If you have a college-bound high school student at home, it’s probably difficult to believe that your “child” will be setting off on his or her own in the not-so-distant future. It’s probably even harder to imagine how quickly decisions will need to be made about choosing the right school, deciding on a potential field of study and considering the options available to help pay for it all.
In previous issues of Hometown, we’ve provided several articles on how to apply for scholarships (including the annual Bronco scholarships) and grants, as well as how to navigate through the steps it takes to apply for student loans through the federal government. If you missed any of these helpful articles or you need to refer to them again, you’ll find them online at www.welcomehome.coop. Click on the Finance tab on the Home Page and scroll down to Beehive, then page through the available articles.
On the other hand, if you’ve already been through the processes of applying for available funding and you find you’re still coming up short when it comes to expenses not covered by scholarships or federal loans, we’ve got you covered. Bronco has teamed up with loan giant Sallie Mae to offer a new product called Smart Option Student Loans®.
Smart Option Student Loans® give you two very affordable options. Both allow you or your student to make small monthly payments while still in school, thereby reducing the loan burden immediately—as opposed to traditional student loans that defer payments until after graduation. By doing so, and through great rates and fixed repayment or interest repayment choices, Smart Option Student Loans® can save you thousands of dollars in interest, making it possible to pay off loans years earlier.
By paying only $25 per month while still in school and then slightly more six months after graduating, the Fixed Rate option can save you up to $6,000 over traditional 15-year, payment-deferred private student loans—and you’ll be able to pay back the loan five years sooner. With the Interest Payment alternative, you’ll pay a little more up front each month, but you can save as much as $8,000 and pay back the loan eight years sooner. In either case, what a relief for a young adult just starting out!
Smart Option Student Loans® have no origination fees, there is the ability to manage your loan account online 24/7, and the application process only takes about 20 minutes. Enroll in auto debit and you can lower your rate to save even more money over the life of the loan.
In addition, you can earn even more for college through Upromise® Rewards. By simply making your scheduled monthly payments on time while in school, you can earn a 2% Smart RewardSM Benefit.
Learn more about Smart Option Student Loans® by visiting our website at www.broncofcu.com and scrolling to the bottom of the page. Click on the ad at the bottom that reads, “Now you can pay for college the smart way.” It’ll connect you to the Bronco-specific page on Sallie Mae’s site.
Working with our members to make the most of educational opportunities is vitally important to us and our Smart Option Student Loans® partnership with Sallie Mae is another way we can help. We realize that all of the changes and options can be a little overwhelming, even mind-boggling, which is why we’re always here to provide you with any level of guidance and advice—from answering simple questions to breaking down the complexities of the loan enrollment process.
Stop by any Bronco office and speak with one of our Loan
Specialists, or give us a call at 757.562.6000 if you’d like to set up an appointment to go through everything step by step. After all, we're here for you.
