College can be a great opportunity. Paying for it can be a challenge. Corning Credit Union is here to help you finance your education.
Go for Scholarships and Grants First
Scholarships and grants are often considered gift aid, or money that does not need to be repaid. Grants and scholarships can come from the federal government, state government, a college or school, or a private or nonprofit organization.
High school guidance offices and college financial aid offices are good places to start if you want to learn more about opportunities that may be available to you. Members of CCU are eligible to take advantage of scholarship opportunities as well.
What types of federal grants are available?
Federal Pell Grants
Available to undergraduate students only. Grants do not have to be repaid, except under certain circumstances.
Federal Supplemental Educational Opportunity Grants (FSEOG)
Given to students who demonstrate exceptional financial need. These grants are available to undergraduate students only and awards range from $100-$4,000.
Teacher Education Assistance for College and Higher Education (TEACH) Grants
The TEACH Grant Program provides grants of up to $4,000 a year to students who are completing or plan to complete course work needed to begin a career in teaching.
Iraq and Afghanistan Service Grants
If the student’s parent or guardian died as a result of military service in Iraq or Afghanistan, they may be eligible for an Iraq and Afghanistan Service Grant.
How do I obtain aid?
- The first step is to complete a Free Application for Federal Student Aid (FAFSA).
Click here to obtain this form, or you can obtain it through any school's financial aid office. A FAFSA form will need to be filled out every year a student is in school in order to stay eligible for federal student aid.
- Based on the results of your FAFSA, your college or career school will send you a financial aid offer, which may include federal student loans. Your school will tell you how to accept all or a part of the loan.
Getting the Maximum College Financial Aid
After scholarship and grant opportunities are pursued and you have taken advantage of federal aid, we encourage students to examine loan options. A loan is money you borrow and must pay back with interest. If you decide to take out a loan, make sure you understand the terms and conditions of the loan. Student loans can come from the federal government or from private sources such as a financial institution. Loans made by the federal government, called federal student loans, usually offer borrowers lower interest rates.
What types of federal student loans are available?
Federal Direct Loans
There are four types of Direct Loans. Some students may qualify for more than one of these types of loans.
- Direct Subsidized Loan are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
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- Direct Unsubsidized Loan are loans made to eligible undergraduate, graduate, and professional students, but in this case, the student does not have to demonstrate financial need to be eligible for the loan.
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- Direct PLUS Loan is for graduate students or parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Students must be enrolled at least half-time. The interest rate is fixed and the U.S. Department of Education is your lender.
- Direct Consolidation Loan - This allows you to combine all of your eligible federal student loans into a single loan and servicer.
We can help
Private loan products, such as the
CCU Home Equity Loan, offer another option for financing higher education. To learn more about other ways that CCU can help, give us a
stop in, or send us an