Student Loans and College Planning: What You Need to Know
Planning for college is exciting, but it can also feel overwhelming, especially when it comes to finances. Whether you're preparing to start your freshman year or pursuing an advanced degree, understanding your funding options is key to making smart financial choices for your future.
Start with the Basics
Before considering a student loan, we recommend beginning with these steps:
Apply for scholarships and grants, which do not need to be repaid
Fill out the FAFSA (Free Application for Federal Student Aid) to determine your eligibility for federal aid
Use savings or college savings accounts when available
Look into federal student loans , which often come with lower rates and more flexible repayment options
Once you have explored these sources, a private student loan can help cover any remaining costs.
LVECU and Sallie® Mae: A Smart Partnership
LVECU partners with Sallie Mae® to offer student loan solutions tailored to your education goals. Whether you're headed to college, graduate school, or specialized career training, there is an option for you.
Loan options include:
Smart Option Student Loan® for undergraduate and career training students
Graduate School Loans for advanced degrees
After Graduate School Loans for bar exam study, residency, and relocation expenses
Note: These loans are made by Sallie Mae Bank. LVECU is not the lender but does receive compensation for referring loan applicants.
Borrow Responsibly
Student loans can be an important financial tool, but it’s crucial to plan carefully before borrowing. Here are a few key things to consider:
Estimate your monthly loan payments after graduation
Research expected starting salaries in your field
Borrow only what you truly need
Tools and Resources for College Prep
There’s more to college planning than covering the cost. Use these resources to stay informed and prepared:
FAFSA Application – Start your federal aid application
College Board Scholarship Search – Find scholarships that fit your goals
Zogo App – Learn financial skills through quick lessons and earn gift cards
Explore You Student Loan Options Today
We are here to support you through every step of your education journey. Visit www.lvecu.org/student-loans for more helpful resources and to learn more about our partnership with Sallie Mae.