Tips to Paying off Student Loans!

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Being a recent college student can be very stressful. Maybe even more stressful than being in college! Between finding a good steady job, paying all the bills, AND paying your student loans I know it can be really difficult to stay afloat. When you graduate college, most student loans taken out through the government have a 6 month grace period until the payback period begins. Right out of college with all the other bills coming in, it may seem that the best idea is to not start paying your student loans until you actually HAVE to, but really it isn't. Getting a head start on your loans can help you a TON in the long run.

Just because you aren't “required” to start paying the bill, it doesn't mean that interest isn't accumulating on the totals. Interest can build up fast on loans, especially if the balances are high. So let’s go over a couple quick tips that can help you get a head start on those loans!

• Tip #1: Skip the morning coffee run to Starbucks or McDonald’s everyday, and instead set that money aside each week for one month. On average a cup of coffee ranges from $2-$5, so meeting in the middle, let’s say each cup costs $3.50. Having a cup of coffee at least five times a week, $3.50 * 5= $17.50. Now if we get coffee five times a week for one month that can equal approximately $70! Seventy dollars may not seem like a lot, but that’s $70 less you have to pay interest on! Skipping some of your most costly habits may seem like a breeze so why not challenge yourself to quit multiple habits and save even more money! 

• Tip #2: Take a look into consolidation programs available. By consolidating your loans it allows you to have a lower interest rate and only have ONE payment, versus the five or six you may have for each loan. There are many different financial institutions, as well as other companies who offer consolidation programs. Be smart about it though, really look into each program and their benefits. You want to make sure you are getting a BETTER deal than what you currently have, not vise versa. 

There are many other game plans and options to consider when paying off your student loans, but these two options are ones that ANYONE can tackle. Also keep in mind, if you need somewhere to keep any of these savings HCCU is always here to help!

Post by: Emily P. 

April is National Credit Union Youth Month!

Horizon Community Credit Union invites our young members to join us as we celebrate National Credit Union Youth Month! The theme this year is getting WILD about saving! Stop by this April to take a look at all the cool things we've prepared for our younger members! You and your children can visit either of our two locations to take a photo in our Safari Photo Booth where we supply fun props for them and a camera to take a photo. And afterwards we hang them up in our lobby and you get a copy to take home with you! Kids 12 years old and under that make any deposit to their account of $5 or more are able to pick a toy from our treasure chest and afterwards, if they haven’t received one yet, will receive a coloring sheet which they can color in and enter it to our coloring contest. The winner receives a prize package that includes a $25 Toys R Us gift card! HCCU is also participating in the National Youth Savings Challenge where any kids up to the age of 18 who make a deposit into their account here at HCCU will be entered to win a $100 cash prize!

Is your child not a member of HCCU yet? Well stop by with them and open up an account! They get a free piggy bank to get them started on saving at home and they don’t miss out on our fabulous services!

Post by: Karla C.