Are you looking forward to going to college or university in 2022? Now is a great time to consider applying for scholarships that are available to support you in pursuing your education. First, let's look at the big picture of how to pay for college from the Consumer Finance Protection Bureau and then consider the different local organizations and colleges/universities that offer scholarships.
What are the different ways to pay for college or graduate school?
provided by the CFPB at https://www.consumerfinance.gov/ask-cfpb/what-are-the-main-differences-between-federal-student-loans-and-private-student-loans-en-545/
You should exhaust scholarships, grants, and federal student loans before taking out a private student loan.
You have a choice about how you pay for your education. Understanding your choices can help you make the right decision for your situation.
Search for scholarships and grants.
Grants and scholarships are often are a type of financial aid that does not have to be repaid. Grants are often need-based, while scholarships are usually merit-based.
Look for scholarships and state and local grants using one of the many free scholarship search options available. Do your research and apply by the deadlines.
If you must borrow to cover the cost of your education, apply for federal student loans.
It is best to max out your federal student loans before you borrow any private student loans.
There are important differences between federal student loans and private student loans:
Federal student loans can be better for students in several important ways:
- In some cases, the federal government will subsidize - pay the interest on - your federal student loan while you are in school.
- Your interest rate for a federal student loan is generally fixed, not variable. Private student loans can have fixed or variable-rate interest rates. A variable rate means that your interest rate and your payment can change.
- Federal student loans allow you to enroll in a repayment plan based on your income. This limits the amount you must repay each month based on your income.
- Loan forgiveness on federal student loans may be available after 10 years working in public service.
You must complete the FAFSA to be eligible for any federal student loans, work-study , or grants. Read more
If your grants, scholarships, and federal student loans are not enough to cover the cost of your education, you should consider other options.
- Cut costs. Consider getting one or more roommates or a part-time job.
- See what your family can contribute. Your parents may be able to get tax credits for their contributions.
Shop for a private student loan only after you have exhausted all other options
Private student loans are any student loans that are not federal student loans. These loans do not offer the flexible repayment terms or protections provided by federal student loans. Private student loans are not funded or subsidized by the federal government. Private student loans are funded by banks, credit unions, state loan programs, or other types of lenders.
You generally should turn to private loans only after you have explored all other grant, scholarship, and federal loan options. Private student loans generally have variable interest rates, which can reset every month or quarter, causing your monthly payments to change.
Local Scholarships:
- Scholarships available at Front Range Community College
- CU Boulder Scholarships
- Longmont Community Foundation Scholarships
- Elevations Credit Union Scholarships
- Trade School Scholarships: Business, Computer Technology, Health, and Manufacturing/Auto/Construction
- Colorado Women's Education Foundation
Other Education Resources:
- Contact the Education Opportunity Center:
The Educational Specialist Larry Porter at the Educational Opportunity Center is able to help with the Financial Aid Application process. Please contact at larry.porter@ccd.edu or (303) 352-8746.
- Federal Student Aid
- Education tips from America Saves
ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM
The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at pieprogram@bouldercounty.org. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.
