A lot of prospective college students are intimidated by the cost of college. You might think that you cannot afford college or that you can only afford certain colleges.

We understand that the tuition and fee numbers that you are seeing can be intimidating and discouraging but keep in mind that the U.S. Census Bureau estimates that someone with a two-year degree will earn an average of $500,000 more over the course of their lifetime than someone with just a high school diploma. Someone with a four-year degree will earn an average of $1 million more over the course of their lifetime than someone with just a high school education. The truth is that there is a lot of financial assistance available for college students who are determined to make the most of themselves. Never ever limit yourself or your future based on what you think you can or cannot afford.

Types of Financial Assistance

Federal Assistance

• Grants: There are a number of grants funded by the Federal Government that you may be eligible for once you fill out your FAFSA form (FAFSA stands for Free Application for Federal Student Aid. It is the form that the U.S. Department of Education uses to decide what Federal financial aid you are eligible for and how much assistance you should get.) This includes, but is not limited to the needs based Pell Grant, the Federal Supplemental Educational Opportunity Grant (FSEOG), and an assortment of merit based grants. Your eligibility for all of these grants is determined by filling out your FAFSA form.
• Work Study: The Federal Work Study (FWS) Program is available at most colleges across the country. It is a federally subsidized program that provides money to colleges to pay students for part time work done on-campus. You must go through your school’s financial aid office to receive a work study position but your eligibility for this program is determined by filling out your FAFSA form.
• Federally Subsidized and Unsubsidized Student Loans: By filling out the FAFSA form, you can also apply for student loans. There are many benefits of getting a student loan through the Federal Government: you receive a much lower interest rate than if you went directly through a private lender, you are not required to make any payments on the loan until six months after you graduate, if you go on to graduate school you will not have to start paying back your loan until you finish graduate school, and if you are not in a position to start paying back your loan at that time it is possible to get a financial hardship deferment which will allow you more time before you have to start paying back your loan. Also, if your loan is subsidized, no interest will build up during the time that you are in college because the Federal Government will pay the interest for you.
• Military Aid: There are a number of financial aid programs available to students who served in the military. Take a look at this list of programs.

State Assistance

• Most states have tuition assistance programs of their own that will help cover the cost of your education and can be used in addition to whatever assistance you may be getting through the Federal Government. Most state programs require you to fill out a FAFSA form and may also require you to fill out some paperwork through your state. To find out what financial assistance may be available to you, you can select your state’s Department of Education from this list and search their site for student financial aid programs.

Financial Assistance through your College

• Student loans: Some schools have their own student loan programs. They may offer fairly low interest rates. Look through your college's financial aid information or contact the financial aid office.
• Tuition Assistance, Grants, or Work Study: Many colleges also offer reduced tuitions, grants, and work study programs on a financial need based basis that are all funded by the college itself or through alumni donations. Look through your college's financial aid information or contact the financial aid office.

Scholarships

• There are scholarships available through all sorts of organizations including private companies, foundations, and colleges. Some are based on financial need, some are based on academic achievement or a specific talent, others are available to certain ethnic groups or students attending a certain type of college. Take a look around the web and see if you can find a scholarship that fits you. You can start by taking a look at this list of scholarships.

Parent Loans

• There are several different types of loan programs that parents can apply for to help pay for their child's college expenses. Some are available through the Federal Government, some are available through colleges, and some are available privately. Find more information on parent loans.

Private Student Loans

• These should be a student’s very last option to pay for college. Banks, credit unions, and other lenders offer private loans to pay for college expenses, but these loans almost always have a higher interest rate and much less favorable conditions than Federal loans. Keep in mind though that if you have no other options to help pay for college, it is still better to get a college degree than to not get a college degree. Keep in mind that you will earn considerably more over your lifetime with a college degree. Make sure you explore all of your options for paying for college.