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Financial Literacy - College funding
How to pay for college: the loan route
If you have to borrow for college, a loan from the federal government is the least-expensive way to go.
Smart ways to pay for college

How to get government aid

Getting a grant or a loan through the federal government is the least-expensive way to fund your college education. And it pays to know what's available and who's eligible.

Regardless of what route you take, though, the first step is to apply for the Free Application for Federal Student Aid, or FAFSA.

Here's a thumbnail look at the types of grants and loans available from the federal government.

How to get government aid
Grants Loans
Pell grants

Federal Supplemental Education Opportunity grants
Who qualifies: Undergraduate students with exceptional need.

How it works: To receive an FSEOG, you have to demonstrate exceptional need, and they have limitations that Pells don't: The amount of an FSEOG can be reduced if you receive other student aid. Grants range from $100 to $4,000 a year depending on several factors, including when you apply and how much funding your school receives. Each school receives a limited amount of aid, so the earlier you apply, the better.

  What's your secret to success with college funds?
Or, are you struggling? Share your story.
-- Posted: Sept. 17, 2007
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