The projected total number of college students by the year 2010 will reach 23 million. This projection is a huge number.

Unfortunately, it is also estimated that more than 30% of them will not be able to complete college. And of this 30%, more than 80% will cite the soaring cost of college education. One has to wonder: are these 5 million or so students aware of the financial aid options available for them?

Various financial aid programs are indeed available to assist students in dealing with the rising expenses in attending college education. Majority of college graduates, in fact, have availed of these financial aid programs which they have likewise settled after graduation and well into their professional careers.

Financial aid afforded to students is, generally speaking, flexible, inexpensive, and can be even be availed of by families who don’t have much credit history tucked under their records.

Financial Aid Applications

The following are major types of financial aid plans which can be availed of by a college student.

1. Scholarships. Most colleges provide scholarships to deserving students. Some scholarships shoulder the entirety of the enrollment fee, and even awards allowances to its beneficiaries. Some scholarships merely cover certain percentages of such fees. Slots for this type of financial package are highly limited. In fact, for the entire US, scholarships only amount to 2% of the financial aid plans granted to college students. Scholarships, however, are acts of gratuity. A beneficiary doesn’t have to payback this type of financial aid.

2. Federal grants. The government likewise extends financial aid to deserving college students from under privileged families. However, such grants are offered in a first come, first served basis. Case in point: as early as January 1 of each year, which is the earliest time when an application can be submitted, deluge of applications are sent to the Department of Education. To avail of this type of financial aid, secure a Free Application for Federal Student Aid (FAFSA) from your high school or college’s financial aid office.

3. State grants. Most states also offer grants to qualified students. Each state has its own set of criteria with regards to this matter, hence, please be advised to check out the guidelines imposed by your own state.

4. College-sponsored grants. Some colleges actually provide their own grants, but these are based on their own imposed requirements which vary from college to college.

5. Commercially-sponsored grants. Many companies offer grants as part of their community outreach programs. Financial aid of this kind is somewhat hard to avail of, since companies who regularly sponsor such grants on an annual basis are uncommon , and often, those who do sponsor such grants do not promote the said opportunities making it hard for people to know about financial aid programs.

6. Student loans. This is, perhaps, the most common type of financial aid because it is the most accessible. With student loans, the loan beneficiaries are students whose loan terms come with a payment period which usually starts after graduation.