At HomeTown Credit Union, we know how important it is to shape our youngest members into financially responsible adults.
We’re committed to educating our youth in many different ways—from offering youth accounts that help teach real-life money management skills to student run operations that help teenagers learn integrity in the workplace and the importance of saving.
In September of 2011, we partnered with the Owatonna High School to introduce the first-of-its-kind student-run branch.
Each day, this branch is open to students, administration and staff over lunch breaks and offers regular branch services like withdrawals and deposits.
In addition, this unique branch:
- Encourages all students to save
- Serves as a model for financial responsibility
- Provides employment and mentorship opportunities
- Offers a partnership with teachers to collaborate and provide curriculum enhancements
In addition to regular branch services, our HomeTown employees take the opportunity to:
- Present financial literacy classes for topics like:
- Financial aid and student loans
- How to use a savings and checking account
- How to build and maintain good credit
- Investing and planning for the future
- Fraud and identity theft
- Employment and interviewing skills
- And much more
- Serve as S.T.R.I.V.E Mentors. S.T.R.I.V.E, or Students Taking a Renewed Interest in the Value of Education, focuses on helping students set goals to improve and be successful in the future and is sponsored by the Owatonna Rotary program.
- Serve as Junior Achievement Volunteers. Junior Achievement aims to prepare students to succeed in school and beyond by teaching them about the impact that they can have in the world around them.
- Assist the DECA program. DECA focuses on teaching students to be academically prepared, community oriented, professionally responsible and experienced leaders while centering on the themes of marketing, finance, hospitality and management.
The team members of HomeTown Credit Union, including its student-workers, have reached over 800 students over the past two years with financial literacy education, which has a direct impact on the financial success for the rest of the student’s lives.
Every year, HomeTown Credit Union offers our wonderful student members the chance at earning scholarships to help them in their future education goals. See below for what is currently available.
Minnesota Credit Union Network Scholarship
HomeTown is proud to partner with the Minnesota Credit Union Foundation Scholarship Council (FSC), to offer a scholarship program exclusively to credit union members in Minnesota to help further their pursuit of education.
For the 2020-21 school year, $16,000 in scholarships will be awarded to college students in both traditional (high school seniors entering college) and non-traditional categories. Each recipient will be awarded $1,000.
Members can complete an application and essay online at mncun.org. Submissions will be accepted through November 30, 2020. If you have questions, please contact Kurt Halverson at KHalverson@hometowncu.coop.
2020 Essay Question: “Knowing that we have the power today to change the story of tomorrow, how will you prepare for future financial obstacles? Reflect on your personal and your family’s experiences.” (Essay tips: Please share your personal story; use the specifics you identified in the preliminary questions to write your essay)
HomeTown Credit Union Yearly Scholarships
When our scholarship application process is open we offer:
- Two $1,000 scholarships
- Two $500 scholarships
To apply, applicants are to complete the application and create a 1-2 minute video on how living a minimalist lifestyle can impact their financial health.
To be eligible, applicants must:
- Be in good standing at HomeTown Credit Union for at least 6 months prior to application*
- Be a graduating high school senior pursuing post high school education for the upcoming school year
- Plan to attend a private or public college, university, community college, or technical college accredited by the U.S. Department of Education
Higher education is something we can all achieve. So, when it’s time to consider college loans, HomeTown is here with options. Whether it’s paying for your whole tuition or the gap between your federal financial aid, HomeTown can help.
With Student Loans, you get:
- Competitive interest rates, and with good grades, potentially lower rates
- 30-day no-fee or interest cancellation policy
- No origination fee for all student borrowers
Learn More About Student Loans and Apply
Private Student Loan Program
HomeTown offers private student loans through our partnership with cuStudentLoans, a credit union managed network.
- Ideal for students who need a funding gap between the cost of school and their federal loans, grants, and scholarships.
New Private Student Loan
Pay for any qualified education expense including tuition, room & board, books, and other expenses.
- No repayment penalty
- Only $25 minimum payment toward interest while in school
Private Student Loan Consolidation
Consolidate and refinance one or multiple student loans into one—with a potentially lower interest rate.
- Simplify your payments into one monthly payment
- Consolidate federal and private student loans
- Competitive rates with extended repayment term
- Cosigner release available after 12 on-time principal and interest payments
- Interest-only payment options available
Learn More About Student Loan Consolidation and Apply
HomeTown’s here to help you get them started off on the right financial foot.
We know how important it is to teach our youth the value of saving a dollar—and our youth accounts are designed for just that.
A kid’s account that makes money fun! Kirby will show your kids saving tips and what it means to be responsible with money.
- Perfect for kids 11 years or younger
- Price incentives for every $25 saved
- Birthday letter
- Kirby activities like printables, jokes and more
Steps Accounts for Teens
When it’s time to grow out of the kid’s stuff, Steps Accounts is what’s next. This account introduces your teen to basic money management and teaches financial responsibility.
- 6 month no-minimum Share Certificate
- Cinch up Your Savings Share Certificate
- Access Money Market Savings
- Free checking account
- ATM card
Credit Builder Loans
Credit Builder Loans are the perfect way to introduce financial responsibility through a loan payment. These loans are great ways to save up for a new phone, computer or even a down payment on a car.
- No cosigner required
- Borrow any amount from $500 to $3000
- 12 month repayment term
- Proceeds are frozen in a savings account and available to be accessed once the loan is paid in full
For more information on Youth Accounts, visit any branch to speak with a Credit Union Representative.