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Parent PLUS loans: an overview

With the average cost for a year of college in the US up to $35,720, it’s no wonder so many students take out loans. But the average undergraduate borrower receives just $11,836 in student loans each year — a significant gap for most. That’s where Parent PLUS loans come in.…
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Are You a Renter Looking to Become a Homeowner?

By Paul Mulligan, SVP, Retail Lending Last year, while many businesses and industries suffered, the real estate market in Connecticut had a phenomenal year, with a 17% increase in home purchases.  The 38,641 single-family homes bought was the highest in the state in 15 years.  One factor certainly was the…
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Student Loans 101

by Jorge Santiago College is expensive. In the 2020-2021 academic year, the average private college’s tuition and fees was $35,087; public colleges averaged $21,184 for out-of-state students and $9,687 for in-state students. Multiply that by at least four years, and the total cost of a degree is one very few…
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Why Mutual Banks Make Sense

By Jorge Santiago Mutual banks have been around since the early 1800s.  There are currently about 470 in business across the country and nearly all of them are also classified by the FDIC as community banks.  They were initially created to provide savings opportunities to the working class, something they…
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Beware of Hackers on Public WiFi Networks

[av_textblock size=” font_color=” color=”] By Tyler Haskell As of last year, there were about 270 million smartphone users in the America. As society becomes increasingly more connected and reliant on their mobile devices, network operators, retailers, restaurants, and other establishments have started more aggressively rolling out WiFi networks to support…
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It has come to our attention that some customers have received phishing phone calls claiming to be from “The Milford Bank Security Department.” Please remember: The Milford Bank will never ask you to share personal or confidential information. If something feels off, hang up and call us directly at (203) 783 5700.