How to Find Money for College

FAFSA - Your Money For College Starting Point

To locate money for college, you're most likely aware that options are numerous - loans and other financial products, various grants, scholarships, buried treasure, along with your own personal savings (ok, ok ... so I was kidding about the "buried treasure"). In the event you don't have sufficient financial resources the following information might come in very handy.

FAFSA is the First Step

First of all, you have applied for financial aid, correct? Completed the FAFSA, a free application for federal student aid, and submitted it prior to the due date? If that's the case, a significant part of the process is already completed.  If not, complete that FAFSA right away and then proceed to the next logical steps.

Subsequently, if the first steps in your money for college quest are completed, you will have received your SAR or student aid report. The SAR will help you organize completed tasks up to this point and finalize any particular grant applications, Stafford or Grad PLUS loan paperwork. For now, though, let me reveal one particular strategy you may not have considered.

Outside scholarships.  Did you apply for any?  I hope you applied for at least one.  Look carefully enough and you probably qualify for several.  The aforementioned strategy involves applying for obscure scholarships.  The more obscure the better.  And, unless you have stellar grades, high SAT or ACT scores, and a particularly strong affiliation or talent, you will have to apply for outside scholarships.

Trust me.  I've been in your shoes.  I was awarded a couple of helpful scholarships.  One came due to my prowess on the football field, the other because I was ranked first academically in my prep school graduating class.  Another primary reason to apply?  You never know the quality of competition.  What if very few people apply?  You might very well forfeit thousands of dollars because personal assumptions about your chances were wrong. 

Beyond the realm of scholarships, should you require assistance but don't have the time to earn enough money to meet all college costs, you must consider grants and loans, sources that rely solely on one's financial need. This is where it gets a bit tricky.

Each and every year increasingly more students recognize they've neglected an excellent opportunity to uncover money for college.  You must be cautious, but it can prove helpful. And it's staring you directly in the face.  It's right on your FAFSA.  It's called dependency.

Regarding Money for College - Are You Independent?  Dependent?

If you turned twenty-two this past year, the federal government considers you an independent when it comes to higher education financial aid. If you're married, you are most likely independent.  Are you enrolled in the military and completed basic training? Also independent. In accordance with the department of education, you are independent if adopted after age 16 or lived in foster care until age 18, or end up a state ward.

These events can really unlock financial aid opportunities for you.  Remember, successful awarding of Stafford and Perkins loans and/or Pell grants are each dependant on your financial need. When you have no one to support you or if you married young, you most likely need and qualify for such aid.

A couple of considerations - if you are divorced, but receive considerable spousal support, you are unlikely considered independent and eligible for student aid.  And in case you joined the military but haven't yet completed basic training, you don't qualify.  However, finish basic training and your status immediately changes.

There are times when the student aid report (SAR) does not accurately reflect all conditions on which financial aid eligibility hinges.  You have the option to utilize private education loans.  Just don't go overboard.  Remember - all those loans must be repaid at some point.

Where it concerns money for college, know your options.  Act accordingly.