According to a report released by the Campaign for America’s Future, attending school at a private university takes up about 57% of the annual median household income while public universities take up about 25% of the annual median income. This doesn’t come as much of a surprise considering that the cost of attending college is continuing to increase. In fact, experts estimate that the cost of attending college has grown by more than 40% since 2000.

Thanks to the cost of attending college, about $90 billion worth of financial aid is rewarded to college students throughout the country each year. If you want to get your hands on some of this money, there are a few things you need to keep in mind.

Know Where to Look

The first thing you need to know is where to look for the available financial aid. If you are still in high school, meeting with your high school counselor is a good first step to take. Another good resource is your university financial aid office. Of course, you can’t expect these professionals to do all of the work for you, but they can put you on the right track and help you with any questions that you might have.

Complete the FAFSA

Another important step in the process of obtaining money for college is to complete the Free Application for Federal Student Aid, or FAFSA. By completing the FAFSA, you will be able to learn more about federal grants and loans that you may be eligible to receive.

Look Into Scholarships

Scholarships can serve as an excellent resource of free money for school. Keep in mind that scholarships are awarded for a variety of different reasons, which means you don’t have to graduate as valedictorian in order to get your hands on some free college money. In fact, you can find scholarship opportunities based on all of the following factors:

· Athletic ability
· Disability
· Race
· Nationality
· Religious Affiliation
· Location
· Hobbies
· Military relationship

You can also potentially receive scholarships if you are a first generation college student or for a number of other reasons. Conducting an online search will help you learn about a wide variety of scholarship and fellowship opportunities that you may be eligible to receive. One good place to start is at FastWeb’s free scholarship search.

Some specific scholarships that you might want to look into include:

· Apple Scholarship – Apple awards scholarships to high school seniors who have used technology in an innovative way. If you win one of these scholarships, you will receive an iPod Nano, a MacBook and $2,000.
· Google Scholarship – Google also awards a scholarship to women with an interest in technology. This scholarship, known as the Anita Borg Scholarship, provides $10,000 worth of scholarship money to women who are starting their senior year of undergraduate studies in computer engineering, computer science or a related field.
· Red Hat Scholarship – if you have developed open source software and plan to pursue a computer science degree in Nepal, India, Bangladesh, Pakistan, Bhutan or Srilanka, you may be able to receive the Red Hat Scholarship.
· IEEE Computer Society Scholarship – you can receive $4,000 worth of scholarship money through the IEEE Computer Society Scholarship program if you are a college junior, senior or graduate student who is pursuing a degree in a computer-related field.
· Microsoft Scholarship – Microsoft also awards current undergraduate students a total of $500,000 in scholarship money each year.

Apply for Grants

A number of grants are also available to college students, both through federal programs and private programs. The Federal Pell Grant, for example, is a federal assistance program for students who do not have a bachelor’s degree. Although the majority of these grants are awarded to students in families with an income of less than $20,000, the majority of those with a family income of less than $50,000 are eligible. Pell Grant awards range anywhere from $400 to $4,050.

Another grant to look into is the Federal Supplement Educational Opportunity Grant, or FSEOG. This grant is also made available to those who have not earned a bachelor’s degree and who demonstrate a financial need. These awards range anywhere from $100 to $4,000 per year.

The Academic Competitiveness Grant is another grant that can help you pay for college. This grant is available to first-year students who graduated from high school sometime after January 1, 2006 as well as to second-year college students who graduated sometime after January 1, 2005. Recipients can receive up to $750 to help pay for the first year of college as well as $1,300 for the second year. To receive this grant, you must be eligible for the Pell Grant and you must have maintained a minimum of a 3.0 GPA while pursuing a rigorous high school program.

Another grant you might pursue is the National Science and Mathematics Access to Retain Talent, or SMART, grant. To be eligible for this grant, you must be a third or fourth year college student who is eligible for the Pell Grant and who has maintained a 3.0 GPA while majoring in life science, physical science, mathematics, computer science, engineering, technology or a foreign language that is considered to be critical to national security. Recipients of this grant receive up to $4,000 per year.

Your university’s financial aid office may also offer grants to students, so be certain to ask the university’s financial aid office for more information about the grants they have to offer. In general, these grants are merit-based and are used to help pay for educational costs that are not covered by federal assistance funds.

Apply for a Loan

Although loans do not provide free money for college, it is possible to obtain student loans with a low interest rate that also offer attractive terms. Some loans you might want to look into to help pay for college include:

· Perkins Loan – the Perkins loan is a campus-based loan that you receive through your school. Each school receives a limited pool of federal funding to be applied toward this program, so the financial aid office at the school where you attend will determine how much of a loan you can receive. In addition, undergraduate students can only receive up to $5,000 per year and a total of $20,000 altogether, though this amount may be raised to $5,000 per year and a total of $25,000 if your school participates in the Expanded Learning Option program. Regardless of the amount you borrow, the interest rate on the Perkins loan is a fixed 5%.
· Stafford Loan – you can receive a Stafford loan through either the U.S. government’s Federal Direct Student Loan Program or from a private lender through the Federal Family Education Loan Program. Furthermore, the Stafford loan may be either subsidized or unsubsidized. If it is subsidized, the government pays your interest while you are in school. With an unsubsidized loan, on the other hand, you are responsible for paying the interest. You may borrow up to $3,500 for your freshman year, $4,500 for your sophomore year and $5,500 for the remaining years with this program. Regardless of the type of Stafford loan you qualify to receive, it will have a fixed interest rate of $4,500.
· Federal Parent Loan for Undergraduate Students – the Federal Parent Loan for Undergraduate Students, or PLUS, program allows the parents of students to borrow additional funding in order to cover the expenses that are not already covered by the financial aid package the student receives. This loan comes with an 8.5% fixed interest rate.
· Private Student Loans – it is also possible to obtain a private student loan if you do not receive enough assistance through other programs.

Get Creative with Your Funding Resources

In addition to these funding resources, there are a variety of other potential resources that you can use to help pay for college. Some of these include:

· Federal Work-Study Program – through the Federal Work-Study Program, which is available to both undergraduate and graduate students who have demonstrated a financial need, you will be provided with a job that will help you pay for your educational expenses.
· Military Service – servicing in the military can potentially help you pay for 100% of your tuition costs, depending upon the number of years that you serve.
· Community Service – a number of community service programs also provide tuition assistance to their volunteers. Some programs to check out include AmeriCorps, Learn and Serve America, Peace Corps, VISTA, National Health Service Corps and Teach for America.
· Study Abroad – by completing one or two semesters in a different state or in a different country, you may be able to gain valuable real world experience while also getting assistance with paying for your education.
· State Assistance – individual states also offer special programs to assist with paying for college. Contact your state’s education department to learn more about what is available.
· Check with Your Employer – if you are currently employed, your employer may have an educational assistance program in place that will help you pay for your college expenses.
· Professional Organizations – professional organizations and associations frequently offer scholarship programs and educational assistance programs, so research organizations within your field of study to learn more about potential financial assistance programs.

If you still need help finding funding for your schooling, Sallie Mae may also be able to help through its TuitionPay program. Or, if you have a little time to save up for college, you might want to check into starting up a 529 College Savings Plan.