Deciding how to cover the full cost of education is an important decision families make together. Farmers State Bank of Waupaca has partnered with the leader in education saving and lending, Sallie Mae®, to provide our customers with the information and lending solutions they require to bridge college funding gaps.
Sallie Mae's 1-2-3 Approach to Paying for College
Sallie Mae has developed the simple 1-2-3 Approach to Paying for College to educate students and families about the smart way to minimize the financial impact of education loans by tapping the most affordable education funds first.
1. Use Free Money First
- Students and parents should fill out the FAFSA at FAFSA.ed.gov to access need-based grants, and then research and apply for scholarships.
- Students should consider supplementing grants and scholarships with current income and college savings.
2. Explore Federal Loans
Available to both students and parents regardless of need, federal loans offer low, fixed interest rates and flexible repayment options.
3. Fill Any Gap with Private Student Loans
After students have pursued free money and federal loans, private student loans may be available to cover the rest of their education costs. Many schools also offer the TuitionPay
SMPlan which enables students to spread out their tuition payments over time, without incurring interest charges. There is a non-refundable application fee. Other fees, established by the school, may also apply.
Frequently Asked Questions
Click here for more information and some frequently asked questions.