Step 4 — Put Your Hands on Some Cash!

It’s important to plan how you’ll pay for the investment in your higher education.

• Who gets it? Many more people than you might think. Financial aid is awarded based on need or merit in academic, athletics or other achievements. But you have to apply for aid to find out.
  
  
• What kind of money? Grants, scholarships, work study, student loans — there are a lot of different types of financial aid out there. You need find out which kind or combination works best for your needs.
  
  
• Where do you look? Colleges expect you and your parents to pay what you can, but schools, state and federal governments, and private businesses and organizations are also great sources for financial aid.
  
  
• Is it free money? Not likely — most financial aid packages are a mixture of grants that don't need to be paid back and loans that do, but not until after you graduate from college.
  
  
• How to apply. Your school guidance counselor can help you and can provide information on filing for a Free Application for Federal Student Aid (FAFSA), which makes you a candidate for all federal student aid. For help online, visit the College Goal Sunday website.
  
  
• Do deadlines matter? Absolutely. College financial aid goes fast. The earlier you can get in your FAFSA application and all of the other information that a college asks for, the sooner you'll receive your financial aid package.