Financial Need

• If you need help paying for college because you cannot afford the tuition and room and board fees, financial aid can help. The federal government has programs available to help finance your education. One such program is called the Federal Pell Grant. Pell Grants are available to undergraduate students, are based on financial need and do not require repayment. A second type of aid is a student loan. These low-interest loans are offered through the Department of Education, can be used to pay for expenses not covered by a Pell Grant, but have to be repaid when you leave college. You can apply for Pell Grants and student loans by filing out the Free Application for Federal Student Aid. The FAFSA is a questionnaire that determines your level of need and matches you with financial aid programs, such as grants, loans and work study programs. There is no cost to apply.
  
  

Merit

• If you are a student with a high grade-point-average or you excel at a sport or other extra-curricular activity, merit-based scholarships could help you fund your education. High schools and colleges have a list of scholarships available to its students, so set up a meeting with your guidance counselor or academic advisor to determine if you qualify for available scholarships.
  
  

Level of Education Sought

• If you are an undergraduate student, financial assistance can come in the form of scholarships, grants and student loans. But if you are seeking an advanced degree such as a MBA or a law degree, then scholarships and loans are your options. For some advanced degree programs, such as English and Business, you might qualify for a fellowship -- a stipend given in exchange for teaching lower level courses in your discipline.
  
  

Considerations

• When applying for financial aid, and especially in the case of loans, you must remember that you are responsible for repaying the debt, whether you graduate or not. Take out enough loans to pay for your education and related expenses, but avoid taking out extra if possible. Also, if you have been convicted of a drug-related offense, this could make you ineligible for getting financial aid.