Ok. So you’ve researched, applied, and been accepted to the college of your choice (…or second or third choice); now before you start packing earnestly for independence and acclaim, there’s one thing left to consider: how will you pay for thousands of dollars worth of your higher education for two, four, or six years? For most of us, we have been pushed towards college all of our young lives as a necessary, a mandatory prerequisite for a happy sustainable adult life. However, with the cost of tuition, room/board, and even general standard of living rising sharply every year; easily and painlessly finding the financial means to support higher education has become all the more of a hardship. Luckily, even if we don’t come from affluence or haven’t had the ability to save prior to this; we have options. There is a surfeit of federally- and privately-mandated loans, allocated grants and scholarships, as well as loan consolidation programs to help us after we graduate. But where do you start?

• First off, it’s best to know your deadlines for federal and private loans, as well as grants and scholarships that you are looking at. You should be doing most of your research and applying at least six months to a year before you intend on applying these loans or scholarship to your enrollment.
• Start researching scholarships and grants from the library, your high school counselor, and the college/financial aid section of any bookstore. There are thousands of books on the subject, offering countless scores of scholarships for higher education that you may be eligible for. It takes a lot of time, both in researching and applying for these grants, but if you are awarded money for all or even part of your expensive college years to come, then it’s certainly well worth your time.
• File a Fafsa form as your first step towards securing financial aid for college. This is the federal form that all students are required to complete if they want to receive any federal government loans (Stafford, Perkins, Plus, etc). Once sent in, this form which lists your family’s income, is reviewed against the U.S. Department of Education guidelines for determining how much money can be allocated to your higher education, as well as more specifically, which loans you are eligible for. It is significant to note that you can start the Fafsa application process as early as January 1 of the year you will begin schooling.
• After filing the Fafsa, you should receive the SAR (Student Aid Report) about 4-8 weeks later. This report from the Department of the Education will basically list in detail the federal financial aid your family is eligible for. You should also request that copies be sent to the school you have been admitted to.
• In the SAR, you’ll see whether you are eligible for the Perkins, Stafford, or other federal loan…though these are the most common. Most schools will send preprinted applications for Perkins and Stafford loans to the student and family that is eligible; but it never hurts to request the applications yourself.
• Another federal loan is the Parents Plus loan…This is basically a loan for the parents of the dependent student. In the case, where you may not receive all the money you need for college from the Perkins or Stafford or others that you are eligible for; the Parents Plus can be a big help.
• After you’ve received your Award Letter, typically in the Spring, telling you what you have been awarded for federal loan assistance; you may still not have enough to cover the tuition, room/board, and general living expenses. This is when you can start inquiring at banks, schools, and financial institutions about private student loans. Just beware, because a good deal of private college student loans will deliver higher and fluctuating interest rates for the life of your loan, and can be very restrictive as far as use.
• Keep in mind, that whatever financial assistance you receive, includes a legal contract that you have a financial obligation to. A lot of the loans you receive, will waive your interest rates until 6 months after you graduate (or fall below half-time enrollment)…but it is always a good idea to consolidate your student loans towards the end of your schooling or right after you graduate. There are programs in place that can give you more time, and fixed lower monthly rates.

Consolidate Student Loan

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