You’re trying to figure out how to pay for school now, maybe you’ve just been accepted to a university, in the middle of your undergrad program or dealing with grad school, you intellectual you. Or maybe you are going back to college after fighting wolverines for a couple of years. Visions of engaging professors, mind-expanding books, and all the bad cafeteria food you can eat are swimming through your head right now. But you know all of this will cost $$$.

Hey! You remember that dollar bill you planted a year ago in the backyard? Let’s see if that grew into that money tree you wanted! Oh no… it didn’t. We don’t blame you at all for trying. The cost to go to college isn’t cheap by any means, and the rising costs of tuition each year can make the idea of earning a higher education look like a monetary black hole.

However, college DOES make a difference in getting a career you’ll be proud of. “But college is expensive!” you’re saying. It sure is, but you can pay for it with the help of student financial aid.

Student financial aid is simply money provided by sources outside your family that will help pay for your tuition, housing, school meals, and class books. Many costs related to the university can be paid for with student financial aid.

Aid comes in many forms. Some, like grants and scholarships, generally give out money without having the student pay it back. You should check these out FIRST. Additional aid such as a work study lets the student work on campus or at institutions affiliated or approved by your school for monetary aid. However, the form of aid that makes many potential students nervous seems to be student loans.

Student loans are typically paid back at some point in the future. You’ll also be paying it back with (ugh) interest, which basically means the amount you pay back will be higher than the initial amount of the loan. We know that churns your stomach a bit, but student loans usually provide a large percentage of financial aid, and repaying the loans can be done with little payments over a long period of time in a manageable and affordable way.

So, now you know that some of that sweet green paper is out there for you to pay for your education. But first you must prove yourself worthy, young grasshopper. You’ll need to apply for your financial aid. For all financial aid from the federal (U.S.) government, you need to fill out the FAFSA (Free Application for Federal Student Aid). This lets the government know how much financial help to give you. Sometimes state governments and universities even look at your FAFSA to give you financial aid. Non-federal financial aid like scholarships and private loans may require specific applications, but we encourage, no, DEMAND all potential students fill out a FAFSA. It’s a big form, but trust us, it’s worth it.

You may have gotten frustrated with finding information about financial aid before. A lot of the information out there seems to be produced by evil writers delighting in using difficult language to confuse you. We don’t like those people. If you still have questions about anything with financial aid, all you need to do is make an appointment with your personal finance guide who will answer ANY question you have on student financial aid.