Financial Aid: Getting Your Grip on Scholarships, Grants, and Student Loans

Remember all those times in the last few years when you wanted to kick your parents out of the house and just live your own life? Well guess what? You're on your own now, so now what? Here's a piece of motherly advice. Don't screw up! The thing you are now messing with is your life. So let's talk about one of the most important decisions, one of the first decisions you are going to make: your college or technical school education and how to finance it.

The first item of business is deciding if right now is the right time for you to go to college. If you don't have any idea what you want to do with your life, and just want to party, this might not be the best time for you to go to school. First-time college students are notorious for dropping out in the middle of the first or second semester. You don't want to do that. Why not? Because those who drop out in few weeks or months generally end up owing for all or part of the loan funds they received, and may even owe grant funds back to the government—and with nothing to show for it, not even a few credits.

But let's assume that you are a levelheaded individual who knows what you want to study, and maybe even what you want to do in life. If that is the case, read on, as there are some serious matters you need to consider about your financial future.

The federal government - via the U.S. Department of Education—is currently the largest sources of funding for college students. The best way to learn about the Department's programs is to call the Federal Student Aid Information Center (1-800-4-FED-AID or 1-800-433-3243) and order Funding Education Beyond High School: The Guide to Federal Student Aid, a free booklet. If you're someplace where you can't call a toll-free number, then call 1-319-337-5665, but this will cost you (though no more than any other long distance call. You can also write to

The Federal Student Aid Information Center
P.O. Box 84
Washington, DC 20044-0084

Or you can check out federal aid information at www.studentaid.ed.gov.

Every year, millions of Americans have to take out a loan of some kind to complete their higher educations. But be wise. Understand interest, and get the best package you can.

Credit: Joe Wallace

Copyright: Joe Wallace (permission has been given to use this Image)