Tips on Funding Your Education

Pursuing higher education is an important goal for many people. In today’s age, having good grades is only part of the story. You also need to be able to afford college, especially if you live in New Jersey. According to the New Jersey Association of Colleges and Universities, the Garden State has the third highest average cost of tuition and fees for residents who attend four-year public colleges and universities as full-time undergraduates.

Making the grade for college economics requires forethought, research and old-fashioned hard work. Here are several ways to earn money for, and reduce the cost of higher education, whether you are a recent high school graduate or someone looking to step onto campus after walking in the professional world.

Table 1

Table 1

Federal Student Aid

Federal student aid is financial assistance from the federal government to help you pay for education expenses at an eligible college, technical school, vocational school, or graduate school. According to the Guide to Federal Student Aid, every student who meets some basic eligibility requirements (see table 1) can receive some financial aid, regardless of age or family income. More than $150 billion of aid is available every year. To apply, fill out the Free Application for Federal Student Aid (FAFSA) at It is suggested to apply as soon as possible after January 1 of the year you plan on attending college.


This may seem like the most obvious means to fund your education, but it has also proven to be one of the most difficult. Here are some tips that might make saving money easier than you think!

• From food, to clothes shopping, to utility bills and more, there are methods to cut costs almost anywhere you look. Here are 54 ways you might be able to save some tidy sums.

• Automatically deposit money from every paycheck into a savings account. NVE’s Direct Deposit service makes it easy.

• Open an interest bearing savings account for a better return on your money. NVE’s Super Saver Account has a higher variable interest rate than regular Statement Savings Accounts.

• For higher yields and greater flexibility, look at high-performance, high-yield money market savings vehicles with unique features that may suit your needs.

Reducing the Cost of Education

There are also options you might consider to lessen the financial toll of your education. Some options are:

• Lower-cost schools

Consider attending a community college – usually less expensive than four-year schools – for two years. Make sure your community college courses will transfer to a four-year college, and will count toward your bachelor’s degree. Discuss any concerns about transfer courses and credits with the registrar at the college to which you plan to transfer.

• State Higher Education Agencies

Contact your state higher education agency about any aid program, grants or scholarships sponsored by your state. New Jersey residents can visit this site.

• Federal income tax credits and tax breaks

There are tax credits available to help you offset the costs of higher education by reducing the amount of your income tax. Certain borrowers can receive a tax deduction for the interest actually paid on student loans for post- secondary education expenses.

Bank Loans

No matter what stage of life you are in, for most people, having access to flexible loan options comes in handy. NVE’s new Flexible Home Equity Loan was designed to meet the various needs homeowners face throughout life, providing support in situations just like this.

To learn more about the extensive range of personal and business products and services offered by NVE Bank, visit our website. You can also visit your convenient neighborhood branch, or call us at 1-866-NVE BANK (683-2265).



About NVE Bank

The NVE Blog should not be used for banking purposes relating to NVE Bank. Please do not disclose any personal or business banking information on this site. NVE is an Equal Opportunity Lender, Equal Housing and Member FDIC. Visit NVE Bank, established in 1887, offers an extensive range of personal and business products and services. The Bank maintains 11 offices conveniently located throughout Bergen County. For more information, please call our toll-free number 1-866-NVE-Bank (683-2265) or visit our website at
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