Financial Aid

No doubt, you've added up the costs: tuition, room and board, books and supplies, travel, laundry, and entertainment. The total could freak you out. But just relax. Most students eventually track down financial aid opportunities in one form or another. If that's your present situation, read on.

All the information you need for financing an education can be found on the Internet, at the library or by visiting with your high school guidance counselor. But realize that there are several paths that can be taken in paying for school, namely scholarships and grants, which do not have to be repaid, and various types of student loans that do.

Of course, the goal of most college-bound high schoolers (and especially their parents) is to track down free money.

• www.act.org/fane - Financial Aid Need Estimator and financial aid information
• www.collegenet.com - Free college scholarship search
• www.finaid.org - Good general financial aid information
• www.studentaid.ed.gov - The federal government financial aid page
• www.fafsa.ed.gov - Free application for federal student aid

FAFSA

A good place to start is the Free Application for Federal Student Aid or FAFSA, which can be found online at www.fafsa.ed.gov. The FAFSA determines if you are eligible for student financial aid from federal and many state programs. Here's how it works:

• Complete the form in January when your family receives the necessary income statements from the previous year.
• Colleges and universities also use the FAFSA, but you may have to fill out additional forms. Find out the deadlines and requirements at the colleges you're considering.
• Fill out the form correctly and include all appropriate signatures or processing will be delayed.
• The FAFSA tells you how much money your family will need to contribute to your college costs - your Expected Family Contribution, or EFC.
• You'll usually receive your Student Aid Report three to four weeks after submitting the FAFSA. It will summarize the data you reported on the application. Check the information for accuracy.

Now the financial picture should be a little clearer, you should know whether or not you need to borrow and, if so, how much. But before taking out student loans, there is another option to picking up some free money, (besides borrowing from your parents) such as scholarships.