by Friere

Created on: May 05, 2008   Last Updated: September 10, 2009

How to pay for college now? Well you have more options than you may think depending on whether you are an adult returning to school, or a recent high school graduate. There are also financial aid options for graduate students especially those choosing areas of study that are in high demand. These options can vary by state so it is worthwhile visiting the financial aid office of the school of your choice to find out which State programs or institutional financial aid options you may be eligible. There are several main pathways for securing financial aid to pay for college. They are the Federal Pell Grant or Supplemental Educational Opportunities Grant, work-study, subsidized student loans.

The Federal Pell grant or the Supplemental Educational Opportunities Grant, are federal programs that bases your award amount on need. These grants are preferred because they do not require repayment. The award amount is based on student expected family contribution. For example, an expected family contribution of zero would mean that they expect that you can provide zero dollars towards your education and are therefore eligible for maximum amount available, which for the 2008 to 2009 school year is $4,731.00. http://studentaid.ed.gov/ An important caveat with regard to the Federal Pell grant or the supplemental is that they rarely cover all of a student's educational expenses. Moreover, graduate students are not eligible for the federal Pell grant program. Fortunately, when applying for financial aid a needs based profile of the individual is generated and with the help of a financial aid counselor, a student can be "plugged into" other programs such as work study, student loans and or academic scholarships.

Student work-study programs are great for those that lack work experience or have little overhead expenses such as raising children or paying for a mortgage. A good candidate is generally anyone that qualifies and is able to survive off of very little income as they usually pay monthly and although the amount can vary, work study Jobs are not known for their great wages and are usually in lieu of student loans. The next types of financing options are student loans. There are two types of student loans, subsidized Perkins Loan and unsubsidized Stafford loan. The subsidized loans are loans with low interest where the interest is paid by the federal government while the student is in school or qualifies for some other type of deferment status. The second type is unsubsidized

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