LUSO Federal Credit Union Aims to Make Saving for College Simple
LUDLOW — With September’s designation as College Savings Month, LUSO Federal Credit Union is welcoming students back to the classroom this fall by placing a special focus on saving for college.
According to studies based on National Center for Education Resources data, the average annual in-state college tuition in Massachusetts was $25,406 during academic year 2016-17. That figure is $11,464 higher than the U.S. average and ranks Massachusetts as the fourth-most-expensive state or district in which to attend college. Given those costs, it’s important for families to get a head start on saving.
“With the rising costs of college education, it’s never too early to start planning for your child’s future,” said Jennifer Calheno, president and chief executive officer of LUSO Federal Credit Union. “LUSO offers a number of savings options to help families prepare for college, including various share accounts and term share certificates. We are firm believers in setting a strong financial foundation, so we offer our in-school banking program at seven schools in Ludlow, Hampden, and Wilbraham, allowing the students themselves to begin saving for the future.”
Since LUSO’s in-school banking program began in 2009, more than 1,800 students have gone through the program, saving an average of $103,400 per year over the last four years.
“LUSO strives to make saving fun for students,” said Sharon Dufour, chief financial officer. “It is important that good savings habits are developed early, and students learn that saving routinely is just as important as the amount they save.”