Undergrads
Whether you are still in high school, are currently an undergrad, or are a returning student, it's never too early to start looking for ways to pay for school. There are many options open to undergraduate students. We can help you determine which are best for you.
What are my options?
While it is sometimes possible to pay for a college education entirely with scholarships, most students and parents finance the costs of higher education by combining grants and scholarships with loans and work. Becoming familiar with the many options available to you makes funding your education easier and less expensive.
How can Collegiate Funding help with the process?
In addition to helping you choose the school that is right for you, Collegiate Funding is there to support you as you find ways to finance your education. We provide detailed, in-depth resources to explain the sometimes complicated requirements and procedures for applying for grants and loans. The research has been done for you, to save you time and help you get to the programs and resources that are best for you.
Scholarships or grants are funds for education that you do not need to repay. They are offered by colleges and universities, and by community groups and organizations, and range from small amounts to full scholarships covering all tuition, fees, and expenses. Some scholarships are given based on merit—these are grants for students who excel in academics, athletics, the performing arts, or community service. Other scholarships are need-based; these are grants provided to students who have demonstrated financial need and met the specific conditions of the school or group that makes the grant.
Scholarships
Because scholarships are the most desirable way to pay for higher education, students need to be pro-active in applying for them. The best place to begin is the financial aid offices of the schools to which you are applying, which usually have application forms that enable students to apply for the scholarships they offer. Your high school guidance counselor may also be able to offer suggestions about sources of scholarships.
Scholarships are often given by community organizations, such as the Rotary Club, churches and synagogues, ethnic and minority organizations, and alumni groups. Parents should also inquire with their employers and professional organizations about possible scholarships for students.
Some scholarships are designated for particular subjects of study. In professions where there are shortages, such as teachers, nurses, and agricultural specialists, grants are often available for students who choose to go into these fields. You may also want to check out the ROTC program, which provides funding for higher education for those who enlist in reserve military duty.
Scholarships are often given by community organizations, such as the Rotary Club, churches and synagogues, ethnic and minority organizations, and alumni groups. Parents should also inquire with their employers and professional organizations about possible scholarships for students.
Some scholarships are designated for particular subjects of study. In professions where there are shortages, such as teachers, nurses, and agricultural specialists, grants are often available for students who choose to go into these fields. You may also want to check out the ROTC program, which provides funding for higher education for those who enlist in reserve military duty.
CAUTION: Students who receive scholarships from outside sources should be aware, however, that colleges sometimes deduct the amount received from the financial aid that they provide to the student; it is important to know how financial aid is awarded at the schools to which you apply.
Pell Grants
In addition to scholarships given by schools and community groups, the federal government also provides grants through the Federal Pell Grant program. These grants are awarded on the basis of financial need and do not have to be repaid.
Federal Loans
Unlike grants and scholarships, loans must be repaid. The federal student loan program was designed to allow students and their parents to borrow money for higher education with more favorable conditions than are usually found with ordinary bank loans. They have low, fixed interest rates, they do not need to be repaid until the student graduates or stops studying (usually there is a six-month grace period (following graduation), and they can be deferred for graduate study.
If you are eligible, the financial aid office of the school you attend will help you continue the process, which includes filling out a promissory note with a participating lender. They should also be able to provide guidance about repayment procedures and cases in which federal loans can be forgiven, or canceled, such as for teachers in inner-city public schools.
If you are a dependent, your parents may also qualify for a FEDERAL PLUS loan.
Private Loans
Students, and often their parents, may also be eligible for private loans from banks. Unlike the federal loan programs, banks usually charge high interest rates, often expect loans to be repaid before the student graduates, do not guarantee that rates and payment schedules will remain fixed for the life of the loan, and do not offer deferment or forgiveness programs.
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