Scholarships and Other Sources of Money

Click here to visit the Federal Student Aid site.

For undergraduate students with financial need (subsidized) or no financial need (unsubsidized). Your school determines the amount you can borrow.

HOW TO APPLY: Complete the FAFSA.

SUBSIDIZED VS. UNSUBSIDIZED LOANS (WHEN INTEREST IS PAID):

• Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.

• Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (such as grants or scholarships). Interest is charged during in-school, deferment, and grace periods.

INTEREST: Current Numbers Here.

 

PAYBACK: After you graduate, leave school, or drop below half-time enrollment, you will have a six month grace period before you are required to begin repayment. You can apply for an income driven repayment plan.

Click here to visit the Federal Student Aid site.

RESTRICTIONS: Restricted  to the biological and/or adoptive parents, as well as step-parents of a dependent undergraduate student if they are on the FAFSA. The loan is taken out in the parent’s name and cannot be transferred. You cannot have an adverse credit history.

HOW TO APPLY: Typically completing the FAFSA is required as early as possible and a modest credit check. You now have to apply for the PLUS Loan through the new federal loan website under "Parent Borrowers."

AMOUNT OF LOANS: The maximum you can borrow is the cost of attendance (determined by the school) minus any other financial assistance received.

INTEREST:  Current Numbers Here Interest accrues on this loan when it's disbursed to the school.

PAYBACK: The repayment period begins on the date the loan is fully disbursed. Parents can request a deferment while their student is enrolled in school at least half-time. Interest does accrue from the time of full disbursement.

To learn about the differences between Private Loans and Federal Student Aid, click here.

HOW TO APPLY:  Issued by a private lender like a Bank or Credit Union. May require an established credit report and a co-signer.

AMOUNT OF LOANS:  You must check with institution you are applying with.

INTEREST:  Varied interest rates. Varied fees usually dependent on your credit score and other factors.

PAYBACK :  Many private student loans require payments while you are still in school. You need to make sure there are no prepayment penalty fees. These loans normally do not have any forgiveness options.

CO-SIGNERS:  This is the student's debt, but if you co-sign, it is counted as your debt too!

Some colleges and states have their own loan programs so check the individual institutions for information. 

When:  Research as you are applying to colleges.

Cooperative education programs at universities have students spend part of their time in the classroom and part of their time working in a corporation or lab doing closely supervised, paid work related to their field of study. The earnings from participating in a co-op program can play an important role in off-setting the cost of one’s education.

Students in cooperative programs often graduate with four or more semesters of real-world work experience. This work experience can be very valuable in helping recent graduates to find jobs, too.

More Information:

Here is US News’ list of the top co-op programs. College websites, for these ten schools as well as other colleges that offer co-op programs, will further detail the programs. Drexel University lists co-op cycles, locations and employers to give you a snapshot of a co-op program.

When:  As you would apply for college

One way to help pay for college is to sign up for a ROTC program. When you sign up for ROTC, you are committing to participate in training during college, plus anywhere from 3 -10 years of military service in exchange for scholarships that will cover part or all of your college expenses. Military service is mandatory, so be sure you are willing to commit to service after college.

Over 1,000 colleges offer some sort of ROTC program, and the Army, Air Force, and Navy each has its own program and requirements (Marines fall under the Navy program, the U.S. Coast Guard does not offer ROTC). You need to be accepted for the scholarship AND be accepted to a school that offers an ROTC program.

Helpful Links:

• Find more information on ROTC & other military options on Fairview's Site
• In-depth discussion of what ROTC programs offer, and what to expect
• US Military information page on ROTC

When:  As you would apply for college

Yes, there actually are some tuition-free colleges! A diverse collection of colleges fall into this category. Typically, work on campus or service after graduation is required. Room, board and other possible expenses are not necessarily free.

Now that you know they exist, please research the options on your own. Here is a short list to get you started:

• College of the Ozarks
• Berea College
• Curtis Institute of Music
• Webb Institute
• Cooper Union
• Alice Lloyd College
• Barclay College
• United States Military Academy (West Point, New York)
• United States Coast Guard Academy (New London, Connecticut)
• United States Naval Academy (Annapolis, Maryland)
• United States Air Force Academy (Colorado Springs, Colorado)
• United States Merchant Marine Academy (Kings Point, New York)

Learn about transferring before you start!

A useful strategy for some students would be to consider starting at an in-state community college to fulfill general requirements, then transfer to a four-year, in-state public college or university for the final two years.

• Resident tuition for one year is approximately $4,000 at Front Range Community College vs. approximately $26,000 at CU Boulder. That does not include the cost of books and lab fees. However, remember to factor in the amount saved by not having to pay for room, board, and other on-campus activity fees.
• Front Range Community College's transfer guides and agreements is a great resource to ensure credit for courses completed.
• Be aware that while many classes at Colorado community colleges are listed as “guaranteed transfer,” that does not mean they meet the degree requirements of a particular four-year institution or major. Be sure the university you plan to transfer into considers the community college course to be of “academic equivalence.”
• Most Colorado universities, and many other schools, use the online planning tool Transferology, which shows if courses are likely to transfer between institutions. This is a place to start, but is not a guarantee. Always verify with the school you are planning to transfer into.

Helpful Links:

• US News & World Report:  5 Reasons to Attend a Community College
• Colorado Community College System Website
• CollegeBoard on Community College

Information about transferring credits:

• to University of Colorado, Boulder
• to Colorado State University, Fort Collins
• to University of Northern Colorado

Ideal Start:  Fall of senior year

What it is:

WUE (pronounced “woo-wee”) is a regional tuition-reciprocity agreement offered through the Western Interstate Commission for Higher Education (WICHE) that enables students to attend school at a participating college outside of their home state at a reduced tuition rate.

15 WICHE states - Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming. If you are a resident of one of these states, you are eligible to request a reduced tuition rate at participating two and four year college programs in any of the other states. This can be a significant reduction in tuition compared to the non-resident tuition rate. www.wiche.edu/wue

What it isn't:

WUE is not all encompassing!

• Search the WUE database to see which institutions participate, and which programs they have available. Currently, around 150 public institutions participate in WUE; not all public institutions in every WICHE state participate in the program.
• Some institutions have opened their entire curriculum on a space-available or first-come, first-serve basis. However, institutions have the option of excluding certain high-demand majors from the WUE program.
• If you enroll through WUE under a specific major and then later change your major, you may lose your WUE discount if you change your major to a WUE-ineligible major.

Eligibility:

To be eligible for WUE, students must be a resident of a WICHE state listed above.

Most colleges and universities also have additional criteria such as ACT/SAT test scores or high school GPA. Many institutions limit the number of new WUE awards each academic year, so apply early! Consult each institution’s profile for admissions requirements and application deadlines.

Most institutions don’t make you reapply each year, but some do; check directly with your enrolling institution to find out what the rules are. In all cases though, WUE students must maintain good academic standing to keep their discounted tuition rate.

How do I apply to get the reduced tuition rate?

Apply for admission directly to the WUE institution(s) of your choice. There is no general WUE application. For online applications, check the WUE box and if there is not one provided, contact the school admissions office on how to apply for the WUE discounted rate. You may need to apply for the WUE rate through their scholarship or financial aid office. 

How much can I save with WUE?

Savings under WUE depends on the resident and non-resident tuition of each institution. Please visit the WUE Website to see which institutions participate and what the savings might be. 

When: learn the details well before relying on this plan!

One strategy students often consider is to move to another state and establish residency there to get in-state tuition rates. Generally, it’s not so easy to do! Each state has its own policies. The university may have final say in determining whether you are really “in-state”.

A resource to help you determine residency requirements by state is the FinAid website. At the bottom of this Financial Aid page is a list of states and colleges with links to their requirements. Also, each individual college will have their residency requirements.

There are some exceptions to the rule, however. Some schools will waive in-state requirements for certain situations. It may be worth further research if any of the following apply to you:

• Children of first responders killed or permanently disabled in the line of duty
• Military personnel
• Orphans
• Students with dependents other than a spouse
• Teachers
• Government employees

Another factor to consider - if your family moves to another state in your junior or senior year of high school, you may still be eligible for in-state tuition in your “old” state.

When: when saving for college or paying qualified tuition or loan interest

Taxes matter! Taxation on income from both wages and investments may be one area in which you or your family can save money as you save and pay for higher education.

Tax Savings on Investment Interest

Earnings from Section 529 plan investments are not subject to federal tax and generally not subject to state tax when used for the qualified education expenses of the designated beneficiary. Qualified expenses are tuition, fees, books, as well as room and board. You can read more about this at the IRS website,

Tax Credits

Tax credits may offer significant financial help. The two types of credits offered are the American Opportunity Credit and the Lifetime Learning Credit. Refer to this federal web-site for a comparison of Tax Year Education Credits and Tuition Deduction.

The American Opportunity Credit (AOTC) is a credit for qualified expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. The AOTC has student eligibility requirements, income limits and special tax forms to include with your income tax return. Look here for more information and talk with a tax advisor.

The Lifetime Learning Credit (LLC) is for qualified expenses paid for eligible students enrolled in an eligible educational institution. There is no limit on the number of years you can claim the credit and is worth up to $2,000 per tax return. The LLC has student eligibility requirements, income limits and special tax forms to include with your income tax return. Look here for information and talk with a tax advisor.

NOTE: NO DOUBLE-DIPPING! You can't take more than one education benefit for the same student and the same expenses. This article explains more about qualified education benefits.

Student Loan Interest Deductions

Another tax benefit that some people qualify for is the Student Loan Interest Deduction. Read about it at irs.gov.

There are loan and student qualifications and income limitations for the deduction allowed from the income. Please click on the above link for the IRS website for complete information and consult a tax adviser.

 

Disclaimer: We hope this information has been useful. It is intended to introduce families to some things to consider when looking into tax savings. Please note that this was written by a volunteer who is not an expert in this field. Fairview High School provides this resource but can't guarantee accuracy and encourages you to consult with an expert for more information.

Click here to visit the Federal Student Aid site.

For undergraduate students with financial need (subsidized) or no financial need (unsubsidized). Your school determines the amount you can borrow.

HOW TO APPLY: Complete the FAFSA.

SUBSIDIZED VS. UNSUBSIDIZED LOANS (WHEN INTEREST IS PAID):

• Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.

• Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need. Eligibility is determined by your cost of attendance minus other financial aid (such as grants or scholarships). Interest is charged during in-school, deferment, and grace periods.

INTEREST: Current Numbers Here.

 

PAYBACK: After you graduate, leave school, or drop below half-time enrollment, you will have a six month grace period before you are required to begin repayment. You can apply for an income driven repayment plan.

Click here to visit the Federal Student Aid site.

RESTRICTIONS: Restricted  to the biological and/or adoptive parents, as well as step-parents of a dependent undergraduate student if they are on the FAFSA. The loan is taken out in the parent’s name and cannot be transferred. You cannot have an adverse credit history.

HOW TO APPLY: Typically completing the FAFSA is required as early as possible and a modest credit check. You now have to apply for the PLUS Loan through the new federal loan website under "Parent Borrowers."

AMOUNT OF LOANS: The maximum you can borrow is the cost of attendance (determined by the school) minus any other financial assistance received.

INTEREST:  Current Numbers Here Interest accrues on this loan when it's disbursed to the school.

PAYBACK: The repayment period begins on the date the loan is fully disbursed. Parents can request a deferment while their student is enrolled in school at least half-time. Interest does accrue from the time of full disbursement.

To learn about the differences between Private Loans and Federal Student Aid, click here.

HOW TO APPLY:  Issued by a private lender like a Bank or Credit Union. May require an established credit report and a co-signer.

AMOUNT OF LOANS:  You must check with institution you are applying with.

INTEREST:  Varied interest rates. Varied fees usually dependent on your credit score and other factors.

PAYBACK :  Many private student loans require payments while you are still in school. You need to make sure there are no prepayment penalty fees. These loans normally do not have any forgiveness options.

CO-SIGNERS:  This is the student's debt, but if you co-sign, it is counted as your debt too!

Some colleges and states have their own loan programs so check the individual institutions for information.