Why applications for these college scholarships are due in 8th grade

For many college-bound students, the process of seeking out grants, scholarships and financial aid doesn’t start until their senior year in high school (see Credible’s “Financial Aid Prep” timeline for a month-by-month breakdown of milestones in the process).

In Washington, low-income middle school students who dream of attending college have until June 30 of their 8th grade year to apply for a state-sponsored College Bound Scholarship program that helped 19,000 students attend college last year.

What’s the point of requiring kids to sign up for a college scholarship when they’ve still got four years of high school in front of them? To inspire students who otherwise might rule out college as beyond their means to prepare for it instead.

Students who apply pledge to graduate from a Washington high school with at least a 2.0 grade point average, not be convicted of a felony, and apply to an eligible college and submit the Free Application for Federal Student Aid (FAFSA) to determine their income eligibility.

Those who graduate from high school and enroll in college within one year can count on the state covering their tuition and some of their fees, along with a small book allowance.

In 2015, 75 percent of students enrolled in the College Bound program graduated from high school, compared to 62 percent of low-income students who were eligible for the program, but failed to apply, the Washington Student Achievement Council reports. It’s the fourth year in a row the program has racked up those kinds of numbers.

The $61.5 million lawmakers set aside for the program in the latest two-year funding cycle lets students seek certificates or degrees at public community and technical colleges, public four-year colleges and universities, independent colleges and universities, and private career colleges. About 56 percent of College Bound recipients attend Washington public and private four-year institutions, and 43 percent go to two-year colleges, WSAC says.

Word about the program has spread. More than nine out of 10 eligible eigth graders signed up last year, and 77 school districts signed up 100 percent of eligible students, according to WSAC.

The need for such programs is clear. Last year researchers with the American Council on Education noted that low-income students were much less likely to enroll in college immediately after high school than they were seven years ago, and that the percentage of low-income students attending college was up only 3 percent from 20 years ago.

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View details	3.97%+	3.63%+	Get Rates Ascent review
Loan terms: 5 or 10 years (Ascent Tuition loan, 15-year term also available with variable-rate loans); 10 years (Ascent Independent loan, 15-year term also available with variable-rate loans) Loan amounts: $2,000 minimum, up to school's cost of attendance within $200,000 cap Repayment plans: Defer payments or make interest-only or $25 minimum monthly payment while in school Application fees: No application, origination, or disbursement fees Discounts: 0.25% automatic payment discount, 1% cash back graduation reward Cosigner release option: Cosigner release available after 24 months of consecutive monthly on-time payments Eligibility: Ascent Tuition: Minimum FICO 600 (borrower with cosigner) and 660 (cosigner). Cosigner not required for Ascent Independent loan. No minimum income or credit score requirement for borrowers with less than two years of credit history. Borrowers with two years of credit history need 680 credit score and $24,000 annual income. Loan servicer: University Account Service (UAS)
View details	4.40%+¹	3.17%+¹	Get Rates Citizens Bank review
Loan terms: 5, 10, 15 years Loan amounts: $1,000 minimum, school’s cost of attendance up to $150,000 for undergraduates and graduate degrees; $225,000 MBA and law; $350,000 medical school and parent loans) Repayment plans: Pay immediately, pay interest only, or defer payments Application fees: No application, origination, or disbursement fees Discounts: 0.25% loyalty discount available (if you have another qualifying account with Citizens Bank) as well as a 0.25% automatic payment discount Cosigner release option: Cosigner release available after 36 months of consecutive monthly on-time payments Eligibility: U.S. citizens or permanent residents; international students can apply with a creditworthy U.S. citizen or permanent resident cosigner Loan servicer: Firstmark Services
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Loan terms: 5, 8, 10, 15 years Loan amounts: Up to 100% of the school-certified cost of attendance ($1,000 minimum) Repayment plans: Make full principal and interest, interest only, or flat payments while in school; or defer payments until six months after leaving school Application fees: No application, origination, or disbursement fees Discounts: 0.25% rate deduction with autopay Cosigner release option: Cosigner release available once more than half of the scheduled repayment period has elapsed. Eligibility: Available to all U.S. residents attending an eligible undergraduate or graduate school Loan servicer: University Accounting Service LLC
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Loan terms: 15 years (undergraduate) or 20 years (graduate, MBA and professional loans) Loan amounts: Up to 100% of the school-certified cost of attendance Repayment plans: Defer payments until 6 months after leaving school, or make interest only or fixed monthly payments while enrolled. Application fees: No application, origination, or disbursement fees Discounts: 0.25% autopay discount; good grade award (one-time cash reward for each new loan for earning 3.0 GPA or equivalent) Cosigner release option: Not offered Eligibility: U.S. citizen, permanent resident or international student (international students require a cosigner who is a U.S. citizen or permanent resident). Be 16 years or older at the time you apply Loan servicer: Discover Bank
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Loan terms: 7, 10, 12, 15 and 20 years Loan amounts: Minimum loan amount of $1,000 up to school-certified cost of attendance with $200,000 cap Repayment plans: Full deferment, interest-only payments, and principal and interest payments Application fees: No application, origination, or disbursement fees Discounts: 0.5% autopay discount Cosigner release option: Cosigner release available after 24 months of on-time payments Eligibility: Borrower or cosigner (if applicable) must have a minimum income of $30,000. Must be U.S. citizen or permanent resident, admitted to or enrolled at least half-time at any title IV degree-granting college and university when applying. Loan servicer: Granite State Management & Resources (GSM&R)
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Loan terms: 5, 10, 15 years Loan amounts: Up to 100% of school certified cost of attendance (minimum $1,001) Repayment plans: Full principal and interest, interest only, and full deferment Application fees: No application, origination, or disbursement fees Discounts: 0.25% autopay discount; 2% principal reduction upon graduation Cosigner release option: Applications accepted after 48 consecutive monthly principal and interest payments Eligibility: Indiana residents enrolled in college and U.S. residents attending an eligible Indiana school Loan servicer: American Education Services
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Loan terms: 10 or 15 years Loan amounts: Minimum $1,500 (public school) or $2,000 (private school). Maximum up to school’s certified cost of attendance (minus other aid received) Repayment plans: Immediate, interest-only, or deferred Application fees: No application, origination, or disbursement fees Discounts: None Cosigner release option: Cosigner release available after 48 on-time payments and meeting credit requirements Eligibility: U.S. citizen or permanent resident Loan servicer: American Education Services (AES)
View details	4.74% - 11.35%9	3.25% - 10.65%9	Get Rates Sallie Mae review
Loan terms: 5 to 15 years Loan amounts: Up to 100% of the school-certified cost of attendance Repayment plans: Make interest-only or fixed monthly amount while in school, or defer payments until six months after leaving school Application fees: No application, origination, or disbursement fees Discounts: 0.25% autopay discount Cosigner release option: Available after making 12 on-time principal and interest payments and meeting credit requirements Eligibility: U.S. Citizen or U.S. Permanent Resident. Non-U.S. citizen students, including DACA students attending a school located in the U.S., are eligible to apply with a creditworthy cosigner who is a U.S. citizen or U.S. permanent resident. Loan servicer: Sallie Mae
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Loan terms: 7, 10, or 15 years Loan amounts: $1,001 - $65,000 (up to $95,000 for graduate students) Repayment plans: Immediate or make partial, interest-only or deferred payments while in school. Application fees: No application, origination, or disbursement fees Discounts: 0.25% autopay discount; 0.25% loyalty discount; other special rewards may include principal reduction at graduation, rate reduction for on-time payments, or zero interest for six months Cosigner release option: Cosigner release after 36 months of consecutive on-time payments Eligibility: U.S. citizens or permanent resident, not available to permanent residents of Iowa or Wisconsin. Union Federal Private Student Loan available to international students with an eligible cosigner who is a U.S. citizen or permanent resident Loan servicer: American Education Services (AES)
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures| 2,3College Ave Disclosures | 9Sallie Mae Disclosures | 6Discover Disclosures
Citizens Bank Student Loan Rate Disclosure Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of September 1, 2019, the one-month LIBOR rate is 2.14%. Variable interest rates range from 3.17%-11.50% (3.17%-11.35% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.40%-12.19% (4.40% - 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

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About the author

Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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