I went to college the first time in the 1980’s when financial aid paid me more than I made on my $3.32 an hour job.  Fast forward to 2009, students are faced with shrinking grants, smaller scholarships, increases in tuition, and HUGE student loans.  Before you run away, here me out and don’t be afraid to get a loan if you think of it as an investment in your future.

In my case with Ashford they have what is called a pre-qualification system that you will be eligible for a specific amount upon acceptance.  It is not this way with every school, meaning that you will need to do research on the school that you pick.  Regardless of what type of aid you end up with  it all starts with filling out the Free Application for Federal Student Aid (FAFSA).

Breaking down the most common types of aid that students pay for college with include:

Grants

Federal Grants are free money from the government that does not have to be paid back.  As I stated before the amount of grant money awards today are not as much as they were 20 years ago.  Personally I would think of grant money as a way to buy books and tie up loose ends connected to continuing your education.

Scholarships

Believe it or not there are thousands of scholarships available every year worth billions of dollars.  The trick is that there are so many that advertising for them is tough.  Websites like Fastweb will help during your search, but good old fashioned leg work to your local library is probably your best bet.

Loans

The Stafford loan is probably the most common type of loan that students obtain to pay for their education, me included.  To obtain Stafford loan contact the financial aid office at the school of your choice to find out the guidelines and application deadlines.

In my case, financial aid was so seamless that I was three weeks into school before the paperwork caught up to me.  Today with online education becoming more popular financial aid methods are becoming more streamlined so that that you can concentrate on studying.