Funding College: School Loans and Scholarships in Brief

College school loans are loans offered to college students to help pay for their professional education. College school loans are issued by the government and must be repaid. College scholarships, however, do not require repayment.

Types of College School Loans

Nearly all students are eligible to receive college school loans. College school loans offer a low interest rate and flexible terms. Types of federal college school loans include:

  •  Federal Stafford - This is perhaps the most common college school loan. The government pays the loan interest until six months after graduation.

  • Federal Perkins - This college school loan gives top priority to students with the most financial need. Awardees do not have to repay the principal until nine months after graduation.

  • Federal Parent PLUS - Parents borrow this college school loan on behalf of their child. Loan repayment begins when the funds are awarded to the borrower.

Types of College Scholarships

In addition to college school loans, students can also seek financial help through scholarships. Three common college scholarships include:

  • Academic Scholarship - This scholarship is awarded to students who have excelled academically at the high school level. Once in college, awardees must maintain a certain GPA (Grade Point Average) to remain eligible for financial assistance.

  • Athletic Scholarship - This scholarship is awarded to outstanding high school athletes who are recruited to play a sport at the college level.

  • Departmental Award - This scholarship is awarded to students who wish to study a particular field in college.

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