Financing your college semester

With the spring semester just around the corner, many college students are struggling to come up with tuition to secure enrollment. Luckily, there are a variety of options when it comes to paying for college.

The easiest, but perhaps not the most obvious, is filing the Free Application for Federal Student Aid (FAFSA). Both current and prospective undergraduate and graduate students can apply for FAFSA. Students should apply even if they don’t think they are eligible. Most are eligible for some type of aid (grants, work-study, federal loans).

And, believe it or not, there is a ton of free money out there for college students. There are numerous grants (which are usually given based on financial need) and scholarships (that are typically merit-based) that students can apply for.

Scholarships are a great option because there are an infinite number out there available to students. Types range from military service, to single moms, to first-generation college student. For a full list, visit CollegeScholarships.org .

Loans may not be a student’s first choice when it comes to paying for college; however, federal and private loans can help close the gap. While loans should be considered more of a secondary choice after scholarships, you shouldn’t cross this option off your list.

In order to find out if you’re eligible for a federal loan, make sure to select it as a financing option in your FAFSA application. Depending on need, undergraduate students may qualify for subsidized loans — students are not responsible for paying any interest while in school and for the first six months after graduation.

If scholarship and FAFSA money are not enough to cover tuition expenses, then you may want to consider a private education loan. There are different types of these for all students. You can even have a cosigner in case you don’t have an established credit history.

We’ve partnered with Sallie Mae® to provide students with an alternative to supplementing their tuition expenses. Click here to learn more about the Sallie Mae Smart Option Student Loan. We’ve also put together some quick and useful tips about college costs .