A college education is now considered to be the second-largest expense a person will likely face in a lifetime. It comes second only to purchasing a home. As the cost of a college education continues to rise, parents and students are really feeling the financial squeeze. According to U.S. News, the average cost of tuition and fees for the 2019-2020 school year among ranked national universities averaged $41,426 at private college and $11,260 for state residents at public colleges. That’s a hefty sum for just about anyone and hits home for many parents with children approaching college age.

Spirit Financial Memorial Scholarship

College scholarships can really help take the sting out of a tuition bill and other college expenses. Every little bit really does help when facing mounting tuition bills. Spirit Financial Credit Union in Bucks County, PA provides a Memorial Scholarship program that distributes two $3,000 scholarships annually to deserving students. To be eligible for the scholarship, the student or an immediate family member must have an account in good standing at Spirit Financial. The student may be a graduating high school senior or other persons enrolling in post-secondary schools. Scholarship funds may be used for tuition or textbooks. Tap to read more about eligibility, information required and the selection process. Don’t wait, the deadline for submission is March 1, 2020.

The cost of a college education soars

The price of tuition, books, fees and living expenses is on the rise at colleges everywhere. CNBC reported that tuition at public colleges has increased in all 50 states over the past 10 years. CollegeBoard research ranks Pennsylvania among the states in the country with the highest tuition and fees at Public 4-year Institutions, as well as flagship Universities. As a parent, when it comes to looking for the most cost-effective option for your child, attending a state school as an in-state student can usually still offer you the best deal.

The cost of attending college goes well beyond tuition. Room and board can also be a huge expense. Books and other supplies can add up as well. Many students also face transportation costs depending on the location of the college and where they are living.

Tips for Parent & Students - Be better prepared for college expenses

Complete FAFSA. Even if you don’t think you will qualify, be sure to complete the Free Application for Federal Student Aid. Many colleges and universities use the information from FAFSA to award institutional aid as well as federal and state aid. Research and know the deadlines for filing.

Search for Scholarships. It’s never too early to start researching scholarships. Local and community-based scholarships are a great place to start. Scholarships such as Spirit Financial Memorial Scholarship are free money that can help ease the financial burden of college. Start researching scholarships now, so your prepared when it’s time to apply.

·Consider a campus or work study job. College jobs will not only help you pay for your education but will also provide valuable work experience.

Apply for a student loan.

Start saving. If college is still a few years off, start saving now. Consider investing in a Coverdell Education Savings Account. This is a tax deferred and federal tax-free savings to help cover the cost of education expenses.

Apply for a $3,000 Spirit Financial Memorial Scholarship

Parents encourage your child to apply for the Spirit Financial scholarship. Applying for scholarships, large and small, can give a college student that little extra help they need to make it through the school year. Apply for the Spirit Financial Memorial Scholarship by completing an application that includes an essay explaining why you’d like to further your education. Learn more or speak to a Spirit Financial representative by calling 267-580-0230. Deadline to apply is March 1, 2020 and winners will be announced on April 14, 2020.