Getting Started: Schools, Scholarships & Grants

The hunt for college financing should always begin with a search for free money, which means scholarships, grants and institutional aid from the school of your choice.

Choosing the Right School

Differences: Loans, Scholarships, and Grants

Taking Advantage of Grants & Scholarships

Choosing a College

How to choose the right school for you

With over 4,000 colleges and universities in the United States—including more than 2,300 four-year institutions—there's never been a greater range of choices for college-bound students. But of course a wide selection often leads to complication and confusion. With so many options, how do you make the college decision that's right for you?

Tips to help narrow down your college decision

Experts in the college search process say you can begin cutting down the list by thinking hard about the college criteria that are most important to you. For instance:

Geography. Do you imagine attending an urban school, or one surrounded by rolling hills? Would you prefer to be several states away from home, or within a short drive?
Other characteristics. Do you picture yourself at a co-ed or single-sex institution? One which has a strong fraternity/sorority life? Do you like big, lecture-style classes or do you prefer smaller classes, with attention from the professors?
Match your plans with school strengths. What do you plan to choose for a college major? While that might change before graduation, begin matching your interests with the schools that are historically strong in those areas. How can you find out which schools are strong in which areas? You'll find plenty of answers from your school's college counselor, a good library or bookstore and the Web sites of various schools.
Consider the cost. A school's cost is important, of course. But experts say it's best to try not to focus too much on this issue at first when choosing a college. After all, you might qualify for far more financial aid than you suspect, aid that would close the gap between what your family thinks it can afford and what it actually costs to attend any particular school.
Find out what students are saying. Look for testimonials, visit Facebook or explore other social sites to see if current students are talking about any of the schools you're considering.

The next step for choosing the college experience that you want

Now that you've begun answering those questions, what can you do next to continue narrowing down your search? Two big suggestions on how to choose a college:

Attend a college fair, where you can talk to recruiters of various schools.
Schedule campus visits, where you can get a real feel for what the school is like. Most schools would be happy to let you stay overnight in the dorms.

Make your college decision, then learn more about the affordable TruFit Student Loan™

Access more information about financing your education on our student loan FAQ page. You might also be interested in learning about the affordable Charter One TruFit Student Loan™. If you still have questions, call a student loan specialist at 1-800-721-3969, and we'll help walk you through the process.

Loans, Scholarships & Grants for College

What are the differences between loans, scholarships and grants for college?

Along with family savings, loans, scholarships and grants will almost certainly be the three leading methods for funding your college education. But how are they different?

Grants

Grants are monetary awards which, like scholarships, do not need to be repaid. Generally, outright grants (such as Federal Pell Grants and institutional grants awarded by individual colleges and universities) are less widely available now than they were in past years. But when they are available, students should seek them out, since they amount to free money.

University scholarships

University scholarships are a form of financial aid that does not have to be repaid. Scholarships for college can be given based on a variety of criteria, ranging from academic merit to the student's financial need. Some are even awarded based on competitive essays or belonging to a particular ethnic group. No matter what the source might be, remember that it's free money for your education.

College loans

Finally, loans are borrowed funds which you (or your parents or guardians in the event of co-signed loans) are obligated to pay back over a certain agreed-upon period, with interest. They can be borrowed either from the government (generally that means the federal government), or from private sources such as banks or credit unions. Federal student loans, such as the Federal Perkins Loan, generally come with more attractive interest rates and other terms, and are thus usually exhausted first. At some point, most students will have to rely upon private student loans to help fund their college education.

Get more help with education financing from Charter One

Use our helpful scholarship search to locate any scholarships that you may be eligible for. After grants, scholarships and federal aid have been maximized, a private student loan is a good option to fill any remaining financing gap. Find out more information about Charter One's TruFit Student Loan™. If you still have questions, call a student loan specialist at 1-800-721-3969, and we'll help walk you through the process.

Education Grants and Scholarships

A simple idea: take advantage of free money

As any college financial aid expert will attest, it's a tried and true principal of higher educational finance: before looking into loans to fund your child's education, you should first maximize all the free forms of financial aid you can find for your child. Generally speaking, that means college grants and scholarship aid.

Understanding education grants

Education grants refer to various forms of student financial aid that are given outright, and which need not be repaid. They may be awarded based on financial need, but other kinds of grants are also given based on anything from academic merit to a parent's employer or fraternal organization. College grants include:

Institutional Grants - sometimes referred to as merit awards, these are awarded by colleges and universities themselves, from the proceeds of their own fundraising efforts. Some are given for financial need, while others are tied to academic excellence.
Federal Pell Grants - a cornerstone of the federal student financial aid system, these education grants of up to as much as $5,000 a year per student, are pegged to a student's financial need and the particular school they'll be attending.
Academic Competitiveness Grants - one of the newer federal student aid programs, this grant amounts to $750 for first-year college students and $1,300 for second-year students, and often works in tandem with Pell Grants.
Federal Supplemental Educational Opportunity Grants - awards up to $4,000 a year for students with acute financial needs.

Understanding college scholarships

College scholarships may be awarded on the basis of academic merit, financial need, skill in a particular subject or area, or owing to some other unique characteristic. Your student may be eligible for a college scholarship from any number of local sources, including:

Chambers of commerce
Local business or civic organization (Kiwanis, American Legion, Lions Club, etc.)
Church or other faith organization
Ethnic organization
Parent employer plans

Do your homework when searching for college scholarships

A note of caution: to avoid scholarship scams, be careful before engaging the services of a scholarship search service. Use a trusted source like the Charter One Scholarship Search tool. You might want to first check with the Better Business Bureau and your state attorney general. The Federal Trade Commission also maintains a helpful watchdog site for scholarship scams.

Learn more about scholarships and financing options

You can find helpful information about scholarships and other college financing options by visiting our student resources page. If you still have questions call a student loan specialist at 1-800-721-3969, and we'll help walk you through the process.

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