McGraw-Hill Federal Credit Union Educates Teachers and Parents about the Higher Education Application Process During June 22 Seminar

EAST WINDSOR, N.J., June 13, 2011 /PRNewswire/ -- In an effort to make parents and teachers aware of the sometimes staggering costs of college tuition and what can be done to make those costs more affordable, McGraw-Hill Federal Credit Union will be hosting a "How to Apply for Student Loans and Educational Grants" seminar on Wednesday, June 22, from 5:30 to 7:00 p.m. at the credit union offices located at 120 Windsor Center Drive in East Windsor, NJ.

This seminar is designed to educate teachers and parents alike about the options, and costs associated with the higher education process, which includes applying for student loans and financial aid, and the investigation of educational grant options. It is important for teachers to not only build their own knowledge base but continue educating their students to become sound financial adults. As leaders of the process, parents need to understand not only financial aid solutions but also the available student loan and grant options.    

According to the College Board, the average costs for college tuition are rising at rates that are higher than inflation and the average increase in personal incomes. The average 2010-11 tuition increase was 4.5 percent at private colleges and 7.9 percent at public universities. At the same time, it has become harder to obtain financial aid. Federal programs like the year-round Pell grant program have been eliminated and states are less forgiving when it comes to funding grant and scholarship requests if deadlines are missed.

Presenter Ken O'Connor, a Director of Student Advocacy from Fynanz, Inc., will speak to credit union members and local educators about a number of topics relative to paying for college in today's economy, including the costs involved in paying tuition/room/board at a range of different types of colleges (which can be as high as $53,000 per year at some Ivy League institutions), the importance of planning and selecting the right college, how to secure financial aid and how to fill out the Free Application for Federal Student Aid (FAFSA).

"McGraw-Hill Federal Credit Union hopes to impress upon the attendees the importance of planning and saving in a child's early years," stressed Shawn Gilfedder, McGraw-Hill Federal Credit Union President and CEO.  "In addition, we want to help get parents and students thinking about what they want out of the college experience so that they can select the type of institution that will offer the best value for their money."  

The information presented will be valuable not only to parents, but to teachers, who can share this insight with students in their classrooms. Part of McGraw-Hill Federal Credit Union's 2011 Financial Literacy Series, "How to Apply for Student Loans and Educational Grants" provides attendees with resources and information to improve their own level of financial literacy and teach personal finance to young adults. Sessions have been developed in collaboration with the New Jersey Department of Education and the New Jersey Coalition for Financial Education.

The June 22 seminar is presented without charge. For information on registering, visit www.mcgrawhillfcu.org/educationseries, call 1-800-226-6428, extension 6508, or email [email protected]

About McGraw-Hill Federal Credit Union

McGraw-Hill Federal Credit Union, a member-owned cooperative, is a leading and progressive financial institution committed to members and the community at large through financial technology, financial education and literacy and a consultative approach to banking. The credit union offers a full range of banking, investing and insurance services to almost 17,000 members worldwide and serves over 120 companies.  For more information, visit www.mcgrawhillfcu.org, or view videos about McGraw-Hill at www.youtube.com/user/McGrawHillFCU.

CONTACT: Leza Raffel or Jessica Lester (215) 884-6499

Editor's Note:  Reporters who wish to either attend the June 22 workshop or to conduct an interview prior to the workshop should call Leza Raffel or Jessica Lester at (215) 884-6499.

SOURCE McGraw-Hill Federal Credit Union