The college experience can be expensive, but we're here to help.
When it comes to paying for college, looking at a school's tuition is just the start. Not only are there hidden fees, but there are also costs you may not have considered, like meal plans, parking, school supplies and insurance premiums. All of these expenses add up–often exceeding the base cost of tuition, books, and room and board.
Here are some of the most common hidden costs of a college education:
So, how can you cover these hidden costs?
The answer to that question depends on your situation, and we have solutions built to help set you and your future college student up for success.
If you have the luxury of planning ahead, consider a savings or money market account. Our SimplySavings account is a base-level, low-cost savings solution designed to help you earn interest. Another solution we offer is our SimplyKids Savings account. Created specifically for young earners, this account is a great way to help develop financial responsibility and allows them to contribute to their own education fund. We also offer a full range of interest-earning personal checking account options.
If time is not on your side, however, there are plenty of options for you as well. While it varies by circumstance, tapping into your home equity can be a smart way to help pay for college. A Home Equity Line of Credit (HELOC) is a short-term solution where interest is charged on the loan balance and is tied to the current prime rate index. Another option is a Home Equity Loan (Fixed Rate Loan). This is a closed-end or fixed-rate loan similar to a first mortgage, with monthly payments that include principal and interest payments.
No matter your situation, our financial experts can design the solution that best suits your needs.
Let's get started.
As it turns out, you can put a price on a quality education. However, your friends at Flagstar Bank are always here to help with any questions you have or needs that might arise.