In addition to federal student loans and federal scholarship programs, there are four types of federal grants that can help you pay for college: the Federal Pell Grant, the Federal Supplemental Education Opportunity Grant (FSEOG), the Iraq and Afghanistan Service Grant, and the Teacher Education Assistance for College and Higher Education Grant (TEACH Grant).

There used to be six federal grants, but the Academic Competitiveness Grant and the National Science and Mathematics Access to Retain Talent (SMART) Grant were discontinued July 1, 2011, victims of budget cuts. Nevertheless, the four federal grants that remain can still give a variety of students money for college that, unlike student loans, they don’t have to repay. Here’s some information about the grants and how they work.

A Word About the FAFSA

In order to qualify for a federal grant, you’ll need to fill out and submit the Free Application for Federal Student Aid (FAFSA). But you should be submitting the FAFSA anyway, since it also determines your eligibility for federal student loans and institutional financial aid.

1. The Federal Pell Grant

Pell grants are usually only awarded to undergraduate students who haven’t earned a bachelor’s or professional degree. Pell grants are a need-based award, which means the award amount is determined by your and your family’s annual income. If you or you family’s income is too high, you won’t be eligible for a Pell grant.

The maximum annual Pell grant award is $5,500, but you may receive less than the maximum, based on your financial need, your college costs, your status as a full-time or part-time student, and whether you plan to attend school for a full academic year or less. And starting in the 2012–13 academic year, your Pell grant eligibility will be limited to a maximum of 12 semesters or the equivalent.

If you’re eligible for a Pell grant, you’ll automatically receive the maximum award if a parent or legal guardian died as a result of military service in Iraq or Afghanistan after Sept. 11, 2001 and you were 24 or younger at the time.

2. The Federal Supplemental Educational Opportunity Grant (FSEOG)

The Federal Supplemental Educational Opportunity Grant is like an extra Pell grant for students with exceptional financial need. Undergraduate Pell grant recipients with the lowest expected family contributions (EFCs), as determined by the FAFSA, will be eligible for a FSEOG.

Annual FSEOG awards can range from a minimum of $100 to a maximum of $4,000, depending on several factors, including when you apply, your demonstrated financial need, the funding at the college you’re attending, and the policies of your school’s financial aid office.

3. The Iraq and Afghanistan Service Grant

The Iraq and Afghanistan Service Grant is essentially a non-need-based Pell grant that’s been specifically set aside for students with a parents or legal guardians who served in the U.S. Armed Forces and died as a result of military service in Iraq or Afghanistan after Sept. 11, 2001.

However, in order to receive the Iraq and Afghanistan Service Grant, you must be ineligible for a Pell grant because you or your family has less financial need. You also must have been 24 years or younger or enrolled in college at least part time at the time of your parent’s or guardian’s death.

All students who receive the Iraq and Afghanistan Service Grant are awarded the maximum amount of a Pell grant ($5,500), up to the cost of attendance for that award year.

4. The Teacher Education Assistance for College and Higher Education Grant (TEACH Grant)

The TEACH grant is somewhat more complicated than the other federal grants because it requires a service commitment after college that, if you don’t meet, causes your TEACH grant monies to be reclassified as a federal unsubsidized loan that you’ll have to repay.

Here are the basic conditions of a TEACH grant:

• You must to agree to serve as a full-time teacher in a high-need field (such as science or math) at a public or private elementary or secondary school that serves low-income students
• Service must include four academic years of such teaching within eight calendar years of completing the degree program in which you received TEACH grant funds
• If you fail to meet these conditions, your TEACH grant will be converted into a Direct Unsubsidized Stafford Loan that you must repay, with interest charged from the date the grant was first disbursed

For more information on eligibility requirements for the TEACH grant and for a listing of high-need fields, visit the U.S. Department of Education’s website for the Teach grant program.

For additional information about the TEACH grant, visit your school’s financial aid office.

Prepaid debit cards have traditionally been marketed by nonbank companies mainly to low-income consumers who can’t get a checking account or won’t get one because of high bank fees. But now they’re being marketed by mainstream banks to college students, in partnerships with schools, in what some consumer advocates are saying is a way to skirt a recent law that restricts banks’ marketing of credit cards on campus.

At North Carolina State University, for example, U.S. Bankcorp is partnering with the school to offer students the “Wolfpack One Card,” a MasterCard-branded prepaid card that doubles as a campus ID. Students and their parents can load funds onto the cards from other bank accounts and the card functions like a regular debit card.

The Wolfpack One Card will be offered to all incoming freshmen this summer. The university’s 34,000 current students and 7,700 faculty and staff will be allowed to upgrade their existing ID cards to the Wolfpack One Card for a $10 fee charged by the school.

NC State’s card doesn’t charge all of the typical fees associated with prepaid cards — for example, there are no fees for enrollment, monthly maintenance, point-of-sale purchases, or ATM withdrawals at approved locations — but it does come with a series of standard fees, including fees for withdrawals at non-approved ATMs, paper statement fees, and declined ATM transaction fees.

And there are also several dubious fees, such as an inactivity fee if the card isn’t used for six months, a $15 fee to close an account and receive remaining funds via paper check, and a $20 fee to receive a replacement card (“Banks Pitch Prepaid Cards on Campus,” The Wall Street Journal, April 18, 2012).

Banks Using Prepaid Cards to Make Up for Lost Credit Card Revenue on Campus

American Express and BB&T are joining U.S. Bancorp in a banking industry push for prepaid plastic on campus. Prepaid cards, some of which have sparked controversy among consumer groups for excessive fees, may be just the thing banks have been looking for to make up for revenue lost as a result of the Credit Card Accountability, Responsibility and Disclosure Act of 2009, according to some consumer advocates.

The CARD Act limited a lender’s ability to market credit cards on campuses and at school-sanctioned events, and provided restrictions for lending to students under 21 years of age. The limitations were a blow to what was a lucrative market for the banks, paid for by students who racked up significant credit card debt (in addition to the debt they were taking on from student loans).

According to one study, credit card use on campus “snowballed” over the last decade, during a time of heavy credit card marketing on campus. In 2004, the average student credit card debt was $946. By 2009 it was $4,100. And in 2009, only 9.4 percent of students with credit card debt paid it in full each month, resulting in a steady stream of additional interest payments to credit card companies.

One of the reasons that banks may be turning to prepaid debt cards is that they are not subject to the same regulatory requirements that apply to regular debit cards (although U.S. Bancorp says it voluntarily applies those same rules to its prepaid cards). Prepaid cards can be marketed on campus, without restrictions, and the cards are not subject to the same regulations that limit the amount that issuing banks can change merchants to process debit card transactions.

Meanwhile, the Consumer Financial Protection Bureau has stated that prepaid cards are one of the financial products it will examine for possible abuses.

Last year, 13 percent of U.S. consumers used a prepaid card, up form 11 percent in 2010, according to a recent from Javelin Strategy and Research. The study noted that prepaid cards were “one of the few major financial products that have grown in usage in the past year.”

If you’re a college student, chances are you have a credit card. And if you do, chances are even greater that your use of the credit card has opened the door to some serious financial peril. In short, credit cards and college students simply don’t mix, according to a recent study of financial literacy on campus.

The study, “Financial Literacy and Credit Cards: A Multi Campus Survey,” conducted by researchers from five U.S. universities, was published this April, coinciding with Financial Literacy Month. Turns out the coincidence is a bit ironic, as the study found major problems with U.S. college students’ understanding of credit cards and credit card debt.

According to the study, 70 percent of students have credit cards. Of those students, five out of six are unaware of their credit cards’ interest rates; 75 percent don’t know what their late-payment fees are; and 70 percent don’t know what their over-balance fees are.

As a result, more than 90 percent of college students who have credit cards are carrying monthly credit card debt, which is a big-time mistake. Perhaps more shocking was that nearly all of the 725 students who participated in the 2009 survey were business majors.

The study also revealed several other troubling facts about credit card use on campus:

• Credit card use “has snowballed in the last decade” on campus — in 2004, the average student credit card debt was $946, by 2009 it was $4,100
• Nearly a third of college students with credit cards had more than one card
• Only 9.4 percent of students paid their credit card debt in full each month, a sharp drop from the 32 percent who paid their balance each month in 2003
• Only 14.6 percent of students claimed to know their interest rates
• Demographically, younger students used credit cards more than older students; students who had taken an ethics class were more aware of interest rates, and employed and married students tended to be more responsible users of credit cards

In the end, the study concluded that college students lack even basic knowledge of credit cards, which are probably used every day by many students to help pay for college and living expenses, as well as for stuff students don’t need or can’t afford. “This result may also explain part of our national problem with credit,” the study said. “If our college students do not understand credit costs, what can we expect from the larger portion of our society without a college education?”

“These results should serve as a wakeup call for both our college students and our college outreach efforts into the community to train people about the costs of credit. It is clear the status quo of financial literacy is a failure.”

While student loan borrowing for college has been on the rise for years — total outstanding college student loan debt eclipsed credit card debt for the first time last year on its way to surpassing $1 trillion — another kind of student loan borrowing has been increasing under the radar: pre-college student loans for private K–12 education.

It used to be that families didn’t take out education loans until their children went off to college, but pre-college loans are becoming more popular as parents struggle to cover tuition costs for children enrolled in private elementary and secondary schools, from kindergarten to 12th grade. Data is scarce, but private school experts and lenders of pre-college loans are reporting an undeniable increase in borrowing. Your Tuition Solution, one of the largest lenders in the pre-college space, for example, reported a 10 percent increase in lending in March compared to a year ago and said, at that pace, the company estimated its total loan volume to rise to $20 million for the 2012–2013 academic year. First Marblehead, which exited the pre-college loan market in 2008, reentered the space last year when demand began to rise.

Private K–12 schools are offering their own student loans as well. At the Blake School in Hopkins, Minn., for example, 132 of its families signed up for the 10-month, 8.5 percent fixed-rate payment plan this year, an increase of 19 percent from last year. Meanwhile, the Hawken School in Chesterland, Ohio, offers a small number of student loans with a 6 percent rate.

“These loans aren’t as taboo as they once were — there are a lot more schools that are much more willing now to present a loan program as an affordability option,” says Kristen Power, northeast regional director for the National Association of Independent Schools’ School and Student Services, which processes families’ financial aid applications to private schools (“Student Loans on Rise — for Kindergarten,” SmartMoney, March 28, 2012).

The rise in pre-college private school loans — much of which is coming from high-income families, which represent a more than tree-fold increase in pre-college borrowing since 2003–03 — coincides with an increase in tuition. Total private school enrollment is down 11 percent from 2007, to 5.3 million, but the average annual cost of private school is about $22,000, up nearly 4 percent from a year ago and 26 percent from 2006–07.

Even though private schools have enlarged their financial aid budgets, pre-college lending has increased to cover the growing gap between free aid and tuition costs, but not without consequences. About one in six parents of college graduates already owes an average of nearly $34,000 in education loans. Ultimately, experts warn that pre-college borrowing is risky for parents, who may be facing a situation in which they have to make payments on pre-college and college loans at the same time.

Summer internships can be a great way to make money for college while learning valuable skills relevant to your career field. However, internship positions can be competitive and if you don’t do the legwork you might miss out. Here are nine tips for landing the summer internship you want.

1. The early bird gets the worm

Most employers start recruiting for summer interns well before summer vacation begins, so your best bet is to start looking as early as possible. Obviously, take care of your academics first and don’t let searching for an internship consume you, but you should begin your internship search before finals. That way you can concentrate on school while already having several irons in the fire.

2. Get your résumé squared away

As soon as you start looking for an internship, you should sit down and write a résumé, if you don’t already have one, or update it if you do. Remember, a résumé is your calling card, it’s how employers will meet you for the first time, so make sure to construct a quality, professional résumé.

3. Be proactive — and stay that way

Don’t sit around and wait for a summer internship to fall into your lap, because it won’t. And don’t wait for a company you’re interested in interning at to post an internship because many summer jobs aren’t announced, or at least not advertised in a convenient way. Keep a directory of all the companies you’re interested in interning for and send them your résumé with a brief cover letter to introduce yourself. You should also browse company websites and learn more about them and the positions they typically offer summer interns.

4. Read career-specific publications

Career-specific publications related to your field of study are a good way to stay in touch with industry news and developments and can also be a source of information on internship positions. Plus, staying on top of current events in your field of interest can make you stand out during the interview process and give you a leg up on other candidates.

5. Choose the right internship

Just because you’re offered an internship position doesn’t mean you should take it. Think twice about accepting an internship, keeping in mind that it needs to be a valuable learning experience that’s relevant to your coursework and personal and professional growth and not just a paper-filing job, especially if the internship doesn’t pay much.

6. Start looking for postings at your college

A lot of companies looking to hire summer internships will post positions through universities. Keep one eye on your school’s bulleting boards (especially in your department), campus newsletters, clubs, and associations for openings. Stop by during your professors’ office hours and ask them if they know of any summer internships through the colleagues or acquaintances. And don’t forget the most obvious place to look: your university’s career or job placement center.

7. Register with online recruiters

Posting your résumé online with a recruiter is one of the fastest and easiest means of finding a position in the modern job market. While posting online shouldn’t be your only option, you should definitely make it a tool in your toolbox.

8. Network

It’s all about who you know. Don’t forget that. Network, ask around, ask friends and family and classmates to ask around for you about internship openings. Chances are somebody will know someone who is looking for a summer intern, and networking is a great way to get your foot in the door.

9. Think globally

Consider applying for global internships overseas. After all, internships aren’t limited to positions in your neighborhood or even your country. And if you have plans to travel or study abroad or visit family overseas during the summer, applying for an internship in the country of your visit might just be the perfect melding of opportunities. And you can’t beat the perspective-growing experience that contact with other peoples and cultures provides.

If you want a summer internship bad enough, you can get one. But you’ll have a better chance of landing a good gig if you follow these nine tips. Remember, if getting an internship is important to you and you show it, a prospective employer will see that. Good hunting.

Almost two-thirds of students who borrowed education loans either misunderstood or were surprised by aspects of the student loan process, while about 20 percent of students said that the amount of their monthly payments was unexpected, according to a new study.

We’re not quite sure why more college student’s don’t understand the important details of their college financing, but blindly signing on the dotted line for a national average of more than $25,000 in student loans per borrower — and an average of about $76,000 per student in the study — simply isn’t smart. There’s plenty of easily-accessible information about federal student loans, including things like repayment options — after all, there’s only one federal student loan these days. But private student loans are another matter. The loans, issued by banks, can have very different terms. To help, here’s a list of basic information on private student loans to help you ask lenders the right questions.

Exhaust Federal Financial Aid First

When seeking money for college, make sure to exhaust all your federal financial aid options first before considering a private student loan. Fill out the Free Application for Federal Student Aid (FAFSA) which may qualify you for sources of free money for college, such as federal Pell grants, work-study programs, and state and institutional grant-based aid, which won’t have to be repaid.

The FAFSA will also make you eligible for federal student loans, such as federal Stafford loans and federal PLUS loans, which can have better terms, including lower interest rates, more favorable repayment terms and borrower protections, and may offer subsidized interest while you’re in school.

As a general rule, you should borrow the maximum amount of federal student loans before you consider covering any remaining education costs with private student loans.

Private Student Loan Fees, Interest Rates, and APR

Sometimes the fees, interest rates, and APR of private student loans can be confusing. Here are a few pointers:

Interest Rates vs. Fees

Just because a one private student loan might offer a lower interest rate than a federal student loan or another private student loan, that doesn’t always mean the loan will be cheaper. The fees charged by some lenders can significantly increase the cost of a private student loan, which might ultimately cost more than a loan with a higher interest rate and no fees. As a rule of thumb, 3 percent to 4 percent in fees equals about 1 percent in interest.

Beware of Longer Repayment Terms

A loan with a lower APR isn’t always a better choice. Many times, a loan will offer a lower APR but have a longer repayment term, which means you’ll pay a lower rate but will make more loan payments. In the end, a lower interest rate paid over a longer term will usually cost you significantly more money.

Interest Rates Based on LIBOR vs. PRIME

The best private student loan interest rates are based on LIBOR plus 2.0 percent or PRIME minus 0.05 percent with no fees. Unfortunately, these rates, which are based on the creditworthiness of the borrower and his or her co-signer, are available to only about 20 percent of borrowers.

Generally speaking, you should consider a private loan with an interest rates based on the LIBOR index over one that’s based on the Prime Lending Rate, if all other aspects of the loans are similar. Because the spread between the Prime Lending Rate and LIBOR has been increasing over time, a loan based on LIBOR will usually be less expensive than a loan based on PRIME. About half of all lenders tie their private student loans to LIBOR and about 40 percent tie them to PRIME.

It’s worth noting that some lenders use the Prime Lending Rate as a marketing tool simply because PRIME plus 0 percent sounds better to borrows than LIBOR plus 2.8 percent even though that means the rates are the same.

Interest Rates and Grace Periods

Before borrowing a private student loan, make sure you understand how the interest rate relates to any grace period. It’s not uncommon for lenders to advertise loans with interest rates that are lower while you’re in school but that increase as soon as the loan enters repayment after you graduate or leave school.

For More Information — and a Handy Loan Analyzer

There are several good resources for information on private student loans, especially financial aid expert Mark Kantrowitz’s websites, FinAid.org and FastWeb.com. To help get an apples-to-apples comparison of different student loans, and to figure out things like monthly payments and total payoff amounts, check out FinAid’s loan analyzer.

When you borrow a federal student loan, Student PLUS loan, or Parent PLUS loan through the Federal Direct Loan Program you may be eligible for one or more options when it comes time to start repaying your loan. Here’s a quick rundown of the different repayment options.

Standard Repayment

With standard repayment, you pay a set amount each month until your Direct Loans are paid in full. You have 10 years to repay tour loans with a minimum monthly payment of $50. The standard repayment plan is designed to get you to repay your loans in the shortest amount of time with the least amount of cost due to interest payments.

The government recommends standard repayment if you can afford to make more than the minimum monthly payment, as you’ll be able to pay off the loans early and save on interest payments.

Eligible loans: Student loans, Student PLUS loans, Parent PLUS loans

Extended Repayment

Extended repayment gives you 25 years to pay back your federal student loans and offers two repayment options: fixed or graduated. Fixed payments, like with standard repayment, are the same every month. Graduated payments, like with graduated repayment below, start low and increase every two years. To be eligible for extended repayment, you must have more than $30,000 in federal student loan debt and no outstanding balance on a federal student loan as of October 7, 1998.

Extended repayment is recommended if you need to make smaller monthly payments. However, it’s important to remember that while the loan payment itself may be easier to make under extended repayment, you’ll probably end up paying significantly more in interest if you take 15 years longer to repay your loans.

Eligible loans: Student loans, Student PLUS loans, Parent PLUS loans

Graduated Repayment

Graduated repayment allows you to start out low when you beginning to pay back your student loans, with minimum loan payments (which will never be less than the amount of interest that accrues between payments) increasing every two years, presumably as you begin to earn more money. As with standard repayment, you’ll have up to 10 years to repay your loans, so you can expect some pretty expensive monthly loan payments towards the end of your 10-year term. However, no single payment under the graduated repayment plan will be more than three times greater than any other payment. In other words, if your first payment is $300, your last payment won’t be more than $900.

Eligible loans: Student loans, Student PLUS loans, Parent PLUS loans

Income Contingent Repayment

The idea behind income contingent repayment (ICR) is to allow you to meet your student loan obligations “without causing undue financial hardship.” Under ICR your minimum monthly payments will be calculated each year based on your adjusted gross income (plus your spouse’s adjusted gross income, if you’re married), the size of your family, and the total remaining balance on your federal college loans. You have 25 years to repay your loans (not including time spent in deferment or forbearance), after which any remaining unpaid portion is discharged, which means you won’t have to repay it.

The plan determines minimum monthly payment by the lesser of two calculations:

1. Either the amount that you would pay if you repaid your loan over 12 years multiplied by a percentage that varies with your annual income, or
2. 20 percent of your monthly discretionary income, which is figured by taking your adjusted gross income, subtracting the poverty level for your state of residence and family size, and dividing the result by 12

If your monthly payments aren’t big enough to cover the interest that’s accumulated on your loans, any unpaid interest will be capitalized once each year, which means it will be added to the balance that you owe (but capitalization won’t exceed 10 percent of the original amount you owed when you entered repayment).

Eligible loans: Student loans, Student PLUS loans

Income-Based Repayment

Under income-based repayment (IBR), the amount you owe each month will be based on a percentage of your income and adjusted annually. Currently, the plan allows low-income students — based on income and family size — to cap monthly student loan payments at 15 percent of their discretionary income for a maximum of 25 years. After 25 years, any remaining loan balance is forgiven. If you are currently enrolled in college — and borrowed your first student loan in or after 2008 and will take out another loan in 2012 — you can qualify for better IBR terms if you apply to the program before June 30, 2012, including a reduction of the loan payment cap from 15 percent of discretionary income to 10 percent and a reduction of the repayment term from 25 years to 20 years.

Eligible loans: Student loans, Student PLUS loans

For More Information

If you would like more information about federal student loan repayment options, you may contact your school’s financial aid office or call the Federal Student Aid Information Center toll-free at (800) 433-3243.

If you’re looking for free money for college, you can’t do better than the scholarship programs offered by some of America’s largest corporations. If you clicked on over here from part one of our two-part list of 14 of the more popular corporate scholarship programs, then you’re already familiar with our first seven scholarships from corporate giants like AT&T and Ford. For part two, here’s seven more popular scholarships from behemoths ranging from General Electric to Walmart.

8. General Electric

The General Electric (GE)/LULAC Scholarship awards $5,000 to full-time students pursuing business or engineering careers. Students must be sophomores in the fall of the application year and maintain a minimum 3.25 GPA. The scholarship, which is renewable for up to three years, is awarded based on “academic performance, performance in business- or engineering-related subjects, likelihood of pursuing a career in business or engineering, writing ability, extracurricular activities, and community involvement.”

9. Intel

The Intel Science Talent Search program, America’s most prestigious pre-college science competition, awards up to $100,000 to graduating high school seniors that conduct an independent research project. The list of rules, regulations, and eligibility requirements is long, but worth the read. After all, there’s $1.25 million in annual award money up for grabs.

10. J.P. Morgan Chase

J.P. Morgan Chase offers two Smart Start Scholarship programs. The Thomas G. Labrecque Smart Start Program awards full-tuition scholarships (after financial aid) to 10–20 graduating high school seniors in New York City. The program provides scholarships to students not majoring in life sciences or the arts who are attending one of several New York–area colleges, a paid internship at J.P. Morgan Chase for four years, and a yearly stipend for books and supplies. The Louisiana Smart Start Program provides graduating African-American high school seniors in the state with full-tuition scholarships to any four-year college or university in Louisiana and a yearly stipend for books and supplies.

11. McDonalds

Ronald McDonald House Charities U.S. Scholarships offers four types of awards to students based on ethnic heritage: RMHC/Scholars (to all ethnicities), RMHC/Asia (to applicants with at least one parent of Asian-Pacific heritage), RMHC/African-American Future Achievers (to applicants with at least one parent of African-American or Black Caribbean heritage), and RMHC/HACER (to applicants with at least one parent of Hispanic/Latino heritage). Each scholarship has its own eligibility requirements. Together, RMHC scholarship programs have awarded $44 million since 1985.

12. Microsoft

Microsoft Scholarships are awarded to students pursuing an undergraduate degree in computer science and related technical fields who maintain a 3.0 GPA. There are four types of scholarships: General Scholarships, Women’s Scholarships, Minority Scholarships, and Scholarships for Students with Disabilities. Scholarships can either cover part or all of tuition costs. Eligibility requirements include quality of application, interest in the software industry, commitment to leadership, and financial need.

13. Tylenol

The Tylenol Future Care Scholarship program awards $250,000 worth of scholarships to about 40 students annually who are pursuing medical careers. The scholarships are either $5,000 or $10,000 and are awarded based on leadership qualities and academic performance.

14. Walmart

Walmart Foundation Scholarship Programs award scholarships to students across the United States who are employees of the company (Walmart Associates Scholarship) or dependents of employees (The Walmart Dependent Scholarship). Walmart awarded more than $10 million in scholarship money in the 2011–12 academic year alone.

College is insanely expensive, but a scholarship from one of these captains of industry can go a long way to helping pay for college and ensure than you graduate with as little student loan debt as possible.

Like most college students, you could probably use some free money for college. But there are so many different scholarship programs out there, where would you begin? Well, you can start by taking a closer look at big corporations. They often award some of the best scholarships and grants around. To help, here’s a two-part list of 14 of the more popular corporate scholarship programs. For part one, we take a gander at seven scholarships offered by giants from AT&T to Ford. Make sure to check back next week for part two, when we examine seven more popular scholarships from General Electric to Walmart.

1. AT&T

The AT&T Labs Fellowship Program awards a variety of scholarships and grants to women and minority students who are enrolled in post-graduate studies. The company also awards scholarships for African-American children or stepchildren of regular full-time employees of AT&T and its subsidiaries through a partnership between the AT&T Foundation and UNCF.

2. Bank of America

The Bank of America Joe Martin Scholarship is a competitive scholarship program for dependents of associates who have been employed by the company for at least one year. The program awards between $1,000 and $5,000 for each year of full-time enrollment at a college or vocational school. Awards are based on academic achievement, leadership, contributions to school and community, character, and financial need.

3. Best Buy

The Best Buy @15 Scholarship Program awards $1,500 to 1,000 students living in the United States and Puerto Rico who will be entering college on the fall after high school graduation. Awards are based on academic achievement, volunteer efforts, and work experience.

4. Coca-Cola

The Coca-Cola Scholars Foundation awards various scholarships to graduating high school students pursuing four-year and two-year degrees. The company’s new Coca-Cola All-State Community College Academic Team program awards up to $450,000 in scholarships: a “New Century Scholar” award of $2,000 to the top-scoring student from each state, $1,500 to 50 “Gold Scholars,” $1,250 to 50 “Silver Scholars,” and $1,000 to 50 “Bronze Scholars.”

5. Dell

The Dell Scholars Program awards 250 scholarships of $20,000 each to high school students participating in an approved college readiness program. Eligible students must be U.S. citizens, graduate from high school with a 2.4 GPA, demonstrate financial need, plan to enter a four-year degree program at an accredited college or university the fall after graduation.

6. Exxon Mobil Corporation

Exxon Mobil, in partnership with SECME schools, awards a wide variety of annual scholarships to minority students nationwide who choose to enter math and engineering college programs.

7. Ford Motor Company

The Ford Motor Company offers many different scholarship and grant programs and also contributes funding to many different scholarship programs outside the company. The Ford Partnership for Advanced Studies website provides details and links for the company’s scholarship programs.

These seven resources are good places to start when looking for corporate-sponsored scholarships. Make sure to check out part two for seven more corporate scholarship programs.

If you’re a medical student, then you’ll be happy to hear about a new federal program that can give you big-time money for college by helping you repay some, if not all, of your student loans.

The National Health Service Corps (NHSC) Students to Service Loan Repayment Program, a pilot program created by the Affordable Care Act, with pay some or all of your college loans as long as you work as a primary care physician in an area of the country that doesn’t have enough physicians. Here’s how it works:

The Basics

Students to Serve provides financial aid to fourth year medical students (MDs and DOs) who commit to a career in primary care. You must agree to work full-time for a minimum of three years or part-time for a minimum of six years in NHSC-approved communities with limited access to physicians, which the U.S. Department of Health & Human Services recognizes Health Professional Shortage Areas (HSPAs).

To be eligible for the program, “applicants must be enrolled as a full-time student in the last year of school, be attending a fully accredited school in an eligible degree program, and be planning to complete an accredited primary medical care residency in an NHSC-approved specialty (Internal Medicine, Family Practice, Pediatrics, OB/GYN, and Geriatrics).”

Full-Time Clinical Practitioners

If you work full-time in an HSPA, you will receive up to $120,000 in student loan repayment assistance over three years. The program defines full-time as working no less than 40 hours per week for a minimum of 45 weeks a year.

Part-Time Clinical Practitioners

If you work full-time in an HSPA, you will receive up to $120,000 in student loan repayment assistance over six years. The program defines part-time work as working no less than 20 hours per week, and no more than 39 hours per week, for a minimum of 45 weeks per year.

Maximum Annual Payments

Annual payments from the program max out at $30,000.

What if I owe more than $120,000 in student loans?

Many students owe more than $120,000 in student loans when they graduate medical school. Often, students can owe more than $200,000. If you want to stick with the program past your initial commitment of three or six years, the program will continue to help you repay your student loans, resulting in the possibility of being able to pay off all of your qualifying student loans through the program.

What if the Program Receives More Applications Than it Can Handle?

If Students to Serve receives more qualified applications than it has available funding, the program will prioritize applications based on two criteria: 1) whether an applicant has a disadvantaged background, based on environmental and/or economic factors and whether an applicant received a Federal Exceptional Financial Need Scholarship, and 2) whether an applicant indicated a higher likelihood of continuing to serve in an HSPA once the service commitment is completed.

This year’s application cycle opened on Nov. 15 and closed on Dec. 19, so, if you’re a third-year student this year, start thinking about what you need to do to be eligible for the program when the application cycle begins again next November. If you want to be a primary care physician, you can get big-time loan repayment assistance through Students to Service. Ask your school’s financial aid office for more details.