Jeff Mictabor asked:

As high school seniors diligently work their way through their first Free Application for Federal Student Aid (FAFSA), parents should be monitoring where their children are in the college funding process so they can help plan accordingly.

NextStudent, the Phoenix-based premier education funding company, offers a wide array of online financial planning tools to help students and their families wade through the waters of college financial planning.

Financial Aid Calendar

The first step in the process is to be aware of what is expected of you as a student and as a parent. Even though it’s April, check the Financial Aid Calendar (http://www.nextstudent.com/financial_aid_advisor/financial_aid_calendar/financial_aid_calendar.asp) to double check where you are in the process and keep on track. This also is the perfect time for high school seniors to get a jump-start on next year and see what will be expected of them as college-bound seniors.

Search for Free Money

The college funding cycle begins with the search for scholarships, or “Free Money.” Local and national scholarships are an important avenue to explore because they can help cut the costs of financial aid that has to be repaid. NextStudent’s FREE Scholarship Search Directory (http://www.nextstudent.com/directory-of-scholarships/) has a total of 2.4 million scholarships from 42,000 funding sources with total awards of $3.4 billion.

Financial Aid Guided Tour

For another in-depth look on what to expect when applying for financial aid from a NextStudent Financial Aid Advisor, take NextStudent’s “Financial Aid Advisor: The Guided Tour (http://www.nextstudent.com/financial_aid_tutorial/financial_aid_tutorial.asp)”.

Financial Aid Frequently Asked Questions

If students and parents have specific questions regarding financial aid and their best options, find the answers in NextStudent’s Financial Aid Frequently Asked Questions (http://www.nextstudent.com/tools_and_resources/faq.asp).

Budget Calculator

As high school seniors all across the country begin receiving their acceptance letters and have completed their FAFSA forms, they will begin to receive “Award Letters” from each of the schools to which they have been accepted. These letters will explain the type of aid and amounts for which they qualify.

At this time, students and their parents should begin work on or revisit their college-budget and just how much they will be responsible to pay in the coming year. NextStudent’s FREE College Budget Calculator (http://www.nextstudent.com/tools_and_resources/calculators/college_budget.asp) can assist in refining the college budget and establishing how much additional money students will need.

Both Stafford student loans and Parent PLUS Loans for Undergraduate Students (PLUS) are available through NextStudent. Because individualized service is a top priority at NextStudent, every customer is personally assigned an Education Finance Advisor to guide students through the student loan process from start to finish. If students and parents find that there is a gap in their education funding, NextStudent also offers private student loans with borrowing limits of up to $40,000 annually.

NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans, and Student Loan Consolidation at NextStudent.com.

Jeff Mictabor asked:

If the cost of college and graduate school seems to be rising as quickly as summer temperatures, it may be time to look into the funding sources that could help you finance your postsecondary education. To help families sort through the financial aid maze, NextStudent, a leading Phoenix-based education funding company, offers students and parents this quick guide to the types of financial aid options that are out there.

It starts with financial need.

Financial aid can be classified into two main categories: need-based and non–need-based. Need-based aid is awarded on the basis of financial need, a federal determination of a student’s financial situation, using the financial information you provide each year on the FAFSA (Free Application for Federal Student Aid). Non–need-based aid is awarded without consideration given to a student’s financial situation. If you meet program eligibility requirements, you can qualify for non–need-based aid, regardless of your or your parents’ assets or income.

There is such a thing as free money.

Scholarships and grants are a great way to help finance your college education because they provide money for school that you won’t have to pay back—it’s basically free money. Scholarships and grants can be either need-based or non–need-based.

Federal Pell Grants are an example of need-based grants. Non–need-based scholarships and grants include merit-based awards. Some merit-based scholarships may be awarded automatically with your admission; others require you to complete an application process and compete against other applicants.

There are millions of dollars in college scholarships available every year. You can start looking by raiding the NextStudent Scholarship Search Engine, a database of over 5.9 million scholarships worth over $16 billion.

Federal student loans offer low-cost financial help.

After grants and scholarships, federal student loans provide students and parents with a smart, economical financing option. Federal Stafford Loans for undergraduate and graduate students, Grad PLUS loans for graduate students, and PLUS loans for parents all feature low, fixed interest rates, flexible repayment options, no prepayment penalties and no application fees. Stafford loans don’t require a credit check or a co-signer. PLUS and Grad PLUS loans allow the borrower to take out up to 100% of the cost of attendance, less other financial aid received.

These federal student loans are also all eligible for student loan consolidation. By consolidating your federal student loans, you could cut your monthly student loan payments almost in half. A Federal Student Loan Consolidation could also give you up to 20 more years to repay, with the added convenience of replacing multiple student loans and monthly bills with one easy-to-manage loan and a single monthly payment.

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NextStudent Private Student Loans can cover what other financial aid doesn’t.

NextStudent’s Private Student Loans are unsecured, credit-based student loans. These private student loans are non–need-based, so as long as you meet the eligibility requirements, you won’t be disqualified for you or your parents making too much money.

A Private Student Loan can cover the difference between your cost of attendance (which includes education-related expenses like textbooks and an allowance for transportation to and from school) and the amount of other financial aid you received.

NextStudent Private Student Loans are available not only to undergraduate and graduate students, but also to continuing education students and the parents of K–12 students.

Keep in mind that federal student loans usually have more attractive terms than private student loans, so you should always look into your federal financing options first.

NextStudent believes that getting an education is the best investment you can make, and we are dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at NextStudent.com.

Jeff Mictabor asked:


Hopefully by now your child has decided which college to attend this fall, and you are beginning to formulate your financial strategy for how you will fund the college experience. An excellent option is the PLUS Loan or Parent Loans for Undergraduate Students, recommended by NextStudent, a leading Phoenix-based education funding company.

As long as your child is enrolled in school at least half-time, this federally backed student loan allows parents to borrow funds to cover such things as tuition, housing and meals and even books and supplies, up to the total cost of the student’s education, minus any other aid.

In order to be eligible for the PLUS Loan, both students and their parents must complete the Free Application for Federal Student Aid (FAFSA). According to NextStudent, parents cannot be turned down for the PLUS Loan based on too high or too low an income, because the student loan is not based on financial need or how much money parents earn. However, parents can be turned down for an adverse credit history. Once the FAFSA is submitted and reviewed by the government, parents will receive a Student Aid Report, which will allow them to apply for the PLUS loan. Applying for a NextStudent PLUS Loan is simple and easy and may be done either over the phone in as few as five minutes, or it may be done online using E-Signature.

Availability after Tuition is Paid Makes PLUS Loans Convenient

A welcome feature of the PLUS Loan is that it is available even when parents already have paid for their child’s tuition and other related educational expenses. Although the maximum interest rate on the PLUS Loan is set by the federal government, NextStudent offers many opportunities for parents to save money through incentives.

For instance, when borrowers fund their PLUS Loan through NextStudent and pay via auto-debit, they will receive a .25 percent reduction on their interest rate. In addition, after making 12 consecutive on-time payments, borrowers will receive a 3 percent cash rebate on their remaining principal balance, and a 2 percent rate reduction after 48 consecutive on-time payments.

Grad PLUS Loans Offered by NextStudent

A similar federal student loan product called the Grad PLUS Loan is available for those individuals who decide to pursue graduate or further professional studies and enables students to fund their education themselves. Again, students may finance the entire cost of their graduate work (minus federal aid) and use the funds to pay for any associated costs such as supplies, books and other materials. While the Grad PLUS Loan Program’s maximum interest rates are set by the federal government, just like with the PLUS loan Program, NextStudent offers many money-saving competitive benefits for those pursuing postsecondary education. An additional incentive is that students have the option of postponing repayment until after graduation. Additionally, like PLUS Loan borrowers Grad PLUS borrowers may be eligible for a federal student loan consolidation.

NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans, and Student Loan Consolidation.

Jeff Mictabor asked:


Got this semester covered but wondering how you’re going to pay for next semester? If mom and dad can’t help you out as much as they want to, you might consider applying for a Federal Stafford Loan.

Federal Stafford Loans are one of the most affordable student loans available to you, with a low 6.8% fixed interest rate. And as long as you’re enrolled in college at least half-time, you don’t have to start repaying your Stafford loan until you’re out of school.

Let Both Stafford Loan Options Work for You

The Stafford Loan Program offers two types of student loans: subsidized Stafford loans (awarded on the basis of financial need) and unsubsidized Stafford loans (non–need-based).

With a subsidized loan, the government will pay for any interest that accrues while you’re in school, when you’re in deferment, and during your grace period.

With an unsubsidized federal stafford loan, you’re responsible for all interest that accrues, even when you’re not making student loan payments. Any interest that accrues while you’re in school, in deferment, or in a grace period will be added to your principal loan amount for you to repay once your repayment begins.

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You may qualify for either type of Stafford loan or a combination of both.

Applying for a Stafford Loan With NextStudent Is Simple

Just complete your FAFSA (Free Application for Federal Student Aid), and you’re already started! There’s no credit check. You just need to meet the eligibility requirements:



High school diploma or GED

Enrolled or accepted in an eligible undergraduate program, attending at least half-time

Maintaining satisfactory academic progress, as determined by your school

U.S. citizen or permanent resident

Not in default on any federal student loans

Registered with the Selective Service if you’re male and between the ages of 18 and 25



Once you’re approved for your Stafford loan, a check will be sent to your school. You have 14 days to decide whether you want to use the entire Stafford loan amount or only part of it.

After your tuition and other school-billed fees are paid, you’re free to use any leftover Stafford funds for your books, supplies and other college-related expenses.

Even More Benefits With an Undergraduate Stafford Loan From NextStudent

Take out your Stafford loan with NextStudent, and you could qualify for NextStudent’s rate reduction rewards.*



Get an immediate 0.25% rate reduction as soon as you sign up to have your student loan payments automatically deducted from your savings or checking account. Lower your rate and never have to worry about late payments or lost mail.



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We’ll knock another 1% off your rate after your first 36 on-time payments. And we’ll lock in this 1% rate reduction for the life of the loan, even if you miss a payment later on down the road.





OR make 48 consecutive on-time payments and lower your rate by 2%.



And after graduation, you can choose to consolidate both your unsubsidized and subsidized Stafford loans with a NextStudent Federal Student Loan Consolidation. You get more time to repay, and you could substantially lower your monthly payment.

So don’t stress about paying for college on your own. Apply for your NextStudent Stafford loan today, and let us help you make paying for school as simple as possible!

NextStudent believes that getting an education is the best investment you can make, and we are dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at NextStudent.com �

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*NextStudent will discontinue all interest rate discount benefit plans if Congress enacts the College Cost Reduction Act of 2007. It is not certain at this time if that legislation will be enacted. If it is, it is not known what its effective date will be. Provisions within the pending legislation would change the fee structure and yields for lenders that make federal education loans. It is not known at this time on which date the new provisions will take effect, nor whether they would be applied to loan applications that had been submitted prior to that date but not yet funded. NextStudent will not offer the interest rate discount benefits for those applications that are subject to the new provisions. NextStudent will make its best efforts to process all applications it receives prior to the date the new provisions take effect, but cannot guarantee that your application will be processed in time for the interest rate discount benefits to apply.

Jeff Mictabor asked:


Students largely are responsible for their own success at college, whether that means getting a 4.0 GPA, being involved in student government, or learning the skill set that will enable them to land a decent paying job upon graduation.

However, many do not consider all the hard work and years of preparation that parents contribute prior to the college admission application process. According to NextStudent, a leading Phoenix-based education funding company, the earlier parents start planning for their child’s education and the more prepared they are for that event, the more successful they may be in helping their child attain the dream of a college education.

Be Informed: Apply for Aid Early

Many parents already are familiar with the Free Application for Federal Student Aid (FAFSA) form that must be completed each year in order to receive federal government aid. Some even may be aware that the deadline to receive funds for the next school year is the end of June. What most may not understand is that they may submit their application as early as Jan. 2 of that same year.

Other parents may be under the mistaken notion that they have to wait until after they file their taxes to submit their FAFSA. That is an erroneous assumption that could prove costly when it comes to getting the funds needed for school. Students and their parents simply may ESTIMATE their income on the FAFSA, and if they apply online they only need to update that figure on the government’s FAFSA Web site.

Abundant Resources Available

In addition to applying early for aid, there are many other resources that parents may use to save for school or maximize their college-related expenditures.

One of the most profitable ideas, especially if your child is a college-bound high school student, is to research and apply early for FREE scholarships and grants. Students may want to contact their college’s financial aid office for assistance here, or use one of the many online scholarship search engines. The NextStudent Scholarship Search Engine has over 42,000 college funding sources comprised of more than 2.4 million individually awarded scholarships valued at over $3.4 billion.

Take Advantage of Tax Credits and ‘Tax Advantaged’ Savings Plans

Uncle Sam is eager to help students and their parents cover the costs of a college education. Tax credits such as the Hope Credit enable parents to offset the cost of certain college education expenses by allowing them to deduct up to a specific amount for their federal income tax return. For more details, please visit the IRS Web site at: irs.gov/individuals/article/0,,id=121452,00.html.

Maybe your child is not even in junior high school yet. If that is the case, you still have time to accumulate substantial savings beforehand. To help you do it, the federal government set up something called 529 Plans. This program allows parents to save funds in a “tax-advantaged” plan with the option of engaging in either a prepaid tuition arrangement or setting aside savings for college. To find out more, visit sec.gov/investor/pubs/intro529.htm.

NextStudent Makes College Funding Simple

Wherever you and your family are on the road to planning for college, NextStudent can help. Offering top-notch customer care and personal service, NextStudent has a reputation, benefits and incentives that are tough to beat. When you contact NextStudent, you will be assigned your own personal Education Finance Advisor who will guide you through the college funding process, assist you in formulating the best strategy according to your student’s particular needs, and answer any questions you may have.

NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding simple. Learn more about Student Loans, Private Student Loans and Student Loan Consolidation at NextStudent.com.

Vince Shorb asked:

It’s graduation day and you feel a sense of relief knowing you will never have to take another final again. You’re ready to fully experience life, independence and travel the world. Unfortunately for many, the average college graduates are leaving school buried in debt. There are ways you can avoid the student debt that plagues so many recent graduates.

Earning a college degree will help you command a higher salary; however it may take some time to benefit from the higher salary while you’re trying to pay of your student loan debt. There are several ways you can earn a college degree while avoiding the student debt that plagues so many graduates.

College grants offer students that qualify money for college that does not need to be paid back. College grants are need based money, meaning they are awarded based on financial need.

The federal government is supplies the majority of the grant money for college students. You’ll find the list below will give you the most popular need based grants available to students.

1) Pell Grant

2) Supplemental Educational Opportunity Grants (SEOG)

3) SMART Grants

4) Leveraging Educational Assistance Partnership (LEAP)

5) Academic Competitiveness Grants

In addition to federal student grants there are also a wide variety of state grants available as well. Be sure to visit your college’s financial aid office to see what type of grant money is available to students in your state. While you’re there be sure to meet with your financial aid counselor and fill out the Free Application for Federal Student Aid (FAFSA).

The FAFSA application will determine if you qualify for need based college grant money. Be sure to fill out this form completely and note any recent change to your financial situation. If your past doesn’t reflect your current financial situation let them know. There may be a recent change that affects your finances like divorce, unemployment, or major medical issues, that may make you eligible for need based grant money.

Scholarships and grants differ in that scholarship money is not so much need-based as it is merit-based, meaning they are awarded based on your personal accomplishments or background.

Scholarship money is available for almost anyone that seeks money for college. Whether you have good grades or bad, whether you’re an athlete or bookworm, president of the ethics club or social wallflower - there are scholarships available for you. It doesn’t matter where you are in life now either. There are scholarships available for people that are getting ready to graduate high school, in college now, or an adult looking to go back to school.

Merit-based scholarships are scholarships are based on your personal qualities and achievements. Being athletic, artistic, academic, involved with your community, or have hobbies - there are a wide variety of scholarship money available for you.

Let’s examine your scholarship potential by examining different types of students. Of course, if you were class president, were head cheerleader, have a 4.3 GPA, and actively participate in non-profit organizations - there will be a lot of scholarship money available for you. If you’re a student who scored decent on tests, have a 2.7 to 3.3 GPA, and participate in a sport, there are going to be a fair amount of scholarship money for you as well.

Now, if you’re coming out of high school with a 2.2 GPA and are on MySpace all day, scholarships will be harder to find, but they’re out there. You can increase the chances of getting a scholarship by taking some simple steps before you begin the scholarship application process. Volunteer for a non-profit organization; get involved in extra-curricular activities and you may get your share of free scholarship money for college.

Scholarships are awarded for a wide variety of reasons. There are location specific scholarships, national scholarships and ones that are awarded by the college that you are attending. College specific scholarships may include academic, athletic and/or departmental awards. There are many other organizations that give students scholarship money for college. These include private corporations, unions, religious organizations, non-profits organizations, chambers of commerce and a wide variety of other organizations.

The most financially beneficial options to receive money for school come from college scholarships and college grants. Both offer you ways to receive free money for school that does not need to be paid back. However if you need additional money to pay for school there are other options.

Student loans offer you another resource to pay for school. You have two loan options.

1) Subsidized loans. These loans provide money to students based on need. Subsidized loans give students a break on the interest rate and payment terms. For example, the interest may not begin until after you graduate. If you’re going to get a loan for school, a subsidized loan is your best bet. Federal Perkins Loans and Federal Stafford Loans are two of the subsidized loans that may help you to finance your college education.

2) Unsubsidized loans. If you don’t have luck qualifying for subsidized loans or not enough money to cover your financial need, check into unsubsidized loans. With these loans you are paying the full interest amount, typically right after you graduate. Unsubsidized loans should be your last resort when trying to finance your schooling.

There are also alternative programs that can help you pay for college. Here are a few examples below.

1) Reserve Officer Training Corps (ROTC) program, in which you are able to go to school now with the promise of serving in the military later.

2) The Peace Corps and Americorps also allow college students to go to school now and work for their organizations later.

3) Work-study programs offered by some colleges allow you to work part-time to help pay for school.

4) HOPE scholarship tax credit that allows you to pay a reduced amount of taxes.

5) Lifetime Learning tax credit is an excellent opportunity for people to pay discounted taxes.

If you feel you cannot afford college, or are already in school and see the debt starting to pile up - winning scholarship or grant money may help you out. You’ll feel great knowing your graduating and don’t have student debt tying you down. You’ll have everything you need to live the life you pictured.

Cal asked:


Get grants for school and college through Cal Grants!

Are you a student in California looking for financial aid, college grants or school grants?

If yes then, your problem is solved..

Cal Grants are the best way to get cash for a California based college, university or technical school. Students aiming for higher education or need cash to put up with college expenses can be assisted with financial aid and grants. Hence, they can fulfill their dreams and earn a degree gracefully.

It is very easy for students to get a financial aid from a Cal Grant. Moreover, students do not need to pay the aid back. These funds may be used on items such as room, board, and textbooks for class. The process for obtaining the college grant is pretty simple. All what you have to do is submit the Free Application for Federal Student Aid (FAFSA) between January 1 and March 2 and a verified Cal Grant GPA between November and March 2. We also provide the facility to fill this form online. If you fulfill the prerequisites as income and GPA requirement, you would be able to get cash up to $9,700. Whether your need is college expenses, room and board, books or other educational expenses, Cal Grants financial aid grants will help you in securing these items.

Financial aid and grants offered by Cal Grants to cover college expenses are funded by the State of California and administered by California Student Aid Commission. The only aim of State of California is to make sure that all passionate students should be able to pay their college fees. Therefore, if you are a high school senior or a recent high school graduate or have completed your GED, then log on to www.calgrants.org and fill the FAFSA form out online to get Cal Grants financial aid and grants. It is one of the easiest methods to get college grants or grants for school.

Kevin Ihrig asked:

Grant money comes in more than one flavor for your college education. Below I explain the types of grant money and what that means for your college money search. Grants are free money for college, and never have to be repaid.

1. FSEOG

First the Federal Supplemental Equal Opportunity Grant. The FSEOG program awards grants to undergraduate students that have exceptional need. Students who qualify for this one come from very limited means. Meaning not much money.

Your max award from this program tops out at $4000. The actual amount will depend on your other financial aid, and any other money you have. Awards also depend on the FSEOG money your school has available, so check with the financial aid office.

To apply for this or other federal grants, you will fill out the FAFSA, or Free Application for Federal Student Aid. More on this at the end.

2. Pell grant

The Pell grant program currently tops out at $4300 this school year and will rise to a max of $5400 in 2012. You have some eligibility requirements, standard things like progressing in school, attending an eligible institution, be a citizen, and a few others. You can receive a Pell grant even if your family has an income of up to about $45,000. Most of the students who get a Pell grant have a household or personal income under $20,000.

Remember, once you qualify under federal student aid (FSA) guidelines, you can apply on your income only, without your parents. I remember reaching that point at 22, and using Pell grants. Very helpful.

3. The Academic Competitiveness Grant

The ACG started in 2006 and only applies to first and second year undergraduate students. You can qualify for an award up to $750 for first year students and up to $1300 for second year students. This grant adds another qualification to get money for college. You must have completed a rigorous course of study in high school.

What is that? I looked at several. Basically, you have to do better than the basic graduation classes. You should look up your state at this link to find out your requirements:

http://www.ed.gov/admins/finaid/about/ac-smart/2007/state-programs-07.html

Every state has a description of a rigorous course of study, along with a few extras like DC, BIA, DOD schools, and Puerto Rico. And you have some options if you will finish high school soon. You can pass two advanced placement tests, or international baccalaureate tests. Some states offer a concurrent enrollment option, too, where passing core college classes while in high school will qualify you.

4. SMART

A new program called Science and Mathematics Access to Retain Talent (SMART) also offers federal government aid. This program aims directly at you engineers, scientists, and other highly technical fields. If you have a high tech major, you should apply. Be aware that this program complements the ACG above. The ACG applies to first and second year students, while SMART applies to third and fourth year students.

All of the above require that you fill out the Free Application for Federal Student Aid (the FAFSA). If you use the online FAFSA, the form will update automatically to tell you that you can answer the ACG questions, which is how you apply for this program. If you used a paper FAFSA, your student aid report (SAR) will show you if you should answer the ACG questions or not.

And if you don’t get enough in grants, try a Stafford or other student loan. They can help.

Jim Zorn asked:

Grant money for college can be a godsend for students who cannot afford to pay for a college education. A study grant is a sum of money that is provided to a college student to help to meet at least a part of the college expenses.

Grants do not have to be repaid and they are usually based on the need of students or on a combination of need and merit.

Graduate students may be offered grants in return for services like research and teaching that are performed under the supervision of members of the faculty. Grants may also be provided in exchange for professional service after graduation and this is especially prevalent in the health care profession.

Grant money for college is available from a variety of sources that include local, state and federal government, universities and colleges and public and private organizations.

Grants for non-traditional students

Non-traditional students have to juggle their work and family lives and most of them find it difficult to finance their college education. People are living longer and more working adults are choosing to take up a college education at a later stage in life.

More and more non-traditional students, who don’t belong to the usual 18 to 24-year old age group, are returning to college.

Online distance learning is one of the most significant trends in the present day and online degrees are being offered by many universities, including the University of Phoenix.

More grant money for college is available for traditional students than for non-traditional students, but due to the growing numbers of non-traditional students, educational institutions are moving to remedy this.

People who are avoiding pursuing a traditional college education due to financial problems can fill out a FAFSA (Free Application for Federal Student Aid) for federal aid and apply for a Pell Grant.

Pell Grants are available to students in financial need, who are enrolled for at least half the time. These grants have been a major source of financial aid, mainly for undergraduate students.

Are you eligible for a grant?

Grant money for college is available for special populations that may be identified on the basis of demographics or health conditions. These include minorities, women, veterans, international students and disabled people.

Grants are also provided to those who want to return to school to pursue a specialized professional subject like nursing or criminal justice. There are also some grants that are meant for the general population.

People who work for worthy social causes in areas like crime prevention, health care and education can qualify for educational grants. Details of work done for a worthy causes can be mentioned in your resume or career portfolio, and can give potential employers a good impression of you.

As a non-traditional student, there are many grants that you can apply for and all you need to research the grants you are eligible for is a computer with Internet access.

Gregg Hall asked:


Picking a college or university can be hard to do. If you are worried about paying once you get there, that can make the decision even harder. If you made it through economics, you understand there is no free lunch. In this case, there is no free money. However, you can find money that is freer than most for your college career.

Loans are often what come to mind first when thinking about paying for education. Loans can come with large pay off amounts, and can be confusing as to what loan is best for you. Grants, on the other hand can be a little simpler and more “free”.

First, grant money does not need to be paid back. Grant money is awarded to whoever needs a grant the most, and whose application came in first. Generally grants are awarded to you, not applied for. The FAFSA (Free Application for Federal Student Aid) is used by higher education to judge monetary need. Plan to spend a fair amount of time completing the FAFSA. The form is available on the Internet and in hard copy. Complete one form in pencil first as practice for either mode of application you chose. You will also need to include a copy of the tax return from the year previous. Each school may have additional forms you need to fill out for financial information.

Four different grants are commonly awarded: Federal Pell, Federal Supplemental Education Opportunity, State and Institutional. The Federal Pell grant program is the largest of the four. A college receives a set amount of this grant money to distribute among those students who most need financial aid. Federal Supplemental Education Opportunity grants are similar to the Pell grants, but have a set aid range of $100 to $4,000. The students who need the aid the most receive these awards.

State grants are dependent upon the state your college is in. In many state grants, you receive the grant with the agreement to work in your field for a certain amount of time after graduation. For example, a new teacher must teach at a low income school for two years or she must repay the grant.

Lastly, institutional grants are offered when no more federal or state assistance is available. These grants are provided directly from the college and can be used for encouragement with a highly desired student applicant.

If you are not chosen to receive a grant, or you do not think you are likely to be chosen for a grant, look into scholarships and loans. Though a very small percentage of financial aid comes from scholarships, thousands exist for all different amounts of money. Check consistently throughout the year, every year, for opportunities. Your college likely has a scholarship database, but you can also try online searches through specialized companies. A few good free resources exist, but many scholarship finders require a fee.

Talk with a financial aid representative from your school concerning loans. He will know which loans will work best for your situation.