Where Do I Start?
As a parent one of the scariest things to consider is how you’re going to pay for college for your children. According to the College Board Annual Survey in 2016, the average annual cost for a four-year public college was $20,090. The average annual cost for a four-year private college was $45,370. This cost includes tuition and fees, as well as room and board. You know in most cases, you won’t be able to foot the bill for 100% of the cost, so how do you go about getting financial aid for your child?
Financial aid comes in the form of grants, scholarships, loans and work-study jobs. There are three basic sources of aid:
- Federal and state governments
- Private organizations
To give your child the best chance for all available aid, start by having him/her complete the FAFSA – the Free Application for Federal Student Aid. Submitting this application gives you access to the largest pool of financial aid dollars and loans with the best terms. The FAFSA opens on October 1 each year and you should complete your FAFSA as early as possible. Click here for tips on completing the FAFSA. Be sure to have your tax records and financial documents handy.
The second-largest pool of money comes from colleges, which may require you to fill out the FAFSA, the PROFILE or their own forms.
Finally, aid from private organizations is definitely worth researching and applying for, but it’s unlikely to be your main source of college money. Be strategic in completing these applications – you are more likely to get a local scholarship than a national one. And never pay for a scholarship search service – there are plenty of free tools out there.
To calculate your estimated college savings plan, use our online calculator.
Open a Student Checking or Go Anywhere Checking by the end of June for a Chance to Win!
Whether your child just has extra birthday money you’d like to save or they’re heading to college in the fall, it’s a smart move to open an account specifically for them that they can begin to learn money management skills. For those ages 14-17, we offer a Student Checking. This free account requires an adult co-signer and allows access to the account through online or mobile banking. A lower limit debit card is provided as well for everyday purchases and ATM access. If your child is 18 or older, we recommend the Go Anywhere Checking Account, which offers FREE unlimited ATM access so they don’t have to worry about ATM fees when trying to access their account when away from home. The minimum balance requirement is waived for those ages 18-23 and the account comes with online and mobile banking, as well as a Visa debit card and the ability to apply for a Visa credit card which is helpful for larger purchases.
Now through the end of June anyone who opens a Student or Go Anywhere account will be automatically entered to win one of two $50 iTunes or Google Play gift cards. Stop by any CNB office today to get started!
Do you wonder how your retirement savings compare with others your age?
The average person in their twenties has around $16,000 in retirement savings.
The average person in their thirties has saved about $45,000.
Americans in their forties have median retirement savings of around $63,000.
Americans in their fifties have median retirement savings of about $117,000.
Americans in their sixties have median retirement savings of approximately $172,000.
You may have saved much more – but have you really saved enough?
You may need to save more for retirement than you realize. It is very common for people to underestimate their retirement savings and retirement income needs. Whether you are 5 years or 35 years away from retiring, you need to be confident that you are doing the right things for your financial future – saving enough, investing what you save in a way that is appropriate for you, and managing risks to your savings.
Now is a great time to check and see if you are on track toward your retirement savings goal. Ask about setting an appointment with one of our Citizens Wealth Management financial advisors at any of our CNB offices so that we may quickly review how you are doing so far. If anything about your retirement saving or investing strategy needs adjusting, it is better to plan those adjustments now than to regret not making them later. Call 419-358-8060 ext. 153 or email firstname.lastname@example.org to make an appointment.
Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Citizens National Bank of Bluffton deposits and are not FDIC insured. These products are not obligations of Citizens National Bank of Bluffton and are not endorsed, recommended or guaranteed by Citizens National Bank of Bluffton or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.
– See more at: www.cnbohio.com/AboutUs/CNBNews/CNBConnection/Default.aspx
Spring is upon us and so is the search for that new home.
- Are you tired of finding the perfect home for you and your family only to see it slip away at the last second because you need to sell your current home first?
- Perhaps you are just dreaming about upgrading or even downsizing your current home but don’t think it is possible to buy a new home without selling your current home first?
If so, I want to let you know that your dreams can come true here at Citizens National Bank by taking advantage of a bridge loan. A bridge loan is a temporary note taken out against the equity in your current home. You are able to convert your home’s equity into cash to use for the down payment and closing costs of the new home you are trying to purchase.
Typically the bridge loan is written for a short period of time, usually 10-12 months. It is designed to “bridge” the gap between buying your new home and selling your current home. Often times you are required to pay interest only on the bridge loan on a monthly basis. Once your existing home sells, the bridge loan is paid off and any remaining proceeds from the sale are distributed to you. You can even use the bridge loan to pay off your existing first mortgage loan to get rid of that higher monthly obligation. This would allow you to temporarily keep your monthly obligations as low as possible on your current home while taking out a traditional mortgage and principal and interest payments on the new home.
Factors to consider when looking into a bridge loan are:
- Are you willing to take on the additional monthly obligation on both homes? Even though the payment is just interest only and is relatively small in comparison to a traditional loan, are you willing to make those payments on both homes?
- Can you qualify to make both payments on both homes with your current income?
- Do you have enough equity in your current home to take out a bridge loan? Typically lenders want to see that you have at least 20-25% equity left after you take out a bridge loan.
- Are you willing to pay the costs of an appraisal, title search, recording fee, etc for a temporary bridge loan? How important is it to you to not lose out on the purchase of the new home?
- How quickly are homes selling in your area? You don’t want to take out a temporary bridge loan and not have your home sell in 10 months. If this happens then you are faced with the additional cost of “renewing” your bridge loan for an additional term.
A bridge loan is a great product to use to help make your dreams come true, but it may not be for everybody. Consult with your Citizens National Bank loan officer to find out if a bridge loan is right for you.
CNB Online Banking has a new look and feel. To check it out, simply log in with your current username and password. From the home screen you will immediately notice a simplified look, easier navigation and increased functionality. And depending upon what device you’re viewing the site on, whether mobile, tablet or desktop, everything will size accordingly to fit your screen. The new site is even touch-enabled for easier access with your phone or tablet.
Here’s a list of the improvements you’ll experience with the new CNB Online Banking:
- Create custom nicknames, change the order of how you see your account and even hide accounts if you don’t wish to see them every time you log in.
- View the last 10 transactions for each of your accounts right from the home screen. Click “more” to pull in older transactions to the list. View all your scheduled, pending and posted transactions in one list.
- Initiate transfers between accounts from the home screen.
- Bill Pay now opens within online banking, which will prevent online banking time-outs.
- Updated log in – Enter username and password on the same page. The security challenge is on the next page. You’re now able to hide your username and security answers for extra security when accessing the site in public.
To see what the new CNB Online Banking looks like, check out our online demo. If you’re not currently enrolled in Online Banking, simply click the New User Signup link underneath the Online Banking Login button on our homepage, cnbohio.com.
– See more at: www.cnbohio.com/AboutUs/CNBNews/CNBConnection/Default.aspx