relief Reconciliation Act of 2001 expanded college-savings incentives.

MECU provides the resources and tools to help you navigate your way through the maze of making the right choices to save and pay for college.

SAVING FOR COLLEGE

• Education Savings Account
• 529 College Savings Plan
• Upromise

PAYING FOR COLLEGE

• Home Equity Loan or Line of Credit
• Deposit Secured Loan
• Personal Loan or Line of Credit

COLLEGE-BOUND FOUNDATION

• Each year, millions of college students receive financial aid. In fact, the tuition needed for an entire college education can be obtained free for many qualified youth. You too can join this group, and you do not have to be a straight-A student or star athlete to qualify for financial aid.
• Scholarship Application