The government provides financial aid to students and their parents to help offset the cost of paying for school. In many cases, you can get enough financial aid to completely pay for your courses and supplies. Financial aid can be in the form of grants or loans. Grants are funds you never have to pay back. They are like a gift for qualified applicants. Federal student loans cover the gap between grants and outstanding costs. They are awarded to most students regardless of credit scores and offer flexible repayment terms and fixed interest rates. To apply for government financial aid, fill out the Free Application for Federal Student Aid (FAFSA) from the FAFSA website or at your school's financial aid office.
If grants and federal student loans are not enough to pay for all your education needs, you can apply for private student loans to cover the rest of your expenses. Private loans are usually credit based and may require a co-signer. You should think of them as a last resort because they don't have to offer the same benefits as federal student loans, like low, fixed interest rates and flexible repayment terms. Private lenders are less likely to allow you to pay less or stop paying on your loans if you lose your job, return to school or can't pay for a short time. They also often carry extra fees, making them more expensive to pay back.
Scholarships are free money programs set aside by institutions and private donors to assist people with their education-related financial burdens. Most schools offer their own scholarship programs, so start by contacting the financial aid department of the school you would like to attend and inquiring about scholarships. Read the guidelines closely, as scholarships usually target very specific recipients.
Contact your company's human resources department to find out if the organization offers education funds. Some employers will pay for all or a portion of any class they see as beneficial to the company or related to your position. Check the requirements carefully. Some companies require that you work for them for a set period of time, often 3 to 5 years, if you accept education funds. This is good if you are looking for job security or advancement, but bad if you were hoping to make a transition to another company.