Tag: Federal Financial Aid

How to Spend Your Student Loan Money

Posted on by Melanie Datu
student loan money

What can you use student loans for? It’s that time of the year when students start to receive their financial aid refunds. This typically occurs when students have either secured enough money through grants and scholarships to cover their tuition and fees, or they have borrowed more student loan money than they actually needed.

What Can You Use Student Loans for?

If you fall into the second category, don’t rush out and spend that money just yet. Unlike the money you may have received from a scholarship or grant, your student loan money will eventually need to be paid back. I know it can be tempting to splurge a little, especially if you have been strapped for cash the last few weeks, but trust me when I say you’ll regret it after graduation.

Why? Student loans carry substantial principal and interest payments which can come back to haunt you later if you’re not careful and don’t budget accordingly. If you find you have a little extra money coming back to you this semester, here are few do’s and don’ts to consider when deciding how to spend your student loan money.

Do use your money to…

  • Purchase food for your dorm or apartment.
  • Pay housing or rental fees and room and board. 
  • Cover your books and supplies for the semester.
  • Pay for transportation or vehicle maintenance.
  • Cover your utilities and other necessary living expenses.
  • Pay tuition and fees for the summer semester.

Don’t use it to pay for…

  • A weekend getaway to Las Vegas.
  • Drinks for everyone at the club.
  • The new spring collection at Forever 21.
  • Pizza for the entire dormitory.
  • Black lighting and a disco ball in your dorm room.
  • Concert tickets to your favorite bands.
  • Spring Break in Cancun.

It’s never a wise idea to use your student loan money to cover items that aren’t necessary for your education or daily living expenses. Why pay for a gym membership when you can use the campus facilities for free? There’s no need to purchase cable or satellite television, or splurge on the newest MacBook Pro, when there are more practical alternatives. Set a budget for yourself and stick to it.

Any additional funds you may have can be saved for future semesters, or you can start making payments on your current loans. You can even have the financial office reduce your federal or private loan if you know you won’t need the entire amount.

Some expenses may seem trivial, but they do add up.  For instance, if you spend $40 a week on fast food, over the course of four years that could add up to around $2,000. With a student loan interest rate of 6.8%, you’ll end up paying an additional $750 over the term of your loan (based on a 10-year repayment term).

If you extend your payments at any time, you’ll be paying even more. Be smart and follow these two simple guidelines: borrow only what you absolutely need, and restrict your spending to “needs” and not “wants.” If you don’t, you could be graduating with a lot more than just your college degree.

 

Being a Student Loan Cosigner Can Be Risky

Posted on by Melanie Datu

Last night, my daughter ran into my room brimming with excitement about a theatre school in New York City that she absolutely must attend next year. Being the proud ‘drama mama’ that I am, I didn’t simply shoot her down. Instead, we paid a visit to the school’s website. Everything looked amazing, but there didn’t seem to be any mention of tuition or fees.

Intrigued, I searched for the ever-elusive Net Price Calculator that schools are expected to post on their websites.

Surely this would tell me what my daughter’s dream school was going to cost me, right? I punched in our income figures, answered a few general questions, and up popped a number that made me suddenly sick to my stomach.

Even after scoring a potential $4,000 scholarship, and taking out the maximum in student loans ($5,500), our responsibility would be a whopping $35,000 per year. Ouch! The number, however, didn’t seem to deter my daughter. She simply turned to me and said, ‘You can cosign on a private student loan with me, right?’

Technically, the answer is yes. My husband and I both have good credit, but should we help finance this expensive dream? Before co-signing on any student loan, whether for your child or a friend, here are some things you should consider, the risks of being a student loan cosigner.

1. History May Repeat Itself

If the person requesting your help to cosign a private student loan has a history of not following through on promises, doesn’t have a history of making good financial decisions, or can’t seem to save any money, you may want to reconsider signing your name to a student loan agreement. Remember, you are equally responsible for paying back the loan. If the borrower fails to make his/her payments on time, you can be sure the lender will come looking for you.

2. Your Credit Could Be Damaged as a Student Loan Cosigner

You may have great credit right now, but taking out a large student loan could make it more difficult for you to take out other loans or credit cards. If you think you may want to make a major purchase, such as a car or a new home, you may not want to co-sign at this time.

Additionally, you must be prepared to have your credit score lowered should the other person fail to make payments on time. It only takes one missed payment to negatively affect your credit score.

3. The Loan Obligation Goes Beyond the Amount Financed

The amount borrowed is not the amount the borrower will end up paying over the life of the loan. Deferment, forbearance and interest can add a hefty amount to the total cost of the loan.

If you become responsible for repaying the loan, you need to consider that your obligation will include the amount borrowed, accrued interest and any other fees incurred during the course of repayment.

4. The Debt Could Hurt Your Relationship

It’s not uncommon for students to default on their loans. If you decide to co-sign on a student loan, you must be prepared to assume that debt if the borrower fails to make their payments.

If you are financially unable to make the payments, it can have serious repercussions. Not only will your credit suffer, but also your relationship with the other person on the loan. I have seen money pull families apart all too often, so think long and hard before you take out any loans you can’t afford to repay.

5. It’s Very Difficult to Remove Yourself From the Loan

Don’t co-sign a student loan with the expectation that you can simply remove your name at a later date. Although most lenders offer a co-signer release, there are some hoops the borrower must jump through first. One, depending on the lender, he/she must make consecutive, on-time payments. This can be as few as 12 months (Sallie Mae) or as many as 48 (SunTrust). In addition, the borrower must provide proof that he/she meets income requirements and has a satisfactory credit score.

There is no guarantee that even after payments are made on a timely basis that the lender will let you out of your commitment. There are even some cases where a borrower has died and the co-signer was still required to pay back the loan. And forget about bankruptcy; it’s nearly impossible to have student loans discharged. If you sign on the dotted line, expect to share the responsibility for that debt until it is paid in full.

Risks of Being a Student Loan Cosigner

Consider These Tips to Safeguard Your Credit

If you feel confident that your child (or other borrower) is responsible and you want to help by co-signing on a student loan, be sure to consider the following safeguards.

  •  Make sure the student exhausts all federal financial aid options including federal student loans before considering a private student loan.
  •  Encourage the student to diligently pursue scholarships and grant opportunities.
  •  Only borrow what is absolutely needed. Play it safe by not taking out more than one years’ anticipated salary (borrower’s) upon graduation. For example, if you expect your child to earn $35,000 at his/her position, don’t borrow more than $35,000 in total student loans while he/she is in college.
  •  Have the borrower sign an agreement that stipulates he/she will repay any missed payments and/or fees you cover over the life of the loan. This way, if you do end up in court, you may be able to recoup some or all of your losses.
  •  Take charge of the student loan payments. It could be months before a student loan servicer or creditor contacts you about missed payments. By then, the damage to your credit score has already been done. Save yourself the trouble by mailing in the payments or submitting them electronically online. In some cases, lenders offer an incentive for using automatic payments.

Although I would love to help my daughter pay for her dream college, taking on a potential debt of $140,000 just doesn’t make financial sense. If she were to default on the loan, we could lose our retirement savings, home and other assets. She may be a little upset with me right now, but I’m confident that we can find another ‘dream’ school that’s a little more within our family’s budget.

Saying no to your child (or a friend) is never easy, but in the end you must do what’s best for your financial security.

 

Parents Who Have Been Denied a PLUS Loan Still Have Options

Posted on by Melanie Datu
PLUS Loan

The PLUS Loan for Parents is a federal education loan program many families utilize to pay for tuition, room and board not covered by financial aid or other loans, such as Direct Student Loans, provided to the student.  In the PLUS Loan for Parents program, the borrower is a parent. However, your application for a parent plus loan denied

A parent can borrow up to a student’s Cost of Attendance minus other financial aid including other student loans.  However, credit is a factor in determining eligibility for PLUS.  As such, not everyone will be approved. While the credit criteria used to determine approval for PLUS are not as stringent as they are for other consumer loans, a parent borrower still needs to meet a few credit-based conditions in order to receive financing.  

If those conditions aren’t met, a PLUS loan denial will be the result.  Don’t give up hope, there are still a few options left open.  We’ll go over each, but let’s start by looking at why you may be denied PLUS loan in the first place.

Denied for Parent Plus Loan

In general, you may be denied if you have adverse credit consisting of any of the following:

  •  Bankruptcy discharge within the past five years
  •  Voluntary surrender of personal property to avoid repossession within the last five years
  •  Collateral repossession within the past five years
  •  Foreclosure proceedings started
  •  Foreclosure within the last five years
  •  Conveying your real property that is subject to a mortgage (by deed) to your lender to avoid foreclosure (deed in lieu of foreclosure)
  •  Accounts currently 90 days or more delinquent
  •  Unpaid collection accounts
  •  Charge-offs/write-offs of federal student loans
  •  Wage garnishment within the last five years
  •  Defaulting on a loan, even if the claim has been paid
  •  Lease or contract terminated by default
  •  County/state/federal tax lien within the past five years
 

In order to determine if one of those conditions applies, a credit check will be performed. If denied, you will receive an adverse action letter with an explanation for the particular reason(s) for the denial.

If you have been denied a PLUS loan, you still have a couple of options you can pursue to pay for your child’s education.

  • Get a cosigner. If you are denied PLUS, you can have someone other than the student endorse (cosign) your loan.  An endorser becomes financially obligated to repay the loan if you cannot.  Most parents turn to another family member to act as an endorser, but you are not limited to having a family member serve in this role.
  •  File an appeal. If you have extenuating circumstances that led to adverse credit and you can document it, you can request reconsideration.  Approval upon reconsideration is at the sole discretion of the U.S. Department of Education.
  •  Ask for additional unsub. If you cannot get someone to endorse your loan or do not have extenuating circumstances, the student may be able to borrow additional funds through the Direct Unsubsidized Student Loan program.  The student will need to contact the financial aid office at their school to determine the correct steps to take to make this request. Freshmen and Sophomores may borrow up to an additional $4,000. Juniors and Seniors may borrow up to $5,000. The school will determine the amount based on how much room is left in the student’s budget (COA minus other aid including loans).
  •  Consider borrowing against other assets. If you were using PLUS as a way to avoid dipping into retirement funds or home equity, those may also be options  you could pursue.  However, we strongly encourage you to seek the guidance of a professional should you move forward with this option.
  • Seek light elsewhere. If all else fails, consider a less expensive alternative or, in the worst case, defer enrollment for a year and work on a budget and plan that includes working and saving toward paying tuition or resolving credit issues.

How Much Do You Get if Denied Parent PLUS Loan?

If a Parent PLUS Loan is denied, the student may qualify for additional Direct Unsubsidized Loan funds. The amount they can receive depends on their academic year:

  • Freshmen and Sophomores may borrow up to $4,000 in additional unsubsidized loans.
  • Juniors and Seniors may borrow up to $5,000 in additional unsubsidized loans.

The school’s financial aid office determines the exact amount based on the student’s remaining Cost of Attendance (COA) after other aid has been applied. Students should contact their school’s financial aid office to initiate the request.

Whenever you borrow, remember to borrow only what you truly need.  Education loans, in most cases, cannot be discharged in bankruptcy and there are expensive consequences for failing to repay.

What to Look For in a Student Loan Cosigner

Posted on by Melanie Datu
What to Look For in a Student Loan Cosigner

If you’re thinking about taking out a private student loan for college, chances are you’ll need a cosigner to get one. Very few students meet the qualifications for securing a loan on their own, so getting your student loans with cosigner may be a necessity.  In fact, “more than 90 percent of private student loans for undergraduate students…require a creditworthy cosigner” according to Mark Kantrowitz of Cappex. There are several student loan cosigner requirements to look into.

A good student loan cosigner cannot only help you secure a student loan, but also obtain a more favorable interest rate. It’s important, however, to understand the risks a cosigner assumes when he or she agrees to help you obtain a loan. He or she will be equally responsible for paying off the debt, even if you don’t finish college.

Should you fail to make payments, your cosigner will be required to not only cover the past due amount, but also any interest fees and other charges that have been assessed. You should only turn to private students loans with a cosigner once you have exhausted all other possible funding sources, such as federal student loans and scholarships. If you do need to pursue a private student loan, you should know who can cosign a student loan and also be aware of the student loan cosigner requirements before asking someone to set up as your cosigner.

What are the Student Loan Cosigner Requirements?

Cosigners for student loans typically need a good credit score, stable income, be in good health and be willing to help you if you are unable to meet your loan payments.

1. Credit History of Cosigner

After the financial and credit crisis of 2008, it became more difficult to qualify for unsecured consumer credit. In the case of private student loans, most borrowers will need a cosigner who has a favorable credit history and a reliable source of income. Your cosigner should have a low debt to income (DTI) ratio, as well as a history of making payments on time.

There are frequently student loan cosigner minimum credit score requirements.  Lenders are more likely to approve your loan if your cosigner’s credit score is 720 or higher. If your cosigner has a credit score between 680 and 720, he or she may still be able to help you secure a loan, but the interest rate will probably be higher.

2. Stability

Along with a good credit history, lenders will also look at the stability of your cosigner. This includes job history, as well as the length of time your cosigner has lived in his or her home.

You’ll want to choose someone who has worked for the same company for at least a year, if not longer, and has verifiable income. The longer he or she has lived in the area, and maintained a steady income, the better your chances are of securing a private student loan.

 

3. Good Health

Believe it or not, the age and health of your cosigner does matter. Maybe not so much to the lender, but it should be something you take into consideration. If you choose a cosigner who is in poor health, or over the age of 65, you may be in for an unpleasant surprise later on.

Why? Some lenders include a clause in your student loan agreement that allows them to demand your loan be paid in full upon the death of your cosigner. Or worse, the lender could place your loan in default, even though you have made all your payments on time.

This can happen automatically, without any notice, and effectively ruin your credit.

4. Relationship to Student Loan Cosigner

You may think that your parents are the only ones who can cosign a loan for you, but that is not the case. Other relatives, including siblings and cousins, as well as a friend or a spouse, may act as your cosigner. Basically, anyone with a good credit history and the willingness to help you could act as your cosigner.

Just remember that this is a binding contract. If you fail to make your payments or default, you run the risk of not only ruining your credit and your cosigner’s, but also destroying your relationship.

It might be a good idea to draft a contract prior to asking someone to act as your cosigner. You could include specific details about how you plan to repay the debt, such as setting up automatic payments, as well as a clause that states you will reimburse any missed payments and/or fees covered over the life of the loan.

It’s not required, but it may give your cosigner some peace of mind. Finally, don’t forget to thank your cosigner for helping you out. It’s a serious commitment to make and one that should not be taken lightly.

Does Applying for Multiple Student Loans Hurt My Credit?

Posted on by Melanie Datu
Multiple Student Loans: Impact on Your Credit

We get this question a lot about “Do student loans hurt your credit”. It’s nice to know that some borrowers and cosigners are concerned about the impact applying to multiple student loans may have on their credit. After all, our good credit allows us to finance important big ticket items like cars and homes and receive better rates on things like car insurance and credit cards.

And, as anyone who has reviewed their credit score after applying for a loan can tell you, your score does decrease somewhat based on how recent the inquiry is. Whether it’s an auto loan or a student loan, credit scores are affected by inquiries. Fair Isaac, the company behind the FICO score, has a pretty good explanation about how borrowers should approach the problem and we’ll show you if student loans do hurt your credit.

Multiple Credit Inquiries for Student Loans

According to Fair Isaac, multiple inquiries for student loans over a period of no more than 45 days will have the same impact as a single inquiry.  Your credit score may or may not be impacted by a single credit inquiry and depends mainly on your characteristics of your credit profile. 

When calculating your score, the important distinction is whether you are “rate shopping” or opening multiple new lines of credit.

The way in which they determine this important difference is to look at the time frame in which the inquiries occur. If they are spread over a longer period of time, it may appear that the purpose of the inquiries is to open multiple accounts. If the inquiries occur over a relatively short period of time, it will look more like shopping for the best rate.

When comparing your private student loan options on our site, you may be tempted to go with the lender that offers the lowest “as low as” rate. If you and your cosigner have excellent credit, that may be good enough. However, if you are unsure, you should apply for multiple student loans to compare the final rates and terms offered by the lenders from which you receive approvals.

To ensure the impact on credit scores is kept to a minimum, Fair Isaac recommends doing your rate shopping over a concentrated period of time. While they recommend doing this over no more than a 45 day period, it would be better to be on the safe side and complete your applications as closely together as you can.

Since most undergraduate and many graduate student borrowers will need a cosigner in order to be approved for a private student loan, it will be important to coordinate closely with the cosigner to ensure both the borrower and cosigner complete their portions of the student loan application in a timely manner.

Shopping for the best rates is what we’re all about here at Education Connection. Compare your student loan options and select one or more loan programs. When you are ready, coordinate with your cosigner during the application process and rest easy knowing your credit score won’t take a hit that’s out of proportion to a normal credit inquiry.

 

How Do You Get Student Loans Without a Job?

Posted on by Melanie Datu
Get Student Loans

With a competitive job market, many people are wondering whether it is the perfect time to attend college. These students are unsure about present and future job prospects along with rising student debt. Also, you may not presently have a job. So you are unsure if you may be eligible for student loans without a job? Learn more about how to receive a student loan without a job.

Can You Get Student Loans Without a Job?

Getting a student loan without a job may be possible when you have a cosigner. A cosigner is someone who may be willing to make your payments. Private lenders will accept this payment arrangement. They are willing take on the financial risk when two people make payments. The recent COVID 19 pandemic has forced many businesses to close and furlough staff. This situation has forced students to worry about paying off their student loan debt. It may also force some students to postpone their college courses until the economy improves.

The U. S. Bureau of Labor Statistics conducted an student unemployment study in January 2020. Unemployed high school graduates made up 3.8 percent of the study. College graduates had a 2.9 unemployment rate during the same month. With these worries, students wonder how they may pay for their college expenses. Student loans without a job could fill in the gaps or pay the entire costs. Students may seek a loan from a private lender. You may also be eligible for federal aid if you qualify. Private loan lenders may offer student loans even if you’re unemployed or if you have bad credit history. Financial aid may be available to those who qualify.

How Do I Qualify for Student Loans Without a Job?

One way to qualify is to have a cosigner. Private lenders take into consideration a person’s employment history and credit history. This information allows lenders to figure out the amount of the loan. A cosigner is anyone who meets the eligibility criteria for the student loans without a job. The cosigner may be your parents, grandparents, or another family member. It may also be a spouse or family friend. The cosigner typically have to meet the following criteria:

Income minimum limits and debt to income ratios may vary between lenders. You may need a cosigner if you don’t have a job. Ensure that the cosigner is someone that you trust.

Can You Get Federal Student Loans and Private Student Loans Without a Job?

Both private and federal aid lenders may provide student loans to unemployed students. You should double check if you meet the eligibility requirements of each lender. 

What Federal Student Loans May You Receive Without a Job?

U.S. Department of Education will not review your credit report. The organization will also not check income history. They provide Stafford loans based on financial need. You also typically don’t need a cosigner. The only exception to this rule is if you plan to take out a Direct Plus loan with poor or no credit history. In these instances, you may need to have an endorser, which is similar to a cosigner.

Types of federal student loans that you may be eligible for if you don’t have a job include:

  • Direct Subsidized Loans: A federal student loan for undergraduate students. You may have to show financial need. The federal government will pay the fixed interest rate for the life of the loan.
  • Direct Unsubsidized Loans: A federal student loan for undergraduate and graduate students. You do not need to prove financial need. This federal student loan usually has fixed interest rates for the life of the loan.

Federal student loans typically have lower interest rates. This option also provides more variable payment options than private loans. You need to fill out a free application for federal student aid (FAFSA). Then you may send it to the eligible financial institution. The eligible financial institution may determine the amount of the federal loans.

 

What Private Student Loans Are Offered to Unemployed Students?

Private student loans may be available for unemployed students. You may need to have a cosigner to receive the loan. Citizens Bank and Sallie Mae may provide student loans. You may also seek out financial loans from a credit union. Private lenders may check your credit history and employment history for loan eligibility.

Other private lenders may check your future income potential instead of doing a credit check. This factor occurs when you don’t have a credit history or a co signor. Lenders understand that you may find employment after college. In this instance, you may be able to obtain one and submit a loan application.

How Do I Repay Student Loans Without a Job?

You may have to repay the personal loan using the funds from a savings account. The cosigner may also make monthly payments for you during your unemployment. Then you can take over the remaining loan amount or repay the cosigner. You could ask for forbearance or deferment for federal student loans. Forbearance may suspend your federal loan payments. The interest will still accrue on the loan as you will need to pay it later. Deferred federal loans will not accrue interest.

You may also qualify for loan forgiveness programs or an income driven repayment plan for federal loans. There might be less private student loan repayment options for unemployed students. Some student loan lenders may offer unemployment protection or economic hardship forbearance. You may check with specific loan servicers and student loan options. They may inform you about the length of their repayment term’s grace period. Also, don’t forget to check the repayment terms in the loan agreement which has the contracted interest rate. 

  • Loan Forgiveness Programs: Loan forgiveness programs may forgive the remaining loan amount. You may have to make a certain number of previous payments to qualify. Private loan providers typically do not offer loan forgiveness programs. Federal loan forgiveness programs include the Public Service Loan Forgiveness Program.
  • Income driven Repayment Plan: An affordable payment program based on your income and family size. The PAYE plan applies to federal loans. Sallie Mae offers a $25 payment option while you’re in school and during the grace period.
  • Unemployment Protection/Economic Hardship Forbearance Programs: Some private lenders may offer deferment or forbearance programs. They’re available if you may experience unemployment or economic hardships. The Citizen’s Bank Student Loan offers deferment options. They may defer interest and payments for 6 months after graduation.

What Other Options May Help Pay for College?

You may try to pursue other financial aid options. Grants and scholarships typically do not need you to pay back the funds if you graduate. Yet, certain grants, such as a Pell Grant, may need repayment if you drop out of college. Other options may include:

  • Waiting to go to college until after finding a job
  • Placing the extra money into a savings bank account until you have enough for college
  • Obtaining a part time job, either online or at a brick and mortar establishment

The pandemic has caused increased economic uncertainty on a global scale. Many students are reconsidering their career options right now. You may select the loan options that best fit your current job goals. Then you could receive the desired degree at a great college.

 

FAFSA: Parent and Student Assets

Posted on by Melanie Datu
FAFSA: Parent and Student Assets

Reporting Assets on the FAFSA

The FAFSA requires you complete sections regarding your family’s assets and net worth of investments. Many families are confused about what they should and should not include when responding to these questions. Here’s a simple breakdown of what you should and should not include.

What are Student Assets on FAFSA? What are Parent Assets on FAFSA?

Cash, Savings & Checking Account Balances

When asked to list your (and your spouse if applicable) and your parents’ (if applicable) current cash, savings, and checking account balances…DO respond with the combined amounts as of the date you are filing the FAFSA.  These cover parents assets on FAFSA. 

They ask you to report cash because some families actually keep sizable amounts of cash in safe deposit boxes or otherwise outside of banks.

Is a CD Considered Savings for FAFSA?

Yes, a certificate of deposit (CD) is considered a reportable asset on the FAFSA. Since CDs are liquid financial assets, they must be included under the “net worth of investments” section. When reporting, the value of a CD should reflect its current balance as of the FAFSA filing date.

Net Worth of Investments – Considered Assets

This is where the FAFSA gets tricky and sometimes confusing. DO include the following investments:

  • Real estate other than the home you live in
  • UGMA and UTMA accounts
  • Money market funds
  • Mutual funds
  • Certificates of deposit (CD’s)
  • Stocks
  • Stock options
  • Bonds
  • Other securities
  • Installment and land sale contracts including mortgages held
  • Commodities investments (gold, silver, etc)
  • Qualified educational benefits or education savings accounts such as Coverdell savings accounts, 529 college savings plans, the refund value of 529 prepaid tuition plans

DON’T include these investments as assets on the FAFSA:

  • The equity available in the home you live in
  • The value of life insurance
  • The value of retirement plans such as 401k plans, pension funds, annuities, non-education IRAs, Keogh plans, UGMA and UTMA accounts for which you are the custodian but not the owner

You will also be asked about the value of your businesses and investment farms. Business and/or investment farm value includes the market value of land, buildings, machinery, equipment, inventory, etc. However, business/farm value does not include the value of a small business your family owns and controls more than 50% if that business has fewer than 100 full time or full time equivalent employees.

Also, the value of a family farm does not include a family farm you (your spouse and/or your parents) live on and operate.

Remember also that the FAFSA is asking for net worth of investments–the value of the investments minus any debt owed against them. Debt here means only debt owed against a particular investment or in the case of a business or farm where the business/farm was used as collateral to secure the debt.

 

8 Adult Scholarships for Adults Returning to School

Posted on by Venessa Regali

Can Adults Get Scholarships? 

There are scholarships for adults returning to college after a gap. Adult scholarships may offset the cost of tuition, fees, and books. Even childcare. 

These awards are for many types of adults. Ones who did not earn a degree. Or, are “independent” per federal financial rules. Some awards help adult learners by funding a two year or four-year degree. So, you may have past credits to use. Or none at all. 

Others are for adults who want to enter or reenter the workforce. These may help finance a certified trade, professional, or technical program. 

Many adult scholarships are for the nontraditional student. Or, an adult who 

  • Is 24 years and over
  • Earned a GED or certificate but not a high school diploma 
  • After high school, delayed going to college 
  • Has family and financial limits  
  • Works full time  
  • Attended college but part time

Most college applicants are high school graduates. Data from the Current Population Survey (CPS) shows that the percentage of individuals aged 25 and over with a bachelor’s degree or higher increased from 30% to 38% between 2023 and 2033. In 2023, the percentage ranged from 48% for Asians to 20% for American Indian/Alaska Native individuals. However, adult students often face financial challenges when returning to school, making loans less ideal. Scholarships are grants, meaning you don’t have to repay the money as long as you adhere to the terms. 

How to Find Scholarships for Adults Going Back to School

Searching for scholarships for adults going back to school can feel overwhelming, but there are many resources available to help. Start by exploring scholarship databases, college financial aid offices, and nonprofit organizations that support adult learners. Many employers also offer tuition assistance programs, and local community foundations may have scholarships specifically for returning students. Additionally, professional associations in various industries often provide funding opportunities for those pursuing career advancement through education. Taking the time to research and apply for multiple scholarships can significantly reduce the financial burden of going back to school.

Types of Adult Scholarships 

Any scholarship comes with rules about who can apply. And adult scholarships are the same. Some awards are for adults who are also part of a group. Adult women in STEM, for instance. Or single parents. Others are set aside for specific ages, or stages of study. Like adults ‘over 35’.

Here are a few of these types of adult scholarships. What they award. And, how to apply. 

Federal Financial Aid for Adult Students 

Pell Grants are for undergrads with high need. So, while an adult, you may still qualify. To know if you are eligible, you submit a FAFSA. Or, Free Application for Federal Student Aid.

The form becomes available on October 1st for the upcoming school year. It serves two purposes: determining your family’s income and comparing it to your college’s attendance cost. Award amounts may change each year, but until June 2024, the maximum is $7,395. 

Reentry Scholarships 

Reentry scholarships are designed to support adults who have taken a break from education and now wish to return to college. These scholarships often have specific eligibility criteria, such as an age range typically between 25 and 50 years old or a specific time frame of being out of school, such as two or five years. However, age is not the sole determining factor; applicants are usually required to demonstrate both academic promise and financial need to be considered for these scholarships.

Scholarships for Single Parents 

Numerous scholarship providers understand the challenges faced by single moms or parents – balancing work, finances, and raising kids. As a result, they allocate scholarships to those in dire need. A prime example is Helping Hands for Single Moms (HHSM), which assists low-income single moms in pursuing a college education to achieve financial independence and build a positive family legacy. 

Top Adult Scholarships for 2025 and Beyond

Here is a sampling of 8 scholarships for adult learners. Check out the criteria and apply before the deadlines.

1College Jumpstart Scholarship

College Jumpstart Scholarship is an annual merit award. It pays $1,000 and as a nontraditional student, you can apply. Winners can use the money for any accredited school. So, a two or four year degree. Technical or vocational school.

Amount:750

Deadline: October 17, 2025

Requirements: To apply, you must be a US citizen. You must also commit to use education to better your life. 

2Adult Skills Education Program

Imagine America Foundation offers a national aid program. ASEP, or Adult Skills Education Program. The program is available at about 400 career colleges. It offers a single tuition grant of $1,000. And you can use at partner schools to offset costs of job training.

Amount: $1,000

Deadline: Varies

Requirements: Check site to see requirements for eligibility.

3PEO Program for Continuing Education

Each year the PEO Sisterhood offers awards to women. One is the PCE. Or, PEO Program for Continuing Education. The PCE is a need based grant. It pays up to $3,000 and the number of recipients varies. An aim of the PCE program is to help women go back to school. And gain marketable skills.  

Amount: $3,000

Deadline: Varies

Requirements: Applying for the PEO awards doesn’t require PEO membership, but non-members need to find a chapter sponsor and meet award criteria. One of the requirements is demonstrating non-student status for 24 consecutive months.

4Osher Reentry Scholarships

Osher Reentry Scholarships are available at partner colleges. They are in 50 states and Washington DC. The awards help adults age 25 to 50 resume a bachelor’s degree. So, many have been out of school for 5 years or more. The number of Osher scholars changes each year. But the awards are renewable. And amounts go up to $50,000.

Amount: up to $50,000

Deadline: Varies

Requirements: To get an Osher award, you need to show a mix of financial need and promise.  

5Executive Women International Scholarship

Founded in 1938, EWI brings women in business together. To do this, EWI partners with colleges and local chapters to offer scholarships. One is the ASIST scholarship for adults in transition. There are 13 such awards and they range from $2,000 to $10,000. Another is the EWISP scholarship for high school seniors. It awards over $2,000 in college aid each year.

Amount: $2,000 – $10,000

Deadline: Scholarship program will resume at the beginning of 2024 

Requirements: To apply, you need to find a local chapter. Like the one in Tampa, FL and apply. 

6American Legion Auxiliary Nontraditional Student Scholarship

American Legion Auxiliary (ALA) helps veterans, military and their families. To further this mission, they offer scholarships to members. The Nontraditional Student Scholarship is an annual award. It goes to a single recipient and pays $2,000.

Amount: $2,000

Deadline: March 1 

Requirements: To apply, you may either be pursuing a two or four year degree. Or, training in a certified trade, professional or technical program.

7ATHENA Adult Scholarships

The Chamber Foundation helps Hudson Valley residents pay for education. One of their programs is the ATHENA Adult Scholarship. It is an annual award and pays $1,500.

Amount: $1,500

Deadline: June 1 

Requirements: To qualify you need to be both female and live in Dutchess County. You also must be a high school or college grad, out of school for at least 5 years.

8Courage to Grow Scholarship

The Courage to Grow Scholarship is a $500 award. It goes to one person each month. And is easy to apply to. 

Amount: $500

Deadline: July 31

Requirements: To do so, you must explain in 250 words or less why you deserve to win. You also need to be a US citizen. Applicants can be either a junior or senior in high school or college student. But need a GPA of 2.5 or better. 

Guide Schools & Scholarships for Students with Disabilities

Posted on by Venessa Regali

Facing challenges such as learning obstacles, physical differences, hearing loss, or vision impairment can make daily life more demanding. Moreover, pursuing higher education may present additional difficulties for individuals with disabilities. Fortunately, students in such situations have various support options to explore, which can aid them in navigating college life and managing associated expenses. Scholarships, specifically designed to assist those with disabilities, can be a valuable resource in this regard. In this article, we will explore the significance and benefits of scholarships for students with disabilities and how they can make a difference in their academic journey.

Rights of Students with Disabilities

Students with disabilities are entitled to several legally protected rights. While some are aware that these rights encompass protections against discrimination in the workplace and access to services during elementary and high school, not everyone realizes that they also extend to college students. Consider these acts.  

The Rehabilitation Act of 1973. This is a crucial act that prohibits discrimination based on disability in schools that receive federal funds. This anti-discrimination provision can be found in Section 504, which also grants students the right to create 504 Plans during their elementary and high school years. It’s important to note that if a school accepts federal grants, it is legally obligated to adhere to this rule. 

Americans with Disabilities Act. The (ADA) is a significant piece of legislation. Under Title II of the ADA, individuals with disabilities are protected from discrimination by state and local governments, including public colleges and universities. Meanwhile, Title III requires public places, including schools, to provide necessary accommodations for disabled individuals, such as ensuring wheelchair accessibility. It’s worth noting that Title III also extends its protection to private schools that are not subject to Title II.

Does Your Condition Qualify? 

Many disabilities may qualify under Section 504 or the ADA. However, not all do. The ADA defines a disability as “as a physical or mental impairment that substantially limits one or more major life activities.” The Rehab Act defines it as “has a physical or mental impairment which substantially limits one or more major life activities.” The act further explains that this can include loss of a body part, neurological conditions, mental and psych disorders, and even endocrine disorders. 

So does your disability qualify? Here is a list of disabilities that may be protected by one or both of these laws. It may not be exhaustive, so students may wish to talk to a disability rights advocate to determine if they have protection:

  • Deafness or hearing loss 
  • Blindness or vision loss 
  • Medical conditions like diabetes, cancer, HIV infection, or epilepsy 
  • Autism 
  • Dyslexia, ADHD and other learning disabilities 
  • Intellectual disabilities 
  • Missing limbs 
  • Multiple sclerosis 
  • Muscular dystrophy 
  • Bipolar disorder, schizophrenia, and other psychological conditions 
  • PTSD 
  • Mobility problems 
  • OCD 
  • Cerebral palsy 
  • Tourette’s Syndrome and other neurological disorders

Telling the School About Your Disability

To receive the necessary support from your school, it’s important to disclose your disability. If you’re seeking financial aid related to your disability, proper documentation may be required. Fortunately, financial assistance is available to those who qualify. Here are some useful tips to help you along the way:

Discuss Your Need with the Admissions Professional

Initiate a conversation with your admissions counselor, informing them about your disability and any accommodations you may require. They can guide you to the appropriate resources within the school. 

Submit Medical Documentation

Obtain relevant documents from your doctor that confirm your disability. These documents may be necessary for both the school and any scholarships you apply for.

Submit High School Plans for Services

If you had an Individualized Education Plan (IEP) or Section 504 plan during high school, consider submitting them to the school. While they may not replace proof of disability, they can provide insight into the assistance you may need. 

Ask for Help Early

Request assistance and submit the required documents early in your application process. This allows the school sufficient time to evaluate the accommodations you may require and gives you the opportunity to obtain additional documents if necessary. 

Distance Learning with a Disability

Distance learning can be highly beneficial for students with special needs as it offers the opportunity to take classes from the comfort of their homes using a computer. This setup allows for breaks and flexibility in scheduling, catering to individual requirements. Moreover, the challenges of physical accommodation on campus or the difficulties of travel with a disability are eliminated.

Despite its advantages, distance learning may pose certain challenges for students with special needs. Some schools may not always be readily equipped to assist online students effectively. Additionally, not all distance learning platforms are designed to be disability-friendly. To address these issues, schools must ensure the use of technology that is compatible with assistive devices, such as readers for visually impaired students or closed captioning for those with hearing impairments. Making distance learning accessible to all students is essential for promoting inclusive education. 

Helpful Accessibility Apps

Some apps can help make it easier for students with unique needs to pursue their education. Consider these:

  • Speak It! This text to speech app lets non-verbal students type words the app speaks for them. 
  • Dragon Anywhere. This app helps students who struggle to write. It translates spoken words into written text. 
  • Talking Calculator. This app turns the phone into a talking calculator, which works great for visually impaired students. 
  • Voice Dream Reader. This tool scans text and reads it to the student, which helps students with reading and vision challenges. 
  • Petralex. This app amplifies sound for hearing impaired individuals. 

Federal Disability Benefits That Could Help Pay for College

Students who are recipients of Social Security Disability benefits can continue to receive them even while attending school. However, it’s important to note that SSDI is typically provided to individuals whose disabilities prevent them from working. The Social Security Administration may assess whether a college student who can attend classes is also capable of holding a job. While students who reside with their parents and are enrolled full-time in college may still qualify, others might not meet the eligibility criteria. If you receive SSDI, you have the flexibility to utilize the payment for various expenses, including college-related costs. 

The Importance of Financial Aid for Students with Disabilities

Living with a disability can result in increased expenses, as regular doctor’s appointments and the need for assistive devices can add to daily living costs. However, financial aid can provide crucial support for students with disabilities, enabling them to overcome these challenges and pursue their educational aspirations. It’s important to note that financial aid options are available for those who meet the qualifying criteria, offering valuable assistance in managing the financial burden and making education more accessible for students with disabilities. 

Getting Help with Your Scholarship and Financial Aid Form

For students seeking assistance with filling out scholarship applications, FAFSA, or other financial aid forms, reaching out to the financial aid office at their school or their high school’s guidance counselor is advisable. These professionals are equipped to offer the necessary support and guidance needed to navigate the application process successfully. 

Other Financial Aid Options for Students with Disabilities

Students with disabilities have the opportunity to apply for various types of federal student aid to assist with their higher education expenses. The U.S. Department of Education offers federal student loans and grants that can provide essential support to eligible students. Some of the available options include: 

  • Federal Pell Grants. These are based on financial need and often do not have to be repaid. 
  • Federal Supplemental Educational Opportunity Grant. This grant is open for undergrad students with extreme financial need. It often does not need to be repaid. 
  • Federal Stafford Loans. These are based on financial needs and often do need to be repaid. 
  • Federal PLUS Loans. These are loans made to parents based on the family’s financial needs. 
  • Work-Study Programs. These programs pair students who are U.S. citizens and Permanent Residents with jobs that may help them pay for school. 
  • State Vocational Rehab Services. Many states have a VR office that helps disabled individuals prepare for work. This might include college level training.

Additional Resources

Students with disabilities who need additional help with school or want more info about potential scholarships should contact these groups.

  • American Association of People with Disabilities. AAPD has a wealth of resources for disabled students. They have advocates who argue for disability rights and support networks for people with disabilities. Students can take part in summer internships.
  • Easter Seals. Easter seals help adults and students with disabilities find services. They can also assist with getting students properly diagnosed. 
  • The Arc. The Arc serves people and families touched by intellectual and developmental disabilities, including 100 different diagnoses. This advocacy group provides employment programs and education support. 
  • Special Needs Alliance. This network of attorneys provides help for students and adults with a documented disability who need to understand their rights under the law. 
  • Comprehensive Transition Programs. These programs give students with intellectual disabilities help with the entire college process, from admissions to coursework. This is a federally funded program that students apply for through the participating school. 
  • National Center for Learning Disabilities. The NCLD provides help, support, and funding for people living with learning disabilities.

Scholarships for Students with Disabilities

If your disability qualifies for financial aid programs, there are a number of scholarships for students with disabilities to consider to help you pursue your career goals. These scholarship opportunities are a good place to start for financial assistance. 

Attention Deficit Disorder

  • Rise Scholarship Foundation Inc. This scholarship offers a $2,500 scholarship to students with ADHD or ADD who also have one additional learning disability. This scholarship is awarded annually and requires applicants to maintain a 2.5 grade point average.
  • Anne Ford Scholarship. This scholarship provides an annual award of $2,500 for four years. It is available to eligible high school senior students with ADHD or another documented learning disability. To qualify, students must be enrolled in a full-time, four-year degree program at an accredited school. The application deadline typically falls in the fall. 

Autism Spectrum

  • Avonte Oquendo Memorial Scholarship for Autism. was established in memory of an autistic boy who went missing in 2013. The Perecman Firm, a law firm, initiated this scholarship, offering $5,000 annually to autistic individuals or family members of someone with autism. The application deadline is July 31.
  • Kelly Law Team Autism Scholarship. Open to all individuals with autism, offering two $1,000 awards from the firm. To apply, candidates need to submit an essay detailing how they would utilize the scholarship. The selection process involves online voting, and the essay with the most votes receives the award. The deadline for essay submissions is December 20.
  • Making a Difference for Autism. This scholarship is available for both high school and college students with autism. This $500 scholarship is awarded multiple times throughout the year, and students have the opportunity to apply more than once. The application deadline is in April.
  • Organization for Autism Research. This offers a $3,000 award for students on the autism spectrum who are enrolled as full-time students. The next application cycle is set to open in December 2023.
  • Dan Archwamety Scholarship. This offers a $3,000 award for students on the autism spectrum who are enrolled as full-time students. The next application cycle is set to open in December 2023.

General Disabilities

  • INCIGHT Scholarship. The INCIGHT College Scholarship is available to eligible students in WA, OR, or CA who have any ADA, IDEA, or DSM-V defined or protected disability. To retain the scholarship, students must complete 30 hours of community service. 
  • AAHD Frederick J. Krause Scholarship on Health and Disability. This is designed for students with disabilities who are pursuing a full-time undergraduate program or a full or part-time graduate degree. Applicants must be at least college sophomores at the time of application, and the scholarship award is $1,000.
  • AbbVie Immunology Scholarship. This group offers up to $15,000 in financial support to students who are living with inflammatory diseases, such as Crohn’s disease. The application period for this program will begin on October 24, 2023.
  • Student Award Program of the Foundation for Science and Disability. This award of $1,000 is given to fourth year undergrad students or graduate students. Students must be studying STEM or computer science and must have a disability to apply.
  • John Lepping Memorial Scholarship. This scholarship is specifically intended for students with disabilities. To apply, students need to submit an essay describing their disability and how it has financially impacted their family. Eligibility is limited to residents of New York, New Jersey, or Pennsylvania. The award amount can be up to $5,000.
  • BMO Capital Markets Lime Connect Equity Scholarship. This scholarship offers a $10,000 education award and is merit-based, available to students with any type of disability. To qualify, students should be enrolled in four-year degree programs related to computer science, business, or a STEM field.

Hearing Impairment

  • Anders Tjellstrom Scholarship. This award of $2,000 per year is open to students with Baha System implants. A GPA 3.0 GPA (unweighted) or above is required.
  • Graeme Clark Scholarship. Students with cochlear nucleus implants can apply for this $2,000 award.
  • Linda Cowden Memorial Scholarship. This one time $1,000 award is for deaf or hard of hearing students. They must be preparing to work in the hard of hearing community and live in middle TN.
  • Sertoma’s Scholarship for the Hard of Hearing or Deaf. This is one of the top awards for hearing impaired students. To be eligible, students must have a minimum of 40dB bilateral hearing loss and be enrolled in a full-time bachelor’s degree program. The scholarship offers a generous $1,000 award. 

Learning and Cognitive Disabilities

  • P. Buckley Moss Foundation for Children’s Education. This award is for students with language related learning disabilities who wish to pursue college education in the arts. The $1,000 award is based on financial need. 
  • Guthrie Koch Scholarship. This award is for students who have PKU and control it with a low protein diet. It is open to undergrad students.
  • Allegra Ford Thomas Scholarship. This scholarship fund awards $2,500 a year for two years to students attending community college with a learning disability. The deadline is in the fall.

Physical Disabilities

  • 1800wheelchair.com Scholarship. This $500 award goes to students who use wheelchairs or power chairs for mobility. The student must apply by May 30. No specific disability is required. 
  • Disabled Student Scholarship. This $500 award is offered to any student who has a debilitating condition and wishes to pursue education. A physician’s statement of the diagnosis is needed to apply.
  • Karman Healthcare Mobility Disability Scholarship. Students who use mobility devices due to their disability can apply for this award. They must write an essay and apply by Sept. 1. A GPA of 2.0 or higher is needed. The award is $500. 

Tourette’s Syndrome

  • Dollars 4 Tic Scholars. This program through the Kelsey D. Diamantis TS Scholarship Family Foundation awards at least one $1,000 award every year to a student with Tourette’s Syndrome. The program has two application deadlines each year, one in the fall and one in the spring.
  • Kenny’s Dream Foundation. This scholarship provides up to $1,500 for college expenses for students with TS. Applicants must have a doctor’s diagnosis of the disorder.

Vision Loss and Blindness

  • Fred Scheigert Scholarship Program. The Fred Scheigert Scholarship Program awards $3,000 to three students with visual impairments. Students can apply between Jan. 1 and March 15. This is a highly competitive award and requires a phone interview. 
  • American Foundation for the Blind. AFB offers multiple scholarships for legally blind students ranging from $2,000 to $7,500.
  • National Federation of the Blind. This group has merit scholarships for blind students ranging from $3,000 to $12,000.
  • Lighthouse Guild. The Lighthouse Guild awards 17 students with blindness or low vision up to $10,000 to use for undergrad or graduate training. The award is based on academic merit.
  • American Council of the Blind Scholarship. ACB offers a scholarship program that awards between $2,000 to $7,500 for students who are legally blind. They must maintain a 3.0 average and be a full time student.

Schools for Students with Disabilities

While schools are required under the ADA to be accessible for people with disabilities, not all are as disability friendly as others. These are some schools to consider based on disability.

Attention Deficit Disorder

ADD/ADHD requires special tutoring and services, which can be found at these schools:

 

Southern Illinois University Carbondale

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A robust disability services program makes SIU Carbondale perfect for students with ADD and ADHD. It has a robust list of majors, including bachelor’s, masters, and PhD degrees. Degree programs include:

School Details:

  • HLC Accredited 

Disability Programs 

Autism Spectrum

These schools embrace neuro diversity: 

 

Drexel University

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Drexel University offers a wide range of social skills services to students with autism. Its Disability Resources department strives to help disabled students have a positive college experience. The school has over 120 graduate degree and certificate programs and 80 undergrad degrees. Programs include: 

School Details:

  • MSCHE Accredited 
  • Online Degree Programs: BS, MS 

Disability Programs

 

Daemen College

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Daemen College has a disability support service specifically for autistic students. This small, suburban school has a strong focus on the healthcare field. It has multiple majors, including these: 

  • Visual and Performing Arts (BA) 
  • Business Admin (BS) 
  • Social Work (BA) 
  • Health Promotion (BS)
  • School Details:
  • MSCHE Accredited 

Disability Programs

 

General Disabilities

The disability support at these schools aims to help students with varied disabilities: 

 

University of Arizona

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University of Arizona may be a great option for disabled students. It has over 250 undergrad programs as well as master’s and PhD level programs. Some of the degree programs include: 

  • Bio Chem (BS) 
  • Engineering Management (BS) 
  • Accounting (BS) 
  • Business Admin (BS)
  • School Details:
  • HLC Accredited 

 

Disability Programs

 

Hearing Impairment

Students who struggle to hear may find these schools accommodate them well:

 

Gallaudet University

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Gallaudet University has specific programs for students with hearing impairment, with all courses taught in both spoken English and signed English. It is the only university that targets deaf students specifically. Other disabilities are also accommodated, and hearing students are welcome. Degree programs include: 

  • American Sign Language (BA) 
  • Education (BA) 
  • Psychology (BA) 
  • Theatre Arts (BA)
  • School Details:

Disability Programs

 

Midwest Institute

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Admission Requirements:

  • High school or GED considered but not required
  • Admission Rate: 100%
  • Grad Rate: 90%
  • Average Annual Cost: $16,645
  • Median Salary After Completing: $16,700 to $29,119
  • Dental Assistant
  • Medical Assisting
  • Massage Therapy
  • HVAC

 

Learning and Cognitive Disabilities

Learning differences require additional support at school, and these schools have risen to the challenge: 

 

University of Iowa

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Students with learning disabilities may achieve a Big Ten college experience through the University of Iowa. This school has a disability program for cognitive disabilities that focuses on career training. Undergrad degree programs include: 

  • Civil Engineering (BSE) 
  • Public Health (BA) 
  • Secondary Ed (BS) 
  • Sports Studies (BA)
  • School Details:

Disability Programs 

Physical Disabilities

Navigating a campus with a physical disability is challenging, but these schools strive to make it easier: 

 

University of California Berkeley 

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UC Berkeley has recently performed campus improvements to make its campus more wheelchair friendly. This means students with physical disabilities can get around campus easily. This school has over 350 degree programs across 184 departments. It holds the distinction of 31 alumni who earned Nobel Prizes. This school has many undergrad degree programs, like: 

  • Social Welfare (BA) 
  • Environmental Science (BS) 
  • Business Admin (BS) 
  • Bio Engineering (BS) 
  • School Details:

Disability Programs 

  • N/A

 

Tourette’s Syndrome

Though there are no specific programs for students with this condition at any colleges, students with Tourette’s Syndrome could find excellent support at: 

 

West Virginia Wesleyan College

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West Virginia Wesleyan has 56 undergrad majors for students to consider. It also has four master’s programs and a Doctor of Nursing Practice option. Many programs to assist students with special needs as well as Mentor Advantage Program tutoring services could help students with TS get off to a good start. Degrees include: 

  • Exercise Science (BS) 
  • Business Administration (BS) 
  • Physics (BA) 
  • El Ed (BS)
  • School Details:
  • HLC Accredited 
  • Online Degree Programs: BS, BA 

 

Disability Programs

  • The Learning Center
  • Mentor Advantage Program

 

Vision Loss and Blindness

These schools offer good accessibility for students with vision loss and blindness: 

 

Missouri State University

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Missouri State University has 102 bachelor’s programs, 61 master’s programs, and 7 doctoral programs. Its Disability Resource Center keeps visually impaired students well informed about things that affect their navigation of campus. Undergrad programs at this school include: 

  • School Details:
  • Online Degree Programs: Doctoral, MS, BS 
  • HLC Accredited 

Disability Programs

  • TRIO Student Support Services 
  • Disability Resource Center

 

 

University of Connecticut 

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UConn has a large campus with a small student to faculty ratio. The Center for Students with Disabilities helps modify the campus when needed for students with visual impairments. The school regularly has over 1,000 students with this disability. It has 14 schools and over 100 undergrad majors, including: 

  • School Details:
  • NECHE accreditation 
  • Online degree programs: MS

 

Disability Programs

  • Center for Students with Disabilities 

What is the College Score Card?

Posted on by Venessa Regali

What is the College Score Card?

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What is the College Score Card? 

The College Scorecard is an online tool established by the US Department of Education. It serves as an extensive database that allows you to delve into colleges’ inner workings. From the programs they provide to their student demographics, costs, admissions information, outcomes, and beyond. 

Strengths and Weaknesses of the Data on College Score Card

An advantage of the college scorecard lies in its ability to bring higher education data into the open. This increased transparency can prove to be beneficial if utilized judiciously. Generally, the tool offers a broad perspective on cost comparisons. However, experts caution against relying on it to accurately forecast your individual college expenses. 

This is primarily due to the fact that the costs provided are net costs, not the advertised price visible on a college’s website. The net price represents the school’s average annual expenses, encompassing factors such as tuition, living expenses, books, and fees. This net price is then adjusted by subtracting the average grants and scholarships awarded to recipients of federal financial aid. 

One drawback of the tool is its data limitations. Often, the metrics rely on information reported by schools, which might not be comprehensive or entirely accurate, as stated in disclaimers by the US Department of Education. 

So, what can you gather from this? The college scorecard could serve as a valuable starting point. It could aid in refining your college choices for more in-depth investigation. Another valuable resource is the College Navigator, a tool provided by the National Center for Education Statistics, which could address additional queries you might have about a specific college. 

How to Navigate the College Score Card Data 

Navigating the college scorecard is akin to handling an actual card, embellished with icons and numeric insights. The interface incorporates a user-friendly search bar and provides direct access to a variety of resources through embedded links. Beyond the search functionality, the lower section of the homepage is dedicated to a range of additional resources. Here, you can uncover details about potential career paths and apprenticeship opportunities. Alternatively, you can opt to delve into comprehensive information about federal financial aid possibilities. Notably, financial aid may be attainable for individuals who meet the specified eligibility criteria. 

Here is a walk through on how you might use the college score card data in your college search.  

1. Find the college you want to learn about 

When using the college scorecard, your first step is to search for the college you’re interested in learning about. This essential information is readily available on the homepage, offering you three distinct search options: 

  • Custom search. his allows you to refine your search by location, field of study, and desired degree type – be it certificate, associate, or bachelor. 
  • Name search. Input the name of the specific school you’re seeking information about. 
  • Show me options. A more personalized route, where you can customize your search based on factors like location, admission rates, graduation rates, and degree type. 

If a college has multiple campuses, you can further narrow down your search to compare different locations.  

2. How to read each card 

Each scorecard comprises four sections: a header, a set of illustrative icons, relevant metrics, and an option to “view more details.” The top header displays the college’s location, followed by the university name and the number of undergraduates. The four icons provide insight into the college’s characteristics, including its duration (two or four years), public or private status, urban or rural setting, and size. 

Beneath the icons, you’ll encounter three sets of metrics, each expandable for more in-depth understanding: 

  • Graduation rate. This metric indicates the percentage of students who successfully graduate within eight years of their initial enrollment. 
  • Salary after completing. This data showcases the median annual earnings of former students one year after graduation, specifically those who received federal financial aid. 
  • Average annual cost. The average net price paid by students receiving federal financial aid, which encompasses tuition and living expenses. For public schools, this reflects in-state students’ average cost. 

At the end of the card, if you select “view more details”, the card opens up to a new screen. 

3. Make sense of the big screen 

Upon expanding the scorecard, the screen provides additional features. You can choose to add the school to your comparisons using the “+ compare” button or share it with others. A prompt to “start my FAFSA form” assists with financial aid application initiation. Military benefits for education are also covered. The map displays the school’s location, aiding in gaining a sense of its surroundings.

Some of the other pull downs from the menu delve deeper into data.

  • Costs. Calculate personal net price and estimate costs for students in your income bracket.
  • Graduation and retention. Examine the number of returning students after their first year.
  • Financial aid and debt. Obtain insights into monthly loan payments and post-graduation student debt.
  • Salary after completing by field of study. Bar graphs depict first-year earnings for various programs.
  • Fields of study. Fields of study represent programs but may not map in a direct way to actual course catalogs.
  • Student body. This gives you an idea of the racial and ethnic mix of a college. Also, it shows you how many eligible low income students received federal Pell Grants
  • Test scores and acceptance. Charts ACT/SAT score ranges for admitted and enrolled students.

4. View more details  

For deeper exploration, the “blue i” or “view more details” button provides additional information, each leading to a distinct menu. The “i,” representing ‘information,’ leads to:

Data documentation. College scorecard provides data at two levels. The scorecard provides data at both institutional and field of study levels, with technical details provided here.

Change log. As a rule, the USDE updates the college score card a few times per year. So, on this page, you can check if their data is recent. At last check, their last date stamp was March 30, 2020.

Glossary. Understand the terminology used in the scorecard, clarifying data sources and compilation methods.

Financial Aid Info

Online College Admission Process

Posted on by Venessa Regali

Online College Admission Process

Find Your Degree!

Online College ADMISSIONS PROCESS

In the ever-changing landscape of education, online college admissions have opened new doors. Whether you’ve recently graduated or you’re a professional seeking career advancement, understanding this process is pivotal. This guide is your companion through the stages of online college admission, starting from that first advisor call to enrolling in courses tailored to your aspirations. Uncover essential inquiries, necessary forms, and valuable insights for a seamless transition into online education. Empower yourself to make well-informed choices about your educational path.

STEP 1: THE FIRST PHONE CALL

During the first phone call, the Admissions/Enrollment Advisor/Counselor may want to schedule an interview time to speak with you. Otherwise, they may want to discuss the following during the first call and then schedule an interview at a later time:

  • Selecting the right program for your career and life goals. Are you looking for a school that accepts low GPAs or does not require entrance exams. All things to consider.
  • Your schedule and any time or life constraints for going back to school
Online CollegeGPA RequirementOther Requirements
GRAND CANYON UNIVERSITY3.0
  • High school GPA of 3.0 or above
  • ACT score of 19
  • SAT (Math and Reading only) score of 1000
  • GED and transcript of all credit-bearing coursework of 680 or higher
AMERICAN INTERCONTINENTAL UNIVERSITYNo GPA Listed
  • High school transcripts
  • High school diploma or GED certificate
  • Proficiency in English and math
COLORADO STATE UNIVERSITY GLOBAL CAMPUS2.0
  • SAT score of 880 on the Evidence-Based Reading and Writing and Mathematics sections or ACT score of 17
  • Official high school transcripts
PURDUE UNIVERSITY GLOBALNo Minimum Listed
  • Official transcripts
  • Upload government issued ID
  • Pay application fee
  • Review degree plan

When you speak with the Admissions Advisor from each school, they should provide you with specific information regarding their school and its offerings. It’s a good idea to ask the same questions so you can make accurate comparisons.

The following list of questions will be helpful to you — you can print these out and write down the answers as you speak to each school.

QUESTIONS TO ASK ADMISSIONS OFFICERS

  1. What type of accreditation do you hold?
  2. Do you offer any scholarships?
  3. Do you offer Title Four funding (government financial aid)?
  4. If I do not qualify for financial aid, do you offer help with Private Loans?
  5. Do you accept transfer credits from _______ school? (if you have any to transfer)
  6. Do you offer any credit for life experience?
  7. Do you accept CLEP transfer credits?
  8. How long will it take to complete your program?
  9. What are your technology requirements?
  10. Do you have a career services department?
  11. Do you have academic advisors?
  12. Do you offer technical support?
  13. Are books included in my tuition?
  14. Will I have access to a library?
  15. How does your program work?
  16. What is the time investment associated with this program on a weekly basis?

Note: Be sure to let the Advisor know if you are Active Military or a Veteran.

STEP 2: APPLICATIONS AND FORMS

After you have spoken with the schools, there are several ways you can begin the Admissions/Enrollment process:

  • It is not uncommon to receive an e-mail with the link to a school’s application site. Many schools have strictly enforced deadlines; however, do not be intimidated by this. These deadlines are established to separate serious students from non-serious students. Since the application should take only 10 minutes or so, take this opportunity to display your seriousness to the advisor.
  • You may be asked to pay an application fee, depending upon the school’s requirements. Make sure you ask your representative if there are any fees associated with filling out the application.
  • You may be asked to fill out financial aid paperwork. Some schools will complete your financial aid package prior to your acceptance, while other schools may wait until you are accepted.
  • Always feel free to contact your Admissions/Enrollment Advisor/Counselor with any questions. Most will follow up with you to see what questions or concerns you may have.
  • You may be asked to speak with a financial aid representative or a student accounts officer to set up a payment plan.
  • Some schools may require you to take a short exam or write an essay.

STEP 3: ENROLLMENT PAPERWORK

When you have chosen and been accepted by the school you wish to attend, you will be asked to sign an enrollment agreement. This may be e-mailed or mailed to you, or you may be directed to complete it online at the school’s website.

This is typically a three to seven page document that contains your personal information, your program of interest, what the institution is promising you, and what your obligations to the institution are.

Once you sign the document (you may e-sign, or sign manually and fax or mail back), you are enrolled!

STEP 4: COURSE REGISTRATION

Most institutions will recommend which classes you should register for first. Others may let you select from the course catalog. Keep in mind that if your school recommends that you register for certain classes, it is best to do so according to their guidelines.

In most cases, you can register online or on the phone. Once your registration is complete, many schools offer an orientation course to familiarize you with their format. It is recommended that you complete this course, as it will serve to benefit you.

HELPFUL HINTS

You might become anxious as your start date draws near. Just remember that this is normal, and that the first week of school might feel like culture shock. After a couple of weeks, you’ll assimilate school into your daily schedule and everything will begin to feel normal.

Simply keep reminding yourself:

  • “My education may enable me to make more money over my lifetime.”
  • “My education may enable me to move up the ladder in my company or get a better job.”
  • “My education may empower me to provide autonomy.”
  • “My accomplishment may inspire my children.”

You may even want to post it next to your computer or on your desk. Remember, in the words of Woody Allen, “80% of SUCCESS is showing up.”

Financial Aid Info

Private Student Loans

Posted on by Venessa Regali

Private student loans serve as a means to fill the financial gap between federal financial aid and the actual cost of your college tuition. Prioritize exhausting financial aid from other sources, such as grants, scholarships, work-study, and federal loans. If there’s still a need for additional funds, considering private loans could be the next step in your college financing strategy.

Here’s what you need to know before getting started!

FEDERAL VS PRIVATE STUDENT LOANS

Federal student loans receive funding from the federal government, while private student loans are provided by lenders such as banks and credit unions. Additional distinctions between the two types of loans include: 

  • Overall Cost of the Loan.  Private education loans tend to have a higher overall cost. 
  • Interest Rates. Private student loan interest rates may be higher than federal rates. Sometimes, private loans have variable interest rates that change over the life of the loan.
  • Loan Repayment Terms.  Private loans often come with less favorable repayment terms compared to federal student loans, which may offer income-based repayment plans and other benefits. 
  • Borrower Eligibility. For private student loans, your credit score may impact your eligibility, and you might need a cosigner. In contrast, most federal loans do not require a credit check or cosigner. 

Make sure to explore all available government financial aid programs before considering private student loans. However, if federal loans fall short in covering your college expenses, a private loan could be a viable option. 

FINDING LENDERS

Numerous banks, credit unions, and financial institutions provide private student loans. To find the best fit for you, it’s prudent to compare interest rates, terms, and conditions among a selection of top-rated lenders.

COMPARE THESE PRIVATE STUDENT LOAN LENDERS:

  • Sallie Mae
  • SunTrust 
  • College Ave
  • PNC
  • Citizens

APPLY FOR A LOAN

When exploring private student loans, it’s essential to consider that not all loans are alike, and different lenders may offer products, features, and terms that align better with your objectives. As you delve into potential lenders, here are some crucial factors to bear in mind:

  • Your Eligibility. Assess whether you seek private student loans without cosigner requirements or if your credit history presents challenges. Some private loans may suit your needs more favorably based on your citizenship status, income, part-time or full-time student status, and other criteria.
  • Loan Cost. Scrutinize factors such as the loan’s interest rate, interest type (fixed or variable), and associated fees. These elements contribute to the overall cost of your loan. For instance, be cautious when opting for a low, variable interest rate if you intend to repay the loan over an extended period. Variable rates can fluctuate with the market, resulting in higher payments than anticipated.
  • Loan Features. Certain private loans offer advantageous features, such as cosigner release, deferment options in case of financial hardship, or early repayment opportunities. Additionally, many lenders provide auto-pay discounts, often reducing the interest rate by 0.25 or 0.50 percent. Compare multiple lenders to explore the various features available to you.

HOW TO APPLY FOR PRIVATE STUDENT LOANS

Prior to considering private student loans, it’s crucial to complete your FAFSA and make the most of any federal grants or loans you are eligible for. Additionally, don’t overlook the opportunity to apply for scholarships! If you find that you still require additional funds, then you can initiate the process of selecting a lender and applying for private student loans.

IF YOU’RE ELIGIBLE, HERE’S HOW TO GET A PRIVATE STUDENT LOAN:

  1. Get Ready to Apply. Generally, you can apply for private student loans online. To start, you’ll need to prove your basic eligibility – like citizenship and college enrollment status.
  2. Submit Documentation. You’ll need to provide your personal and financial information to your lender. Your lender may require documents like your Social Security number, a pay stub for proof of income or your monthly housing costs. They may also as for your school’s cost of attendance, the amount of financial aid you’ve already received, your cosigner’s details (if applicable), and other information.
  3. You’ll Receive a Decision. Your lender will need to process your application and analyze your financial and eligibility information, to let you know whether you’re approved. If you’ve applied for your private loan online, you may receive a result pretty quickly – sometimes in minutes! In other cases, a lender may need more information from you to move forward.
  4. Choose and Accept the Loan Terms. Once you’ve been approved for the loan, you’ll need to decide on your interest rate type (fixed or variable), loan term, and repayment plan. You and your cosigner (if you have one) will then sign the loan agreement.
  5. Wait for Disbursement. Your private student loans will be sent directly to your college or university. If you have borrowed more than your tuition actually costs, your school will generally refund the difference to you. You can return that money to your lender. Or you could use it to cover other college costs, like room, board, or your textbooks. It’s always best to borrow the minimum amount you need to cover your education related expenses.

PRIVATE STUDENT LOANS ARE AN IMPORTANT RESPONSIBILITY

Opting for private loans to finance your college education can make your academic journey possible. College opens doors to new career opportunities and a promising future. Nevertheless, it is crucial to be aware of the risks and responsibilities as a borrower. You must ensure that you are prepared to take out and eventually repay your private loans.

 

Your Guide to Federal Student Loans

Posted on by Venessa Regali

Federal loans for students offer you the chance to borrow funds for college that you must repay with interest. Often, these federal loans offer a lower interest rate and more flexible repayment terms than private student loans.

Learn all about what types of federal student loans are available to find the best option for you and don’t forget to discover grants and scholarships to help you earn free money for college.

In 2022-23, 85% of first-time, full-time degree / certificate-seeking undergraduate students were awarded financial aid. Overall, 72.3%of all undergraduates received some type of financial aid.

ec-federal-student-loans

TYPES OF FEDERAL STUDENT LOANS

There are two main types of federal student loans:

  • William D. Ford Federal Direct Loans
  • Federal Perkins Loan Program

These loans have unique requirements, interest rates, and maximum awards per year, which are explained below.

WILLIAM D. FORD FEDERAL DIRECT LOANS

This is the largest federal student loan program where the U.S. Department of Education is the lender. These loans include:

  1. Direct Subsidized Loans
  2. Direct Unsubsidized Loans
  3. Direct PLUS Loans
  4. Direct Consolidation Loans

Check out the table below to learn about the differences between these loans.

FEDERAL PERKINS LOAN PROGRAM

As opposed to direct loans, which have the Department of Education as the lender, the Perkins loans are school-based loans, which means that the individual school is the lender.

These loans are offered to undergraduate and graduate students with exceptional financial need. In addition, the amount awarded depends on the amount of funds available at a particular school.

Often, the students with the greatest financial need are awarded Federal Perkins Loans.

TYPES OF FEDERAL STUDENT LOANS

Federal LoanCollege Degree LevelFederal Student Loan Program DetailsInterest Rate (First Disbursed on or After July 1, 2018 and Before July 1, 2019)Maximum Annual Award
Direct Subsidized LoanUndergraduateFor those with financial need5.05%$5,500 (depending on grade level and dependency status)
Direct Unsubsidized LoanUndergraduate, graduate, and professional degree studentsFinancial need is not required5.05% (6.6% for graduate or professional)$20,550 (depending on grade level and dependency status)
Direct PLUS LoanParents of dependent undergraduate students; and for graduate or professional degree studentsFinancial need is not required; borrower must not have adverse credit7.6%Maximum amount is cost of attendance minus any other financial aid you receive
Federal Perkins LoanUndergraduate, graduate, and professional degree studentsEligibility depends on financial need and availability of funds at your school5.0%$5,500 for undergraduate students; $8,000 for graduate and professional students

PERCENTAGE OF GRADUATE STUDENTS WHO RECEIVE FINANCIAL AID

71.6% of all graduate students received some type of financial aid, including 44.2% of graduate students who took out some type of loan.

HOW TO APPLY FOR FEDERAL STUDENT LOANS

In order to apply for federal student loans, you must complete and submit a Free Application for Federal Student Aid (FAFSA). Based on these results, your college or career school will send you a financial aid letter, which may or may not include an offer of federal student loans.

This offer includes instructions on how to accept all or part of the loan. However, before you receive your loan funds, you will have to complete two steps:

  • Complete entrance counseling to ensure that you understand your obligation to repay the loan
  • Sign a Master Promissory Note (MPN), agreeing to the terms of the loan

As some students may not receive federal student loans as an option after completing the FAFSA, don’t forget about private student loans. While each lender and type of loan have different requirements than federal loans, private loans are available to all students.

BENEFITS OF FEDERAL STUDENT LOANS

Some of the benefits of federal student loans include:

  • Interest rate on federal loans is usually lower than private student loans
  • You don’t need a credit check or cosigner for most federal loans
  • You don’t need to begin repaying your federal loans until you leave college or drop below half-time
  • If you demonstrate financial need, you may qualify to have the government pay your interest while you are in school
  • Many federal student loans offer flexible repayment plans and options to postpone your loan payments if you’re having trouble
  • You may be eligible to have a portion of your federal loans forgiven if you meet certain conditions and work in certain jobs

FAFSA Application Deadline

Normally, online FAFSA applications must be submitted by midnight Central Time on June 30 of a given year. For instance, the 2023-2024 FAFSA deadline is midnight Central Time, June 30, 2025.

FEDERAL STUDENT LOANS – HOW MUCH SHOULD YOU BORROW?

Whether you’re taking out a private student loan or a federal loan, it’s important to consider the legal obligation you have to pay back then loans, so responsible borrowing is key.

Some of the things to consider when borrowing money for college:

  • Understand your total amount of loans and how this will affect your future finances
  • Research starting salaries in your field
  • Understand the terms of your loan
  • Make payments on time

Often there are flexible repayment terms for both federal loans and private student loans. This includes options such as, grace period, interest-only payments while in school, and interest rate reductions for automatic debit.

Looking for private student loans? Check out some of your options here!

Percentage of Students Stressed about paying for college

According to a 2017 study by The Princeton Review, 98% of college applicants and their parents said financial aid would be necessary to pay for college. Plus, 65% said financial aid was extremely necessary.

OTHER TYPES OF FINANCIAL AID

As the price of college tuition continues to rise understanding the types of financial aid and finding the right combination of financial aid to pay for your degree is just as important as finding the perfect program for you.

Luckily, there are plenty of other options of financial aid for you to choose from, including:

All of these options mean that you don’t have to worry if you need to supplement your federal student loan offer. Discover some private student loans to find the perfect one for you.

FIND THE FINANCIAL AID PACKAGE AND FEDERAL STUDENT LOAN THAT’S PERFECT FOR YOU

Finding the right mix of financial aid is one of the key aspects of earning your degree. That’s why it’s important to consider all of your options and be sure to do your research.

A good starting point is talking to your counselor or the financial aid office at your school, both of which should have specific details for you to explore.

In the meantime, check out some of our private scholarships and find the perfect degree for you.

© Education Connection 2024. All Rights Reserved.

*https://nces.ed.gov/programs/digest/d20/tables/dt20_311.15.asp

Sources for school statistics is the U.S. Department of Education’s National Center for Education Statistics.

Disclosure: EducationDynamics receives compensation for the featured schools on our websites (see “Sponsored Schools” or “Sponsored Listings” or “Sponsored Results”).  So what does this mean for you? Compensation may impact where the Sponsored Schools appear on our websites, including whether they appear as a match through our education matching services tool, the order in which they appear in a listing, and/or their ranking.  Our websites do not provide, nor are they intended to provide, a comprehensive list of all schools (a) in the United States (b) located in a specific geographic area or (c) that offer a particular program of study.  By providing information or agreeing to be contacted by a Sponsored School, you are in no way obligated to apply to or enroll with the school.

This is an offer for educational opportunities, not an offer for nor a guarantee of employment. Students should consult with a representative from the school they select to learn more about career opportunities in that field. Program outcomes vary according to each institution’s specific program curriculum. Financial aid may be available to those who qualify. The financial aid information on this site is for informational and research purposes only and is not an assurance of financial aid.

1 You must apply for a new loan each school year. This approval percentage is based on students with a Sallie Mae undergraduate loan in the 2018/19 school year who were approved when they returned in 2019/20. It does not include the denied applications of students who were ultimately approved in 2019/20.

2 This promotional benefit is provided at no cost to borrowers with new loans that disburse between May 1, 2021 and April 30, 2022. Borrowers are not eligible to activate the benefit until July 1, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit http://www.chegg.com/legal/smtermsandconditions for complete details. This offer expires one year after issuance.

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