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Financing Your College Education

Let's face it -- education is expensive. And while it's certainly worth it, it can be difficult finding a way to pay for it in the first place. Unless you're independently wealthy, you'll most likely need some form of financial aid -- a combination of grants, loans, scholarships, or work-study -- to handle the costs. Figuring out the in's and out's of financial aid can seem complex and convoluted, but we'll try to give you an overview of the process and point you in the right direction.

There are four big sources of financial aid: loans, grants, scholarships, and employment opportunities. Loans must be repaid, though not until after you've completed school, but you will have to pay interest on the loan, in addition to the amount you initially borrowed. Work-study programs that set you up with a part-time job during the school year where your wages are used to pay off your education. Grants and scholarships (often via state programs or from the institution you're applying to) are essentially "free money" -- you won't need to repay them. Note that it's very unlikely that your financial aid package will consist of nothing but grants and scholarships; most students have to take out some form of loan (often multiple loans) to finance their education.

Applying for financial aid can be a long and difficult process, especially if you apply for a variety of scholarships. But almost every student should fill out the FAFSA -- the Free Application for Federal Student Aid. Most financial aid comes in the form of loans and grants by the federal government and the FAFSA is the way to apply for that aid. The FAFSA is usually available in January for aid to be used beginning in the fall term that year.

Remember that financial aid, especially loans, can be a big obligation. Defaulting on a student loan payment can have drastic consequences -- ruining your credit history, bringing the wrath of collection agencies, etc. But if you keep on top of your debt and pay your bills on time, you should find that you'll pay off your college debts in a reasonable amount of time and you'll have a great education -- and career -- to show for it.

Additional resources:

• Student Guide to Financial Aid (U.S. Department of Education)
  http://www.ed.gov/prog_info/SFA/StudentGuide/
• FAFSA: Free Application for Federal Student Aid
  http://www.fafsa.ed.gov/