Five Options for Funding Your College Education

Fall is finally coming around and it is time to head off to college, but how are you going to pay? Luckily, in today's financial world there are several ways to help pay for college.

1. Financial Aid- this is the best way to pay for college because the money is provided to you through the government. There are several types of government aid available but to be eligible for any aid, a student must fill out a FAFSA to receive any type of free aid or student loan from the government.

2. Grants- this is a type of free money available to those who apply for it. Grants are also usually given through the government to people who have filled out their FAFSA information. There are many grants available but a popular grant is known as the Pell Grant. The Pell Grant is given to individuals based off of their income. The lower the income the larger the grant and this is only true up to a certain amount. The maximum amount is determined every year based on the government's decision.

3. Federal Loans- this is a very popular way to pay for school. Every student is eligible for a certain amount of federal student's loans, to help them pay for college. This is also done through the FAFSA, and this is how a large amount of students pay for their schooling. Federal loans are split up into two types; subsidized and unsubsidized. A subsidized loan means that the government will pay for tuition while you are attending college.

4. Private Loans- Sometimes a student will choose a private school or a more expensive state school. In this case, federal student aid will not always cover the full cost of tuition. A student or his/her parents can take out a private loan to help cover tuition costs.

5. Scholarships- This type of funding is really important to the college payment circle. There are thousands of scholarships available to students of every age, race, and academic status. Some colleges offer students academic scholarships and athletic scholarships. Websites are available to help students search for the best scholarships available.

However a student decides to pay for college it is important to check into every resource. Filling out the FAFSA is the very first stop in earning free money for college. The FAFSA also allows a student to see if they are eligible for work study through their college of choice. Keep in mind that there are also deadlines to meet when filling out the FAFSA for scholarships, grants, and federal student loans.

Joann Carlisle is a writer who enjoys sharing her tips and experiences with information that she is knowledgeable in. For more information about student loan debt, Reduce Debt Faster