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Tuesday, October 6, 2026/Categories: Bank News, Deposit Products, Financial Education, Home and Personal Loans
Between tuition, housing, books, transportation, food and other everyday expenses, the cost of college can add up quickly. Whether you’re a student preparing for your first year or a parent helping your child make a plan, taking time to understand your options can help you make more confident financial decisions.
At Community First Bank, we believe financial education is an important part of being a good community partner. Here are a few things to consider as you plan for college.
When comparing colleges, it can be easy to focus on the advertised tuition price. But tuition is only one part of the total cost of attending college.
Be sure to consider expenses such as:
Once you have an estimate of the total cost, determine how much you and your family can realistically contribute. The difference can help you understand how much additional financial assistance you may need.
If you’re planning ahead for college, consider setting aside money regularly to help cover future education expenses. A dedicated savings account can help keep college savings separate from everyday spending and make it easier to track your progress. Set up automatic transfers to coincide with your paycheck, this is an easy and convenient way to build savings over time.
Depending on your timeline and goals, you may also want to consider different ways to save. A savings account is for money you want to keep accessible, while a Certificate of Deposit (CD) may offer a higher interest rate than some savings account options in exchange for keeping funds on deposit for a specified period of time.
Planning ahead? Explore Community First Bank’s savings and CD options.
A 529 account is a savings option specifically designed for education expenses. Wisconsin’s Official College Savings Plan also offers potential tax advantages for eligible contributions and qualified withdrawals.
To learn more about 529 plans, contact the Community First Bank Investment Center.*
To learn more about Wisconsin’s Official College Savings Plan, visit the State of Wisconsin website.
Even small, consistent contributions can add up. Consider setting a savings goal based on the expenses you expect to have and making regular deposits as part of your financial plan.
*Investment products and services offered through the Community First Bank Investment Center are not FDIC insured, are not bank guaranteed, and may lose value.
Before taking out student loans, make sure you understand the financial aid options available to you.
The Free Application for Federal Student Aid (FAFSA) is an important place to start. Completing the FAFSA is required to apply for federal student loans and grants, and many colleges use information from the FAFSA when determining eligibility for financial aid, scholarships and grants.
You may also receive a financial aid offer from a college. Take time to look beyond the total amount offered and understand what each type of assistance means.
Scholarships and grants generally don't need to be repaid, while loans do. Understanding the difference can help you determine how much you actually need to borrow.
Community First Bank is proud to support local students through our scholarship program:
Community First Bank Scholarship Program
Student loans can make higher education possible, but borrowing is a long-term financial decision.
Before accepting a loan, consider:
Interest rates, repayment terms and other loan details can affect the amount you’ll ultimately pay, so make sure you understand the terms before borrowing.
Students may have access to different types of education financing, including federal and private student loans.
Federal student loans are part of the federal student aid system and may offer features such as fixed interest rates and federal protections. Private student loans are offered by financial institutions and may have different interest rates, terms and eligibility requirements.
If you're considering borrowing, compare the details carefully. Look at the interest rate, repayment period and other terms - not just the amount you can borrow. A parent or another person may also be asked to co-sign a private student loan, which can make them responsible for repayment if the student cannot repay the loan.
For the most up-to-date information on student loans, repayment options and financial aid, visit StudentAid.gov, the official federal student aid website. It’s a helpful resource for exploring your options and making informed decisions about paying for college.
Community First Bank does not offer federal student loans. However, depending on your circumstances, a consumer loan secured by personal collateral may be an option for financing education-related expenses.
Unlike a federal student loan, this type of financing is offered directly through the bank and is subject to the bank’s lending requirements, terms and eligibility criteria.
If you have questions about financing education expenses, talk with a Community First Bank lender to learn more about the options available.
Before making your final decision, ask yourself:
Paying for college can feel overwhelming, especially when you're comparing financial aid offers, estimating future payments and navigating unfamiliar financial terms. A local banker can be a helpful resource as you compare your options.
Whether you're preparing for college yourself or helping your child get ready, talk with a Community First Bank banker. We're here to help you understand the choices available and work through the numbers.
This article is provided for educational purposes only and should not be considered legal, tax, investment or financial advice. Consult qualified professionals regarding your specific circumstances.