Finding financial aid for college is one of the key to minimizing your expenses and getting the best education. Unfortunately, trying to navigate the maze of financial aid for college can be difficult, as you've got to wade through a myriad of scholarships, grants, government loans and private loans to find the right financial aid package for your needs. The truth is most people use several different programs to pay for college, including a combination of grants, scholarships and government and private loans.

Many of the professionals in the business will tell you that you start by filling out the FAFSA. However, it is not some arcane document signing your life away; it is the Free Application for Federal Student Aid (FAFSA) is a required first-stop for many scholarships, private lenders and government programs.

Most qualified student's today qualify for government financial aid for college, you may receive assistance in the form of grants, government loans or work-study programs. Most of this assistance is FREE and does not need to be repaid, but some does, so it is important to know the difference.

Government grants are basically tuition gifts that you don't have to repay, but you must demonstrate great need to get a grant. If you don't qualify for a government grant, you may still be eligible for government loans with deferred interest, deferred principal and low interest rates, and various merit based awards.

Students and their family should start preparing documents well in advance of the FAFSA's due date. Some schools want your FAFSA before your taxes are due, so you and your family will need to do your taxes early. If that isn't possible, then you'll need to fill out the FAFSA to make the deadline, but you must make corrections based on your tax form later.

Many colleges and universities offer merit-based scholarship programs for students with exceptional achievements. College-sponsored scholarship programs are highly competitive, so it's not guaranteed that you'll get one for your financial aid for college. Hence, if you've got a background of achievements or interest in a specific field of study, it never hurts to apply for a college scholarship to augment your financial aid for college. If you're an exceptional athlete, you might be able to get a scholarship based on your athletic skill. Check with your college admissions and financial aid office for a list of school scholarships, and examine your options to add to your financial aid for college.

Another good source for free financial aid is to check with local organizations in your community. Tracking down scholarships on this level requires a lot of footwork, but a determined student can find hundreds or even thousands of dollars in scholarships by checking with local organizations. In some cases, your parents' employers may offer scholarships for college students. In other cases, you might qualify for a scholarship from your local church or city council. Start your search by talking with your local high school guidance counselor; they typically compile lists of local scholarships. If you exhaust your guidance counselor's list, try checking with your local library.

It's easier to qualify for local scholarships if you're active in a number of organizations; being an active student helps to differentiate you from other students for merit-based scholarships and helps to put you in touch with more organizations that could potentially offer scholarships. Some scholarships from local organizations may only award members as little as $100 to $300 per school year, but those small scholarships add up, and one of them by itself covers the cost for a college textbook.


Another source of funds might be found on databases online. With the popularity of the Web as a search venue, many databases have popped up to provide college students an easy way to search for financial aid for college. Some of these databases offer free listings, but many online financial aid for college databases require a subscription fee. If you opt to get a paid subscription to a scholarship database, look for one that includes a free trial, so you can check and see whether the database includes comprehensive and current listings for financial aid for college. While some people argue against using a subscription-based service, as long as it's a reasonable fee and offers valuable information, it may be worthwhile to consider it. If a $50 subscription leads to a $5,000 scholarship, the math simply speaks for itself, however it is important to know that no one with legitimate scholarship fund EVER asks for funds upfront.

Another popular source of financing is work-study, provided by many colleges for students who need financial aid. You can work in various college capacities, such as in the library or other on-campus offices for about 10-15 hours per week, and these funds are NON taxable.

Government work-study options are based on demonstrating financial need, but college students can often find on- or off-campus employment even without government work-study programs. Another advantage of work-study is that you might find a job that gives you experience in your chosen field. For example, if you are interested in chemistry, you might find a work-study position in a campus lab.

Loan Forgiveness Loans are available to some, however they come with some strings attached. Some government, state and private organizations are willing to provide educational loans and then forgive them if students are willing to work in a specific office or industry for a specified time period. Industries that often offer loan forgiveness programs include education, nursing and some government positions. The programs that offer loan forgiveness options typically don't pay as well as more competitive industries, but they're vital to our social structure and offer great personal satisfaction in addition to the financial aid benefits of loan forgiveness.

Private Loans should always be the last resort to provide financial aid for college. While government loans offer perks to college students who can demonstrate financial need, such as low interest rates and deferred interest and principal, these programs are still loans and must be repaid after school.

Private lenders sometimes offer the same deferment options as government loans, but they often underwrite loans at much higher interest rates than government loans. If you do opt to use loans to finish financing your college, keep in mind that education loans are not eligible for discharge through bankruptcy.

We offer assistance with financial aid when applying to the colleges of your choice. Contact us for additional information.