College Financial Aid Guide

Having to figure out how to pay for college these days can seem an insurmountable task. However, just as the price of tuition has gone up, so has the availability of many forms of college financial aid. So don't give up on attending the college or university of your choice because of the high cost of tuition, room and board. This simple guide will set you on the road to obtaining all the college financial aid you need to follow your dreams of a great college education:

1. Start early.

Some parents may start saving for their children's college education when their kids are very young. Check with a financial advisor for the best way to structure college savings.

But if high school graduation is around the corner and coming up with the money to pay all or even a large part of tuition and college costs wasn't a possibility for your family, it's important to get in gear. Start in the student's junior year in high school. Begin researching the colleges you think you may be interested in and meet with your high school's guidance counselor to learn what to do to begin preparing.

2.Familiarize yourself with available grants, scholarships, student loan and work-study opportunities.

There are so many forms of college financial aid to insure that all students are able to get a college education. Begin immediately to dig into the following financial aid resources:

A. Academic, athletic or other scholarships provided by your high school. See your high school guidance counselor for more information.

B. Institutional grants and scholarships provided by the college or university you apply to. This should be offered with your admission letter. Additional amounts may be added by your school upon your acceptance and further evaluation of your full financial aid picture.

C. FAFSA - Federal Aid/State Aid/Student and Parent Loan Programs - This is your MAIN source for government financial aid. Apply through www.fafsa.ed.gov/ Follow the instructions thoroughly and completely. You can list up to ten schools you are interested in and FAFSA will send them all a report with the amounts of aid you have qualified for. In conjunction with your school, this aid may include federal and (some) state grants and student loans. (Important Notes: FAFSA stands for FREE Application for Federal Student Aid. Be sure you go to the actual FAFSA website ending with .gov. There are .com FAFSA sites that will charge you at the end of your application process. You should never have to pay to apply for any of the college financial aid recommended in this article.)

D. State Grants - Search the web for student aid for your state. For most states, the FAFSA form will also be your application for state aid. Additional documents may be required.

E. Great Grant, Scholarship and Loan Search Sites:

Fastweb.com

Finaid.org

Collegeboard.com

Scholarships.com

F. Seek out local organizations and companies that may offer scholarships and grants for aspiring college students in your area. Check with your church, where individuals may be willing to support young people in their educational pursuits.

G. Finally - Work, work, work! Students can begin working in high school and save up to help get them into the college of their choice, reducing the amount of college financial aid and student loans required. Work-study programs and other part time jobs are also possible while you attend school. Remember, the less you have to borrow in student loans, the less you will have to pay back when you complete your education.

3.Pay close attention to important application dates and begin applying for college financial aid accordingly.

You don't have to have been accepted to a school or even know with certainty which school you are going to attend before beginning to apply for scholarships and grants. But you do have to get your applications for various financial aid opportunities submitted within their given timeframes. Missing these dates can cause you to miss out on large amounts of college financial aid you would otherwise qualify for.

As an example: The State of California currently offers the "Cal Grant" which is a need based grant requiring only a minimum high school GPA of 3.00. Everyone that applies for the Cal Grant on time and meets that criteria (GPA) will be awarded, as of this writing, $9,781 per year for four years! (Some rare exceptions apply. See Cal Grant website for more information.) That's nearly $40,000 toward your education! But you must apply for the Cal Grant between January 1 and March 2 of your senior year in high school to be eligible for this grant for a four year institution, either public or private, in California beginning the following fall. (You have until September to apply for a smaller Cal Grant for a California Community College and other terms may apply to your situation. Again refer to the Cal Grant website for details.)

Clearly, application dates are critical. So calendar the dates of the various forms of college financial aid you intend to apply for - Federal and state financial aid, school and private scholarships and grants and student loans - and make sure you get your paperwork in on time for each.

But if you miss a date or lose out on an important scholarship or grant, don't panic. There are so many types of financial aid available to you - and the schools really do want to help you get in - so keep trying and see if you can raise the college financial aid you need to get the education you deserve.