June 2025
College and Career Planning Guidance by Granite Edvance: June Edition
June is a time of excitement for many high school seniors, as graduation season is in full swing and college decisions have been made. Some of you are looking forward to family vacations, final weekends with friends before going to different campuses in the fall, or enjoying some casual down time (or maybe all of those things). But the summer also brings with it the college bill.
The College Bill – Here’s What You Need to Know
1. Know what you owe
Each college bill looks a little different. Read carefully to be sure you understand how much you owe now and how much you will have to pay back in the future. Scholarships and grants are “gift aid” that you don’t have to pay back. Loans and work study (if listed) are “self-help” aid that you’ll earn as you go or pay back later. Your amount due is what’s left after both kinds of aid are subtracted from your total cost. There’s a variety of options for covering this gap, including savings, outside scholarships, and private student loans.
2. Borrow smart
If borrowing, it may be a good idea to borrow the amount needed for the full year – not just the billed term. Why? If you apply for funds in the fall and again in the spring, you’ll get hit with multiple hard credit pulls, which can impact your credit score. When you apply for funds for the full year, the college will set up how much to have disbursed for each term and when those disbursements should happen. And don’t worry, interest won’t accrue until the funds for that particular disbursement have occurred.
3. Understand the due date
If you’re paying your bill with a credit card, check, or funds transfer, make sure you pay by the due date set by the college. If you are using a private loan to pay the bill, the college will likely want to receive certification from your lender by the due date. During certification, the school will set the disbursement date(s). On average, it can take around two weeks from the point of applying to a loan being sent for certification. You will want to account for this timing to avoid any potential late fees from the college. If you have a loan application or method in process and you are approaching the due date, simply notify the college so they are aware of your intended method and potential completion timeframe.
Thank you,
From your partnership team at Granite Edvance
Rich Neilsen, Lending Products & Partnerships Manager
Carol Cray, Community Outreach Manager
John Flanders, Chief Strategy & Lending Officer
Granite Edvance Corporation, located in Concord, New Hampshire is the nonprofit higher education student loan product partner of New Hampshire Postal Credit Union. In partnering with Granite Edvance, NHPCU is able to connect customers to responsible student loan products designed to meet their unique needs. In addition to the student loan products featured below, Granite Edvance provides college and career planning resources to New Hampshire students and families.
Granite Edvance Student Loan Program:
This loan program is intended for undergraduate and graduate students currently enrolled in school and seeking additional funding after exhausting all other financial aid resources. The student acts as the primary borrower but may require a cosigner to meet eligibility requirements. Eligible borrowers must be a NH resident or enrolled at least half-time at a NH-based Title IV degree-granting institution.
Features:
Fixed interest rates
Deferred, interest-only, or immediate repayment
Interest rate discount for enrolling in automatic debit
No upfront fees or prepayment penalties
Cosigner Release available
Loan Minimum: $2,001
Loan Maximum: Up to the Cost of Attendance minus any financial aid accepted
Loan origination support from local student loan experts
Quick and easy online application process – including finding your rate in under 3 minutes!
Click here for more information: www.graniteedvance.org/nhpcu/private
Private student loans are intended to supplement, not replace, federal and institutional financial aid options. Students are encouraged to file the Free Application for Federal Student Aid (FAFSA) and to consult their post-secondary institution’s financial aid office to discuss all available options.
EdvestinU Refinance Loan Program:
This loan program provides existing student loan borrowers the option of combining multiple student loans into a new loan with the potential of reducing your interest rate(s) and/or lowering your monthly payment(s). Eligible loans include federal and private student loans used for attendance at a Title IV degree-granting institution.
Features:
Fixed rates
Interest rate discount for enrolling in automatic debit
No upfront fees or prepayment penalties
Multiple repayment terms available
Cosigner Release available
Loan minimum: $7,500
Loan maximum: $200,000
Ability to refinance Federal Parent PLUS loans
Loan origination support from local student loan experts
Quick and easy online application process – including finding your rate in under 3 minutes!
Click here for more information: www.edvestinu.com/nhpcu/refi
Refinancing a federal loan means forfeiting the benefits associated with federal loans. We encourage you to speak with your federal loan servicer and research the options before choosing to refinance a federal student loan.
For more information or to schedule an in-office appointment to discuss the programs, please contact Granite Edvance’s friendly and knowledgeable loan counseling team.
855-887-5430
loansupport@graniteedvance.org
3 Barrell Court
Concord, NH 03301
Granite Edvance Student Loan and EdvestinU are loan products of Granite Edvance Corporation and may be funded by Granite Edvance Corporation NMLS ID# 1527348, www.nmlsconsumeraccess.org or Bank of Lake Mills, member FDIC. Subject to credit approval and underwriting guidelines. Bank of Lake Mills does not have an ownership interest in Granite Edvance. Neither Granite Edvance nor Bank of Lake Mills is affiliated with the school you attended or are attending.