Congratulations for acceptance to college! Is there a way to pay for college and overbearing costs without drowning in student debt?

Those who are are financially unable to pay for college seek financial aid, which makes up the difference between what a specific college costs and affordability of a family. According to College Board, approximately two-thirds of full-time undergraduate college students receive financial aid. Student financial aid consists of college grants, college scholarships, tuition waivers, work-study programs, and loans. Grants and scholarships do not have to be repaid, but loans must be repaid, and work-study programs allow students to earn money and gain experience in the workforce.

Apply for the Free Application for Federal Student Aid (FAFSA), the primary application for need-based financial aid. The FASFA form first becomes available on Oct. 1, which, if completed early, allows ample time to receive the Student Aid Report (SAR). This student aid form estimates how much federal aid a student can expect to receive. Usually, college aid is awarded on a first-come, first-serve basis, making it crucial for students to submit this form early. Check the financial aid deadlines of the colleges or contact the financial aid offices to find out more information. Many schools also require that students fill out the CSS/Financial Aid PROFILE form. The PROFILE form differs due to the utilization of personal assets.

Most colleges will look at the information entered in the FAFSA and PROFILE form to create a financial aid package. Within the financial aid package, there are two types of aid: need-based and merit. Need-based aid is awarded based on financial need, determined by the difference of the cost of attending the school and expected family contribution. Merit based aid awards students for academic achievements or special talents. Upon acceptance to a school, the acceptance letter will come along with a financial aid award letter, listing the amount of aid offered to the first year of college education. Although most student aid comes in the form of federal loans and grants from colleges, scholarships are also available.

Stay organized and be aware of the college deadlines. Good luck!