Student Financial Aid Available from Many Sources

College is expensive; however, over $129 billion dollars of student financial aid are available to help you pay for college.

Look to the Federal Government First

The federal government is the largest provider of student financial aid. According to the U.S. Department of Education's student financial aid website, federal student financial aid is at an all time high. The federal government offers need-based and non-need based loans (like the subsidized and unsubsidized Stafford Loans and the PLUS Loans), grants (like the Pell Grant), and other forms of student financial aid.
This year, the federal government has instituted two new grants for recent high school graduates--the New Academic Competitiveness Grant and the SMART Grant. Going back to school? Don't worry, there's still plenty of aid for you, too--you'll be considered for all other federal student financial aid. To be considered for federal student financial aid, all you need to do is submit a FAFSA, also known as the Free Application for Federal Student Aid.

States Also Offer College Money

Each state offers its own student financial aid packages. Georgia, for example, offers the Hope Scholarship, providing a free college education to high school graduates with a B average or higher. You can also reduce college costs by attending a state school, since state colleges offer lower tuition rates for state residents. Check with your state higher education agency to find out about the student financial aid available. Be sure to pay attention to application dates--state deadlines may be earlier than federal deadlines. The FAFSA isn't a substitute for state applications, so request your state applications, as well.

Colleges Help Their Students

Each college has its own college grants and scholarships based on a variety of criteria. Contact your college's student financial aid office to determine what applications you need to file to be considered for student financial aid. Ask whether you'll need to file a CSS Profile Application (a commonly used application for non-federal aid) in addition to your FAFSA.
Figuring out how to pay for college can be daunting. Luckily, many programs exist to help you pay for college and reach your dreams.