For many families, the journey toward higher education comes with excitement—but also the reality of rising college costs. The good news? Scholarships can significantly reduce the financial burden. Even small awards add up, helping students borrow less and graduate with greater financial freedom.
At Peake Federal Credit Union, we’re committed to supporting our members as they prepare for the future. Whether you’re a student navigating the scholarship landscape or a parent trying to guide the process, here are helpful tips to get started.
Why Scholarships Matter
Scholarships aren’t just for straight-A students or star athletes. Today, awards exist for community involvement, hobbies, career interests, unique talents, and more. Every scholarship—big or small—can help reduce the amount of loans a student needs. Think of it like building savings: consistent small wins can make a major difference over time.
Tips for Students
Start Early—and Stay Organized
Begin searching for scholarships as early as sophomore or junior year of high school. Keep a spreadsheet or folder with deadlines, requirements, and submitted applications. Staying organized prevents last-minute stress and missed opportunities.
Apply for the Peake Federal Credit Union Scholarship
As a member, don’t miss the opportunity to apply for the Peake Federal Credit Union Scholarship. It’s designed to support student members and reward your hard work!
Check Out the MD|DC Credit Union Foundation Scholarship
The MD|DC Credit Union Foundation Scholarship is another excellent resource for members of Peake Federal Credit Union. Whether you’re attending a four-year university, community college, or trade school, this is a valuable option to explore.
Use Reputable Scholarship Search Engines
Websites like BigFuture, Scholarships.com, and Fastweb provide updated, legitimate scholarship listings. Set aside time each week to browse new opportunities.
Apply Year-Round—Even for Small Awards
Scholarships are available throughout the year, not just in the spring. Don’t overlook smaller awards—those $500 or $1,000 scholarships add up quickly and can help cover books, supplies, or part of your tuition.
Tips for Parents
Start the Conversation Early
Talk about college costs and scholarship strategies before senior year. Early planning helps students feel supported rather than overwhelmed.
Complete the FAFSA Every Year
The Free Application for Federal Student Aid (FAFSA) must be filled out annually. Doing so ensures your student remains eligible for federal, state, and school-based aid—much of which is awarded on a first-come, first-served basis.
Encourage Ownership
While your support is vital, let your student take the lead. They’ll grow essential skills—time management, organization, and responsibility—while taking ownership of their future.
The Bottom Line
College costs may be rising, but with careful planning, persistence, and the help of available scholarships students can reduce debt and invest in a brighter financial future.
If you or your student is preparing to apply for scholarships, we’re here to help. Contact us at 410-828-4730, 800-234-4730 or memberservices@peakefederal.com anytime for guidance, resources, or support.
We’re here to help you, and your student, reach your financial Peake!
