I remember how hard my parents pushed me to apply for scholarships, grants and all the free money available so college wouldn’t be as huge of an expense. We fought for months over how much time I should devote towards getting money for school. Getting a job while in school isn’t for everyone and I didn’t want to work throughout my college career without much time to enjoy the experience.

Luckily, my parents pushed my performance in school hard enough so I was eligible for a full tuition waiver to all state universities and only applied for a few scholarships to cover the cost of books. I still spent an extravagant amount of money for room and board in my first year, I didn’t have a budget (who wouldn’t buy their roommates food when they didn’t have enough money) but quickly learned my lesson.

I’m now in the position of helping others in my family start the search for college funds – some are in high school and others in college – and have some tips for those looking.

1. Start early. If you’re in your junior or senior year in high school and know you want to go to college – start now! It help when everything gets crazy right before you’re about to start college and may allow you to go to schools you wouldn’t have considered due to cost.
2. Submit your FAFSA. It’s easier if you do this online. If you haven’t completed your taxes, estimate and go back after you have filed to correct the estimate (if needed). By doing this early on, you’re putting yourself in line to get the free, or cheaper, money. Do not procrastinate, this is a little time consuming but you’ll be better off.
3. Know what’s out there. There are a lot of ways to get money for school. A few are:
• Federal Grants: free money from the government or school.
• Scholarships: free money from an outside source (companies or private donors).
• Subsidized Federal Stafford Loans: Loans backed by the government that don’t accrue interest until you’re out of school and have a lower overall interest rate. You don’t start paying these until you’re out of school.
• Unsubsidized Federal Stafford Loans: Loans backed by the government that accrue interest while you’re in school but at a lower rate than most other loans. You don’t start paying these until you’re out of school.
• Federal PLUS Loans: Parent Loans for Undergraduate Students that parents can take out to cover up to 100% of their child’s cost of school. These are not need based, so it doesn’t matter how much you make.
• Graduate PLUS Loans: Similar to a PLUS loan but graduate students can take out for themselves.
• Private Student Loans: Unsecured loans that are credit-based. Most students need a co-signer to be approved.
4. Look for scholarships. This is free money and something everyone should look for. There are scholarships for almost every category you can think of – there is even a scholarship for making your prom outfit (suit or dress) out of duck tape! Applying for scholarships is a time consuming process, but is definitely something you need to do if you are looking for money for college. Some places you should look at are:
• Scholarship Search Engine – One of the largest scholarship databases with over $3.4 billion in scholarships.
• Fastweb – A scholarship search with over $3 billion in scholarships.
• Your school’s financial aid web site – this should offer their specific scholarships, some of which you may be eligible for.
• Web sites of places you’re currently involved in. Involved at church? Have an extracurricular activity? You may be eligible for money.
5. Ask for help. There are lots of people who love you and would like to see you succeed – can any of these people help you with your goal? Sit down and have a heart-to-heart with those who may be able to help you. Your school advisor should also be able to help point you in the right places.
6. Sign up for free information. There are a lot of places to get good information on getting money for college. My current favorite is NextPath, a financial newsletter that gives information to students, parents, and recent graduates.