Pay For College | Paying For College | Scholarship Money
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Pay for College at Redstone

Invest in yourself and get a college degree. In addition to the obvious benefits of personal growth and intellectual development, studies show that college graduates have considerably more earning power over a lifetime than high school graduates. A college degree is a smart investment that pays back in many ways, including career direction, higher salaries and overall personal satisfaction. But, going to college and getting a degree requires preparation, planning and financial sacrifice.

At Redstone, we understand that paying for college can seem overwhelming. We’re here to help you understand all the sources of money available, guide you through the process and be with you every step of the way.*

Scholarship Money*

A scholarship is money you apply for and may receive based on financial need or merit. Scholarships are gifts. You do not need to pay them back. You are encouraged to apply for scholarships throughout your college career, not just before you start college. Many scholarships are available to students who are already in college. There are many ways to explore scholarship options that cost you nothing. Visit our additional resources section below for related links and consider the following options as well:

Local public libraries

Check out the college section at your public library where you should find a selection of scholarship books, including the College Board Scholarship Handbook. You will also be able to research other types of information such as college costs and alternative sources of aid.

Public and private organizations

Look into religious, community service, fraternal, military, union or professional organizations, especially those with which you or your parents are associated. Make sure to ask your parents to check with their employers. Many of these organizations may offer scholarships for higher education.

State agencies

Check to see if your state offers scholarship and grant programs for its residents. This is a great place to look if you plan to attend college in your own state because some of the awards are only available to applicants who will attend school in their home state. For more information, look on your state’s website or contact us at 1-888-547-4037.

High school scholarship program

For more information on the Redstone College high school scholarship program, visit our section designed specifically for high school applicants.

Grant Money

A grant is money you apply for and is usually based on financial need.* Grant money, unlike loans, does not have to be repaid. Federal grant programs and the Colorado Student Grant program are available to qualifying students.†

Federal Pell Grant

The Federal Pell Grant program provides need-based grants to low-income undergraduate and students to promote access to a college education. Pell Grants are considered a foundation of federal financial aid, to which aid from other federal and nonfederal sources might be added. A Pell Grant award for the 2014-2015 award year (July 1, 2014 to June 30, 2015) can be a maximum of $5,550 and is dependent on a student’s need, the cost of attendance and whether a student attends the full academic year. The maximum amount can change every year and depends on program funding.

Federal Supplemental Educational Opportunity Grant

The Federal Supplemental Educational Opportunity Grant (FSEOG) program is for undergraduate students with exceptional financial needs. Because it is a grant program, an FSEOG does not have to be paid back. There’s no guarantee every eligible student will receive an FSEOG. It is awarded based on eligibility and availability of funds. An FSEOG can give students from $500 – $1500 a year and depends on the time of application, level of need and the funding level of the school you’re attending. These grants are limited to degree programs.

Colorado Student Grant (CSG)

The Colorado Student Grant Program provides funding to undergraduate Colorado residents based on financial need. This grant program is available at the Colorado campuses only.

Your Money

Investing in your college education is an investment in you. Before you consider student loans, determine how much you can pay with your own money. Use earnings from work while you are in school, support from family and friends or personal savings to pay for your college education.

Making monthly payments while you are in school can significantly reduce your finance charges after graduation. This will get you in the habit of making regular monthly payments, which is all important when repaying student loans after graduation.

Take ownership and responsibility for your education and your own future. It is one of the best investments you can make.

Borrowed Money

After you’ve added up the amount you’ll get from scholarships, grants and your own money, you may still need to borrow money from the federal government, banks and other sources. A student loan is borrowed money that must be repaid with interest. When you take out a student loan, you are making a legal obligation to repay the loan, so carefully consider the amount you borrow. Be a responsible borrower and only borrow what you need.

After you’ve added up the amount you’ll get from scholarships, grants and your own money, you may still need to borrow money from the federal government, banks and other sources.

Borrowed money and interest

Remember, when you borrow money, you will have to pay it back with interest. Interest can be considered as the cost of borrowing money. If you want to borrow money, you will be charged an interest rate, which is the percentage over and above the original loan. The higher the interest rate, the more you will owe over and above the loan amount.

To better understand interest and how it can impact how much you will owe in finance charges over and above your loan amount, please access the Department of Education’s loan calculator.

Types of borrowed money available*
  • Direct loans – always explore direct loans first for the lowest interest rates
  • Private loans – offered by banks, credit unions and other lending sources
  • APEX Institutional Financing – only available when all other federal and private loan options have been exhausted

Please note this important information about Private Loans, including APEX institutional financing:
Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans and APEX institutional financing are not required to provide; and (2) federal direct loans are available to students regardless of income.

What is a co-borrower?

For many loans you will need a co-borrower. A co-borrower (sometimes referred to as a co-signer) is a person other than you who signs the promissory note (promise to pay back) as support for repayment on the loan. A co-borrower might be a parent, a grandparent or a friend – someone with good credit who will sign with you for the loan; someone who sees how committed you are to attend college.
Many students need a co-borrower, especially if under the age of 24. A co-borrower with a good credit score can help secure a loan with the best possible interest rate.

Be a responsible borrower
  • Borrow only what you need to attend school
  • If you don’t understand something, call your lender or visit with a Redstone student finance specialist
  • Make regular, scheduled payments
  • If you are having a problem making a payment, talk to your lender or Redstone right away
  • Open all your mail and read everything pertaining to your student loans
  • Keep all your loan documents in a file
  • Make a budget and stick to it. Your education will be worth a few sacrifices along the way
Your rights as a borrower
  • Before you begin repayment, your loan holder is required to give you repayment schedule and detailed information about interest rates, fees, the balance you owe and available repayment options
  • You have the right to defer repayment for certain defined periods, if you qualify
  • You have the right to request forbearance
  • You may prepay your loans in whole or in part at any time without penalty
Your responsibilities as a borrower
  • Your primary responsibility is to repay your loans according to the terms and conditions of your loan agreement
  • You must attend entrance counseling before receiving loan funds and exit counseling before leaving school
  • You must make payments on time, or make other arrangements with your lender or loan holder
  • You must notify your lender if you change your name, address, phone number, or enrollment status
  • You must notify your lender if you’re unable to make payments
  • You must maintain satisfactory academic progress as defined by the college catalog
Repaying your student loans

Be sure to check out the information available on default and on risks and repayment options.

One convenient way to learn more about loans and other options for tuition assistance is to search the Internet. The web sites below offer scholarship, loan, and grant searches, and consumer information, customizable to your background and financial needs. Redstone College does not endorse or support any of the listed web sites.

Visit our Military Resource Center for additional resources available to military personnel.

* Financial aid is available to those who qualify

† Subject to refund based on satisfactory academic performance and class attendance