I hope that some high school students read this post, because I wish I had known how to properly finance my education before I went to college. Maybe I wouldn't have been stuck with a 7% interest rate on my loans!

You should start thinking about how to finance your college education by the tenth or eleventh grade. Keep your grades up, and take advantage of any student learning centers, after school tutors, or extended library hours that your school offer. Chances are you will need a high GPA to get a good scholarship. Also get involved in as many student organizations as you can, especially those you in a field you are interested in. Many student organizations offer scholarships from their national branch's funding (for example, Future Business Leaders of America or Future Teacher Educator of America).

Although your schedule will be booked, if you are good at a sport, you should go for it, because schools will compete with each other to get you to play for them! This includes excellent college packages. In order to cut costs, strongly consider going to a school within your state, as many states offer financial incentives worth thousands of dollars (for example, Florida Merit Scholars) that you will automatically be eligible for based on your grades and academic records.

Once you are accepted to a college, they will offer you a financial package which usually includes some sort of grant or scholarship. You should also fill out the Federal Application for Student Aid (http://www.fafsa.gov). The government can also offer your grants based on your grades. Remember that a grant is basically a free allowance for your education and, unlike a loan, does not need to be paid back.

If you need more money for college, you can apply to various scholarships and contests based on your merits. Sometimes few people apply to them (such as a local organization or religious group), so your chances will be greater.

I do not recommend student loans because the interest rate is so high. However, if you can get a loan fixed at a rate of 5% or less, I would feel more comfortable advising you to use loans to finance your education. At this point in time, you might be better off financing some of your credit by opening a credit card that has a 0% APR promotion so you don't have to pay interest for a year.

Finally, it doesn't hurt to check if any of your parents, relatives, or mentors have set aside any money specifically for your education. Your parents may even be willing to support you through college, depending on their own financial status. It's also a good time to get a job. After all, you are an adult, and need to dip your foot into the Olympic-sized pool we call "the real world".

Learn more about this author, H.G. Hess.
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