Paying for College

The Three Steps

There are a variety of ways to pay for college and it often takes a combination of sources to make it happen. You can get started developing your college financial plan in three basic steps:

STEP ONE: KNOW YOUR NUMBERS
The first step is to complete the Federal Application For Student Aid, FAFSA. You’ll receive back a Student Aid Report (SAR) which will indicate your family's Expected Family Contribution (EFC). This will also tell you if you are eligible for a Federal Pell Grant. Learn more about FAFSA.

STEP TWO: BRIDGE THE GAP
To help bridge the gap between the amount you are expected to contribute and funds you have available, apply for scholarship awards and grants you may qualify for.

STEP THREE: SECURE ADDITIONAL FUNDS
After you know what federal and private aid you can expect, you may find there is still a need for additional financial help. Call or stop in to Earthmover. We can talk through the different financing options available and come up with a plan that fits your specific needs.

Learn More About Your Possible College Funding Sources

Savings
This is money you, your parents or guardians, or other people have saved for you in a personal savings account, investment, Roth IRA or college plan.

Scholarships and Grants
Free money awarded to you through the government, school or private organizations based on either merit, financial need or a combination of both. Is a scholarship an option for you?

Government Student Loans
The federal government offers need-based subsidized loans to students who cannot afford to pay for college. These loans often provide lower interest rates, deferred payments and don’t require a credit check.

Veteran’s Benefits
Veteran’s may be eligible for this program through the Department of Veterans Affairs (VA) which provides money for college tuition, fees, housing, books and supplies. The amount of money depends on length of military service.

Earthmover Student Loans
An option for student members of the credit union, this loan offers per year, a maximum $5,000 for undergrads and $8,000 for graduate students. Monthly payments are smaller while in college and accelerate six months after graduation. Learn more about Earthmover Student Loan Guidelines

Personal Loans
This loan, for smaller borrowing needs, offers members a maximum three year payback without collateral.

Home Equity Loan
For parents or students who have equity in a home they own, this loan offers a lower loan rate than personal loan and longer payback period.

Student VISA® Credit Card
A low rate, low limit credit card that makes it convenient to pay for books and incidentals. Learn more about this credit card.