Financial Aid Resources
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 our scholarship opportunities as well.
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What types of federal grants are available?
Federal Pell Grants
Available to undergraduate students only. Grants do not have to be repaid.
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.
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.
- 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 - This type of loan is made to undergraduate students who demonstrate financial need. The student is not charged interest on the loan while in school. The interest rate is fixed and is determined annually. Repayment terms are available up to 10 years and repayment begins six months after graduation.
- Direct Unsubsidized Loan - This type of loan is not based on financial need. Payments may be deferred until graduation. The student is responsible for interest accrued while attending school. The interest rate is fixed and is determined annually. Repayment terms are available up to 10 years and repayment begins six months after graduation.
- Direct PLUS Loan - This 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 college is the lender.
- Direct Consolidation Loan - This allows you to combine all of your eligible federal student loans into a single loan and servicer.
This is a school-based loan program for undergraduates and graduate students with exceptional financial need. Under this program, the school is the lender. If you have questions about Perkins Loan eligibility, please contact your school’s financial aid office.
We can help
Home Equity Loans through CCU provide another option to finance the costs of education.
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