Many students and families find non-family sources for college finances. There are literally tens of thousands of resources for scholarships, grants, student loans, and other programs. Many are available over the World Wide Web and even can be applied for online. We will highlight here some of the best sources of information on these types of financial aid opportunities.
Government Financial Aid
All college bound students and their families need to explore the options for federal and state financial aid. The government has a vested interest in an educated populace, and has committed vast resources to provide opportunities for students and their families with financial limitations. This year, the federal government will commit $67 billion in federal financial aid.The first step in the government financial aid process is the completion of the Free Application for Federal Student Aid form or the FAFSA as it is commonly called. January is the time to gather all of your information and get it entered on the FAFSA and submitted to the Department of Education. High school counseling offices have copies of the FAFSA for their students, as will college financial aid offices. In addition, you can complete the FAFSA online. This is the critical first step in the process.
Once the FAFSA is completed and submitted, the Department of Education will send back to the student a Student Aid Report which is used to determine which if any types of government financial aid is available. In addition, the Student Aid Report is often used by colleges and universities to qualify students for need-based grants and scholarships. So don't ignore the FAFSA even if you don't think you'll qualify.
Government financial aid can take several forms. There are outright cash grants for college expenses that can be used for room and board, tuition, books and other expenses. There are work-study programs where a student's tuition can be deferred if he or she works in a given field while going to school. There are subsidized-interest student loans. But it is important not to leave this stone unturned in the search for college funds.
