$9,000 in Scholarships Awarded Annually
Getting a good education sets students up for success later in life.
We consider it an honor to help young people in Houston get the money they need for the education they deserve. With four annual scholarships totaling $9,000, students can apply where they choose and use the money wherever they go to school. Our scholarships can turn today’s dreams into tomorrow’s realities.
Student Savings Accounts: Paying Cash vs. Borrowing Loans
Paying cash without the interest payments of a loan is deal when covering college expenses. Paying cash means the debt is paid and you won’t have a debt that’s collecting interest over time. Because the costs for tuition and housing (among other expenses) is often so large, most families don’t have the kind of cash to cover all the expenses in one swoop.
But what’s also important to keep in mind is educating your children about smart decisions with money, including savings. On college campuses around the country, students are given the opportunity to sign up for credit card accounts, and small loans that seem like a good idea.
What students sometimes do not understand is the impact interest rates can make on meeting monthly payments – making it harder to pay off the balance. Through your journey of researching smart ways to pay for your child’s education, you may also think about inviting your children to understand the value of money and smart ways to spend or borrow with programs like PrimeWay’s Student Savings Accounts.
Student Savings Accounts are a fantastic way to save for college and to teach your kids about saving money. These accounts are available for students ages 13-22 years old and will help teach them about daily money management.
To help you get an idea of how much savings are needed to cover your child’s college expenses, check out PrimeWay’s college savings calculator. In a matter of minutes, you could get the perspective you need to make informed decisions when it comes to planning ahead.
Another excellent online resource for learning more about your savings options is PrimeWay’s Family Finance Guide.
The current student loan debt crisis shows us why it’s important to save for college. Regardless of what’s been done in the past, wouldn’t you rather save money now anyway?
Seek Out Scholarships
Scholarships are a wonderful way to save money on college expenses. Based on qualifying criteria, like good grades and/or being enrolled in a full-time course load, scholarships are like paying cash for these expenses – which means no loan necessary, and therefore no interest payments.
While schools and community organizations offer a myriad of scholarships to support your child’s education, don’t forget to look to your bank. Financial institutions like PrimeWay Credit Union offer scholarships to the public, and to their account holders based on qualifying criteria.
PrimeWay Credit Union’s current scholarship programs include:
- Scholarships for Houston Students
- PrimeWay Student and Dale Roberts Scholarship Qualifying Criteria
- Luker Leadership Scholarship Qualifying Criteria
Being an account holder at the financial institution where you are applying for a scholarship could increase the chances of being awarded. For any scholarships you apply for, read the eligibility requirements and the terms for maintaining the scholarship. Some scholarship amounts are a one-time payment, whereas others will pay for part or all of tuition payments.
However, if the terms for maintaining the scholarship are not met (such as maintaining a “B” grade average), the funding could be disqualified and stop. In this case, it's good to have more information about student loans that could supplement what scholarships won’t cover, or for a solution in the event a scholarship program ceases.
Got Questions? Contact PrimeWay Today
A savings account that offers tax-free spending on education expenses could be a two-for one win: you set money aside for education, without needing to pay taxes on qualifying expenses. And then there are programs that can teach your kids about healthy spending, while also offering you the incentive to save cash ahead. To learn more about ways you can save for your child’s education, contact your trusted financial advisor at PrimeWay Credit Union.