Every school will require that you submit the Free Application for Federal Student Aid (FAFSA) in order to be considered for aid. The FAFSA is available in high schools at the end of November but cannot be submitted until after January 1. It is also available on the web. Many schools will also ask you to complete the CSS Financial Aid Profile, a second form available in schools in the early fall and on the web, and with which you must send a processing fee. Both forms are submitted to processors who then calculate your expected family contribution and forward that information to you and to any schools to which you have asked the information be sent. The FAFSA calculations are based on federally legislated methodology. The Financial Aid Profile calculations take additional discretionary information into account, as requested by the various schools to which you are applying.

Some colleges ask that applicants for financial aid submit the school's own financial aid form directly to the school, in addition to the FAFSA, and sometimes the Financial Aid Profile as well. If this is the case for a school to which you are applying, be attentive to deadlines and provide complete information. There are four possible combinations of forms required for financial assistance: Some colleges will want only the FAFSA, some will want the FAFSA, Financial Aid Profile, and an institutional form, others will want the FAFSA and an institutional form, and still others will want the FAFSA and Financial Aid Profile. When applying for any type of financial aid, it is important to be accurate and prompt in filing all of your forms.

The Financial Aid Office at each institution will take the information provided by the form processor and put together a financial aid "package" which might be some combination of grant, scholarship, loan, and/or work-study. Unfortunately, many colleges are not able meet 100% of the demonstrated need of their applicants. That means there might be a "gap" between what you can afford and what the college can provide to assist you.  Often, the more attractive you are as a possible student, the more attractive your financial aid package will be.

Grants and scholarships are monies given to you by the college which do not have to be repaid. The Pell Grant is the largest of the federal grant programs, and its awards range from $200 to $2400. Determination is made on the basis of information provided by review of your FAFSA. The Supplemental Educational Opportunity Grant (SEOG) is another federal program (administered by the colleges) for students with exceptional need. Awards range from $200 to $4000 in excess of the Pell amount.

Loans must be repaid and have different terms. The Stafford Student Loan is a federal program (administered by private lenders) based on need. Freshmen may borrow up to $2625 per year. Amounts are increased for upperclassmen. The loan is interest free while the student is in college and until repayment begins. The federal government pays interest while you are still in school and for six months afterwards. The repayment period is five to ten years, and there is a 5% origination fee subtracted from the loan. Perkins Loans of up to $3000 per year are federally funded and are offered by the colleges. They are based on need. The interest rate is 5% for the first four years and 8% for the last six years of the repayment period. Interest is not paid while you are a student and for nine months after graduation. Unsubsidized Stafford Loans are designed for students who do not demonstrate need. The terms are the same as for the Stafford Loan described above, except that interest must be paid while the student is in college. Repayment of principle begins upon graduation. PLUS (Parents Loans to Undergraduate Students) and SLS (Supplemental Loan to Students) Loans are also not based on financial need, but you usually must first apply for Pell and Stafford Loans before being considered. Both have yearly maximums. Interest rates are tied to the 52-week T-bill rate. Interest accumulates while you are a student, but payment can be deferred until after graduation. The repayment periods are five to ten years.

Most states and the District of Columbia have student loan and/or grant programs specifically for students of those jurisdictions. In some cases, the student must attend a college in the state to receive the benefit. Information on programs for your jurisdiction should be available in your high school guidance or college counseling office.

College Work Study is employment which you must take while in school, earning a salary which you are expected to contribute toward your expenses. The program is administered by the colleges, and the financial aid or work study office will help you find a job which qualifies. Most work study jobs are part-time and clerical in nature.