Although college seems expensive, but the reality remains that people are unable to use the various forms of financial resources that can be otherwise availed (that may be due to the loads of paperwork involved). All you need to do is take out time for research and for filling the forms, and ta da! You will get your dream education in a much cheaper form, or maybe free!

Free money

Free money is the financial assistance that you do not have to repay. This is the opposite of loan. This comes in forms like grants, fellowships or scholarships.

1. Scholarships and fellowships are available for all fields and are based on various elements including merit, nationality, ethnicity etc.
2. Federal Pell grant is federal assistance granted to students who have not done their bachelors (up to $5,550 per year).
3. Federal Supplement Educational Opportunity Grant (FSEOG) is for students who pertain to have exceptional financial needs, ranging from $100 to $4000 per annum.
4. Teacher Education Assistance for College and Higher Education (TEACH) Grant is for students planning to pursue their career in teaching (and required to sign an agreement) with up to $4000 per year.
5. Iraq and Afghanistan Service Grants is for students who have suffered a loss of parent/guardian due to the war. They also need to be under 24 years of age when they suffered a loss, and must meet Pell Grant eligibility criteria irrespective of expected family contribution.
6. Institutional grants are offered by universities and are merit based.

Scholarships

7. NCAA Scholarships are athletic scholarships with $1.5 billion yearly allocation. This covers the educational expense.
8. Google Scholarships are for tech savvy students and for those planning to pursue computer science.
9. United Nergo College Fund offers hundreds of scholarships for more than 60,000 students belonging to the low and middle class.
10. IEEE Computer Society offers thousands of dollars of financial assistance for students studying computer science and engineering.
11. Coca-Cola Scholars Foundation provides $3.4 million yearly to over 1000 students, each student receiving generous amounts.
12. Microsoft Scholarships are you undergrad students in computer science. General Scholarships, Women’s Scholarships, Minority Scholarships and Scholarships for Students with Disabilities are available.

Loans

Loans need to be repaid within 10 years of graduation normally, with an exception to loan forgiveness.

13. Federal Perkins Loan pertains to be a campus based loan given from federal government money. Interest is fixed at 5%, and amount received varies.
14. Federal Parent Loan for Undergraduate Students (PLUS) is for parents to borrow money to cover costs for their child’s education which are not already covered. The interest rate is 7.9%.
15. Direct Subsidized and Direct Unsubsidized Loans are for students who need financial assistance.
16. Direct Consolidation Loan allows the students to consolidate multiple federal student loans. The interest rate is 8.25%.
17. Private Student Loans is any additional money obtained privately.

Other Sources

18. Federal Work-Study Program provides the needy students with jobs so they can pay for their educational expenses.
19. Military Service or other forces allow you 100% financial assistance for education.
20. Student sponsorships enable an investor invest in your education, subject to a certain portion of your income once you start earning.
21. Community service allows you to earn tuition money.
22. Tuition payment plan can be found through Sallie Mae.
23. Savings are for risk averse investors as the money is not taxable and not included in the calculation of financial aid.
24. Domestic exchange or study abroad programs provide assistance for studying in another state/country.
25. Your state’s higher education commission can help you find scholarships you are eligible for.
26. Your employer can provide you with some sort of tuition assistance.
27. Your grandparents can contribute to a 529 plan as their money will not be scrutinized by the government.
28. Organizations and professional associations can help you with particular fields.
29. Your expertise can help you generate extra income that you can use for your education.
30. Crowd funding offer saving plans for various colleges which can be availed.
31. Save in parents’ names allows students to save so that federal aid opportunities can be availed.
32. Pay off debt in order to elevate your financial aid reward.
33. Maximize your 401(k) and IRA as saved funds for retirement are not taken into account by the government. Make sure that you place extra funds into these accounts two years prior to filling the FAFSA.