Probably the number one concern on the minds of those thinking about attending college is figuring out a way to pay for it. A college education is extremely expensive, and it's the rare student who can pay for everything out of their own pocket, even with their parent's help. Tuition alone is over forty thousand dollars a year at some schools, and it's going up every year. Almost every college student in America takes advantage of financial aid in one form or another. Most receive several forms of aid to enable them to earn their degree. In fact, during the 2003-2004 college year, the average full time college student received $9100 in financial aid.

And there's a lot of financial aid available for prospective and returning students. In 2003-2004, over $105 billion in total college financial aid was awarded. And the aid comes in many different forms, and from a wide variety of sources. Some kinds are gifts, which never have to be repaid. These come in the forms of grants and scholarships. Most grants come from government sources, both state and federal. They are usually based on financial need, and don't have to be repaid.

Scholarships are usually awarded based on the student achieving excellence in one field or another, such as academics, athletics, music or theater performance, etc. But they can also be partially or completely based on financial need. And there are thousands of scholarships for students who are members of certain groups-religious organizations, ethnic minorities, sons and daughters of union members, children of the employees of different businesses, children of members of fraternal organizations, etc.

Another kind of scholarship is the work scholarship. This is awarded based on financial need, and doesn't have to be repaid in dollars. The student repays the scholarship by working for the college several hours a week during their course of study. The jobs can be in all sorts of things, depending on the needs of the college. This is an excellent option for students who would prefer not to take out loans.

But loans are another very popular option for most college students. Loans, of course, unlike grants and scholarships, must be repaid. But for most loans, repayment can be deferred until after graduation, which means the student can concentrate on their studies instead of having to work while going to school. Another benefit of student loans is that they're made at lower interest rates than other kinds of loans, so that both the total repayment, and the monthly payments, are much lower than they would be if banks charged the regular commercial interest rates. Students may take out loans directly, and/or their parents may also take out student loans to help pay their child's way through college.

As you can see, there is an abundance of financial aid available for college students in this country. Our government and our society place a high value on a college education, and consequently make it possible for just about everyone who wants a college education to be able to get one no matter their financial situation in life. And the flexibility and generosity of many of these programs means that these days it's pretty certain that a financial aid package from a variety of sources can be put together to meet your specific and individual needs. 

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