Education » Articles » Paying for College
Paying For College
As you get ready for your school year, you're probably thinking about the ways to pay for college. Here's an overview of a few of the ways to fund your schooling, including
some changes that you should be aware of.
Remember, filling out a FAFSA
at the beginning of each calendar year is very important. The FAFSA is the key to receiving any federal aid, be it loans or grants or qualifying
for a federal work study program. Even though you may think you don't qualify for any federal aid based upon your need level, you still might. It's worth looking into.
Read more about the student loan process.
Federal Student Loans
Federal student loans should be your first choice for borrowing to pay for school. Starting July 1, 2010, all federal student loans (Stafford, PLUS and Graduate PLUS) will
be structured differently. The lender for all federal loans will be the federal government, rather than a financial institution such as UW Credit Union. If you have selected
UW Credit Union as your lender in the past for your Stafford, PLUS or Graduate PLUS loan, you will no longer have the option to do so.
Visit your financial aid office's website or the
Direct Loan website for further information. Learn more about
federal student loans.
Private Student Loans
If you've exhausted all your federal aid, turn to UW Credit Union for a
Private Student Loan. Borrow up to the cost of education minus any other
financial aid you've received. Be sure to maximize all available federal options before pursuing a Private Loan.
Our Private Student Loans are a great solution for students attending any UW System school, Madison College or Edgewood College. Start the process now with our easy-to-use
online application. We offer many unique benefits,
including a 0.25% interest rate discount for automatic payments,* a cosigner release option after 36 consecutive, on-time payments and the ability to choose interest-only
payments for up to 2 years.
Learn more about Private Student Loans »
Grants & Scholarships
Grants and scholarships do not need to be repaid. Be sure to exhaust all of these options before taking out loans.
Take the time to research scholarships. Apply early and often. Look into community organizations and businesses. In addition, check with your high school guidance counselor,
your local library and your parents' employers. Don't disregard small scholarships, like $250 or $500 per year. Even small gifts add up to contribute to your education.
Note: Beware of websites that charge a fee to search for scholarships for you. These are often scams.
More Budget & Planning Articles »
* To be eligible for the interest rate reduction for automatic payments, you must be signed up for automatic payments through Great Lakes Educational Loan Services. If at any time automatic payments are stopped or the loan is not in repayment status, the rate discount will not be applied. UW Credit Union reserves the right to modify or discontinue benefits at its discretion and without notice.