With the Sims 2: University, your teen Sims are now ruling over the university campus as young adults. All teen Sims, regardless of their grades in high school, has 500 simoleons as a start-up fund for university. This fund comes automatically and is not deducted from the Sims' family household fund (so there's no need for your parent Sims to scrape together a college fund). However, this amount is absolutely pitiful and your uni Sims would only be able to afford a place in one of the Dorms. So if you want your Sims to live a more glamorous life without worrying about the debt collectors because they can't afford to pay the bills, it would be best to do a little preparation before you send your Sims to university.
So apart from the start-up fund, there are many ways your Sims can prepare for a more comfortable life in college. All these methods need a little bit of preparation, dedication and most importantly, time. After all, you need to convince the higher authorities that your Sims is worthy of obtaining their scholarships (and they don't just hand out those like candy). Note, your Sims need to apply for scholarships before they go off to college. To apply for a scholarship, simply have your teen Sims call up College (or alternatively, use a computer and select "College") and select "Apply For Scholarships." You can also use this method to check on the "Review Accepted Scholarships" to keep track of how many simoleons your Sims has when s/he goes to college.
One way to obtain scholarships is to do well in high school. If your teen Sims has a grade of A- or above during high school, s/he is eligible for the SimCity Scholar's Grant of 1,500 simoleons. However, keep in mind that it may be a long time before your Sims goes off to university. So you need to make sure that your Sims maintains the good grade right up till when s/he leaves for college if they want to keep this scholarship.
Also, if your teen Sims is a hard-working soul and managed to climb to the top of their chosen teen career (level 3), then s/he could apply for the Young Entrepreneurs Award worth 750 simoleons. As far as I know, you do not get multiple Young Entrepreneurs Awards if you get your Sims to quit their career when they reach the top and then climb to the top of another teen career.
Your teen Sims may also be able to get simoleons by undergoing great ordeals. For instance, if your teen Sims was unfortunate enough to have lost both parents, then s/he can receive the Orphaned Sims Assistance Fund of 1,500 simoleons. If your Sims have been abducted by aliens (while stargazing through a telescope at night), then s/he can apply for the Extraterrestrial Reparation Grant, also worth 1,500 simoleons. Or if your teen Sims is a zombie/vampire, they can get the Undead Educational Scholarship of 1,500 simoleons.
Skills, skills and more skills!
By far the hardest way to get scholarships is through developing skills. Developing skills takes a lot of time and effort since your Sims don't really like studying and will only do so if you force them to while they're in a good mood. So it's best to start early, even when the Sims are just toddlers! That's right, you can send your toddler Sims down the road to scholarships by making them develop skills. For instance, did you know that when your toddler Sims play with the "Magical Mystery's Shape, Rattle & Roll," they can develop logic skills? So make sure your Sims, from toddler right through to teens, are honing those skills.
Whenever they achieve 8 or more (out of 10) skill points in any particular skill, they are eligible for a grant of 750 simoleons. For example, 8 or more cooking skill points will get your teen Sims the London Culinary Arts Scholarship while 8 or more body skills will grant your teen Sims the Hogan Award for Athletics. In this case, your teen Sims can get multiple scholarships (each worth 750 simoleons) as long as they have 8 or more skill points in multiple skills. However, make sure they don't lose any skill points between the time they got the scholarship and when they leave for college.
As you can see, when you add all these scholarships up, it amounts to a lot of simoleons for your young adult Sims to burn through during their college days. Now, they don't need to work in the cafeteria or coffee shop to make ends meet. They can simply party to their heart's content on their own hard-earned scholarships. Just make sure they study once in a while if they want to stay in college!