Planning for College Expenses: Invest in Your Future with Confidence

Understanding the True Cost of Education

Many students and families think only about tuition when budgeting for school, but education often comes with additional costs, including:

• Tuition and mandatory fees
• Books and course materials
• Housing and meal plans
• Transportation
• Laptops, software, and technology
• School supplies or trade specific tools and equipment
• Everyday living expenses

Creating a budget before classes begin can help you better understand what you will need and avoid unexpected financial surprises during the school year.

When Financial Aid Isn’t Enough

Scholarships, grants, savings and federal financial aid can make a significant difference, but they don’t always cover the full cost of attendance. If there is a gap between your available funding and your education expenses, a private student loan may be a helpful solution.

Peninsula Federal Credit Union partners with LendKey to offer student loan solutions that can help eligible students finance qualified education expenses. These loans can help cover more than just tuition, giving you educational flexibility as you pursue your education.

Supporting Traditional Colleges and Skilled Trades

Higher education isn’t one-size-fits-all. Whether your path leads to a four-year college, community college, or a career in the skilled trades, investing in your education is an investment in your future.

Through our partnership with LendKey, funding is available for select local trade schools. Skilled trade professionals continue to be in high demand, and pursuing training in these fields can lead to rewarding, in-demand careers. A list of eligible trade schools is available here.

Benefits of a Student Loan

When used responsibly, a student loan can help:

• Bridge the gap between financial aid and education costs
• Cover qualified expenses such as tuition, books, housing, supplies and other educational needs
• Spread education costs over time instead of paying everything up front
• Provide peace of mind by helping you prepare financially before classes begin
• Allow you to focus more on learning and less on financial uncertainty

Reduce the Stress of Paying for School

Starting schools should be exciting – not stressful. Having a financial plan in place before your first day can ease anxiety and help you concentrate on your education instead of worrying about how you will pay for unexpected expenses. Planning ahead gives you the confidence to begin your educational journey knowing you are prepared for what’s ahead.

Why Choose a Student Loan Through LendKey?

When it comes to financing your education, having a straightforward, affordable borrowing option can make all the difference. Through Peninsula Federal Credit Union’s partnership with LendKey, students can take advantage of several valuable benefits designed to make paying for college a little less stressful.

Some of the advantages include:

• No origination fees: so every dollar you borrow goes toward your education – not upfront loan costs
• Borrow up to $120,000 for undergraduate education or up to $160,000 for graduation school, providing flexibility for a wide range of educational expenses
• Save with automatic payments: By enrolling in recurring monthly payments (Autopay), you can qualify for a reduced interest rate while enjoying the convenience of automatic payments.
• A quick and easy application: The online application takes less than five minutes to complete, allowing you to quickly determine your financing options and get back to preparing for school.

We are Here to Help

At Peninsula Federal Credit Union, we are committed to helping our members achieve their educational goals. Through our partnership with LendKey, we offer financing options for eligible students attending traditional colleges, universities, and select local trade schools.

You can explore eligible schools, learn more about your financing options, and apply for a student loan directly through the Peninsula Federal Credit Union website or by clicking here.

No matter where your educational journey takes you, we are here to help you invest in your future with confidence.

Peninsula Federal Credit Union serves the entire Upper Peninsula and Northeast Wisconsin.

This blog is not on behalf of Peninsula Federal Credit Union.