About Financial Aid > Overview

College costs include a lot more than just tuition. Determining those costs can be overwhelming. The first step in understanding how much money you'll need is to estimate your cost to attend one year of school, including:

• Tuition & fees
• Academic courses, lab fees, athletic fees
• Housing & living expenses
• Dorm room/apartment, utilities, food
• Books & supplies
• Textbooks, computer, school supplies
• Travel between home & school
• Miscellaneous school expenses

All of these items add up to your Cost of Attendance (COA). Most school Web sites list the COA for a typical student. Keep in mind that your COA may be different from the typical COA. For example, you might have higher tuition if you take more courses than the average student.

Although we provide ways for you to borrow up to your full COA, we recommend that you borrow as little money as possible.

Before you apply for a loan that you'll have to pay back with interest, search for free money in the form of grants and scholarships, which don't have to be repaid. Grants are a type of financial aid from the federal government, your state government or your school. Scholarships are typically awarded by private institutions. There are a variety of grants and scholarships, and not all of them are need-based.

• Grants.gov is a great source to find and apply for federal grants
• Discover Scholarship Program awards up to $300,000 in scholarships annually to high school juniors
• Fastweb.com sends you personalized options for grants and scholarships
• Student Scholarship Search is a free database containing hundreds of scholarships and is updated daily
• Scholarships.com lets you customize your search results based on your profile

Sometimes families are able to help pay for college. You should include the following when calculating your funding gap:

• Expected Family Contribution (EFC) is out-of-pocket money provided by the families of students to help pay for college
• Education Saving Plans, such as 529 Plans or Coverdell Education Savings Accounts, are investment trust accounts, often from pre-tax contributions, specifically for a beneficiary's (i.e., student's) college costs
• Other savings can include money set aside in traditional savings accounts, Certificates of Deposit and Money Market Accounts that can be used for college

The Federal Work-Study (FWS) Program is a part-time employment program made available to students through schools and federal or state sponsorship. It allows students to earn money that can be used to help pay for education costs and personal expenses. If you are unable to take advantage of the FWS Program, money earned from other part-time employment can also help pay for college.

After considering your other options, if you still need money, then start with federal loans. Advantages of Federal Loans include:

• Low, fixed interest rates provide certainty for long-term planning
• Multiple repayment options allow for flexibility based on your financial situation after school
• Loan forgiveness can lower your loan debt if you pursue specific careers
• Need-based loans are subsidized by the government, so it pays your interest while you're in school

Types of federal loans include:

After you've explored all of the above options, and there is still a gap in funding, private loans can help. If you're comparing private loans from different lenders, here are some things to consider:

• Certified versus non-certified – Certified loans are approved by your school so you won't borrow too much
• Interest rates – Interest rates are typically variable based on Prime or LIBOR
• Fees – Many lenders charge fees, which are additional costs to you
• Cosigner required or optional – A cosigner may improve your chances for approval and may reduce the interest rate for a loan
• Deferment – Many loans have automatic in-school deferment, but some lenders require interest payments while you're still in school

How Financial Aid Works covers the basics of financial aid, including free sources of aid and family contributions.

Guide to Federal Financial Aid outlines the financial aid process in addition to federal aid options.

The Free Application for Federal Student Aid (FAFSA) is very important and must be completed before you can apply for federal aid. It helps you qualify for grants, the Federal Work-Study Program and federal loans.

FinAid is a comprehensive source of student financial aid information, advice and tools.

Student Aid on the Web is the US Department of Education's site for free information on preparing for and funding education beyond high school.