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Amidst the current economic peril America is facing, many families that plan to send their teenagers to a good college are probably worried about where and how they will find the financial means to do so. With the current costs of tuition and room and board over the roof, and rising (for example, UC’s have raised their tuition by ten percent this year), finding the money to finance a college education is becoming more and more challenging. However, if you are in the know about where to find money to pay for college, then you should have nothing to worry about. If a student is in good standing, they can easily obtain sufficient financial aid for college by pursuing scholarships, federal aid, student loans, and other creative ways to save money for college. This article will cover how students should go about obtaining financial aid to help pay for college.

Your first step in receiving good financial aid will be to fill out the FAFSA form. Filling out the FAFSA is the most important step in receiving sufficient financial aid, as many schools and government student aid programs (even some scholarships!) base what they will offer you on what they read in this form. Even if you don’t think you will qualify for anything, you might end up being surprised, so make sure to fill out this form! If you don’t, you are guaranteed not to get any federal aid, so you might as well give it a try.

After you finish filling out the FAFSA and submit it, you will hear back soon on how much you should expect to receive in financial aid and how much you will be expected to contribute towards you education. At this time you will now have an idea of how much you will need to pursue scholarships, student loans, etc.
Once you have received your FAFSA offer from the government, it is now the time to decide how you are going to find sufficient money to cover the rest of the costs of your college education. You should first apply for scholarships and grants, as these are free money and don’t have to be paid back! You should focus on pursuing local scholarships, scholarships related to your major, and overall scholarships that are more focused on certain types of people that will be less competitive. By applying to scholarships that are only offered in your city, ones offered by your school for a specific major, or ones only available to minorities (only if you are a minority, of course), you will greatly increase you chances of winning one as they are much less competitive (not as many students can apply!). Try not to apply to scholarships such as ones offered on a national level as these are much more difficult to win. By applying to as many “localized” scholarships as possible, you will greatly increase you chances of winning at least one!

After finding out how many scholarships you have received, now you need to figure out how you are going to cover the rest of your unmet financial need. The next common step is to apply for student loans. You should first apply for any federal student loans that you are eligible for, as these usually have the best rates, compared to private loans.

After you have exhausted scholarship, federal aid, and your own resources for financial college, you still have a few other options for covering the rest of your financial aid. Your first step, if you are a student, is to get a job. By getting a part time job during the school year and finding well-paying internships during the summers, you can easily save up an extra $5,000 to $10,000 (or even more, depending on how much you work) per year to help cover your college costs. By becoming an RA at your dorm, your school will often cover the entire costs of your college housing, which can easily amount to over $10,000 per year.

By following the information above, any student in good standing should easily be able to find enough financial resources to cover the costs of their college education. It will not be easy, but if you put in the effort, you should be able to find sufficient money for college.

For more advice on how to save thousands of dollars in financial aid for college, visit money for college!

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