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3 Simple No-Stress Steps to Paying for College
Navigating the cost of higher education can be overwhelming, but you don’t have to do it alone. Whether you’re just getting started or looking to fill in the funding gaps, this simple guide can help you understand your options to confidently pursue your dreams.
Start with “free” money.
The most cost-effective way to fund college is with scholarships and grants that do not need to be paid back. Begin your search ASAP since application deadlines often vary. Your goal is to find scholarships where you meet eligibility requirements that might include:
- Academic or athletic achievement
- Ethnic, religious, or national background
- Community service or organization involvement
Sallie Mae’s free Scholarship Search tool helps to quickly match your unique strengths and interests with millions of scholarships worth billions in potential aid. Also, seek out opportunities from local organizations and community foundations, as these sources may offer less competitive scholarships tailored to your talents or background.
Another option is employee tuition reimbursement. An increasing number of large companies reimburse employees for tuition paid toward approved postsecondary coursework. Speak with your company’s human resources department to see if this option is available.
Complete the FAFSA®.
Next, apply for federal, state, and institutional aid by submitting the Free Application for Federal Student Aid (FAFSA). This single form opens access to various types of financial assistance, including need-based grants and low-cost federal student loans. While the federal submission deadline is typically June 30 for the upcoming academic year, many states and colleges have their own FAFSA deadlines, which may be earlier than the federal deadline.
To maximize eligibility, file your FAFSA as early as possible each year. Meet with your school’s financial aid office for further guidance.
Consider private student loans.
After you’ve explored scholarships, grants, and federal aid, private student loans may help fill any remaining funding gaps. As your trusted financial partner, we’re proud to offer education financing options through our partnership with Sallie Mae®. This private loan lender offers responsible loan options for students pursuing education at all postsecondary levels.
Sallie Mae student loans feature:
- No origination fees or prepayment penalties
- Competitive fixed and variable interest rates
- Multiple in-school repayment options
Whether you’re pursuing a bachelor’s degree, career training, or a professional credential, Sallie Mae’s loan options, including the Smart Option Student Loan® and specialized graduate loans, are designed to meet your needs.
Undergraduate and career training students
Smart Option Student Loan
Pay for your bachelor’s, associate’s, or certificate expenses at a degree-granting school or for professional training and trade certificate courses (culinary, technical, etc.) at a nondegree granting school.
Graduate
Graduate School Loan
Pay for expenses as you pursue your master’s and doctoral degrees.
MBA Loan
Pay for your business school expenses as you pursue your Masters of Business Administration degree.
Medical School Loan
Pay for your medical degree expenses in allopathic, general, osteopathic, podiatric, radiology, sports, and veterinary medicine.
Dental School Loan
Pay for your dental degree expenses in general dentistry, endodontics, oral and maxillofacial surgery, orthodontics, pediatric dentistry, periodontics, and prosthodontics.
Graduate School Loan for Health Professions
Pay for your health professions degree expenses in allied health, nursing, pharmacy, and other graduate-level health programs.
Law School Loan
Pay for your school and associated expenses as you study for your law degree.
Learn which loan is right for you
Borrow responsibly.
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
These loans are made by Sallie Mae Bank. Credit Union of Colorado is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.
Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply. Explore additional eligibility information about each product.
Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
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