Youth Education Series Part I – Dealing with Student Loans

Youth Education Series Part I – Dealing with Student Loans

March 9, 2020 by Chevron Federal Credit Union

According to Time, student debt is at an all-time high: $1.5 trillion. More than 44 million Americans have outstanding student debt with an average of $37,000. Good news: you can take control of your debt if you keep yourself informed about all your options.

Also, BALANCE, our financial education partner, will be hosting a live webinar called Repaying Student Loans on Tuesday March 10, 2020 at 10:30 AM (PDT). This webinar will teach you about the choices available.

For Students

Talk to your school’s financial aid office
Employees at financial aid offices are trained to help people find financing for school and have dealt with many others in the same situation as you. Ask them what options are available for your financial circumstances.
Look for scholarships and grants
It is a good idea to look for scholarships and grants regardless of how easy it is for you to find student loans. High school guidance counselors and college financial aid offices usually have information on available scholarships and grants. Information is also available at FinAid.

Chevron Federal Credit Union also awards the David P. Smay Scholarship each spring in the amount of $1,000 to each winning application. Information is available here.

For Parents

Consider a home equity line of credit (HELOC) or loan
For parents with a significant amount of equity in their homes this may be a good way to help finance college. Interest rates are usually fairly low, and the interest is tax deductible as well.
Chevron Federal Credit Union Student Loans
Through our partner, Student Choice, we offer a private student loan program that helps students and their families fill the gap between the rising costs of college and limited availability of federal aid.

For more information on our Youth Education Series, please check out:

BALANCE is an amazing resource for all our members to utilize when taking on life's milestones. With trusted guidance available for free, they are ready to help everyone on the path to financial wellness. This article and many more can be found on their website: balancepro.org.