Apply for financial aid. The application for federal aid is free, and it is the standard application that public and private scholarships and grants require to determine a student's financial need. The Free Application for Federal Student Aid, or FAFSA, can be downloaded at fafsa.org. Even if you think you are not eligible for federal aid due to your or your parent's income, file anyway. You may qualify for state funds or grants, especially if you plan to attend a public college or university.
Apply for scholarships. Scholarships differ from financial aid in that scholarship committees consider factors beyond financial need. Although some scholarships are still awarded as needed, they are usually given to students who demonstrate a record of academic achievement or leadership and involvement in sports, extra-curricular activities, or volunteer service. Submit your completed application for scholarships as early as possible, as many scholarship programs operate on a first-come, first-served basis.
Take advantage of school's demographic needs. Most schools make an effort to attract students from all over the country, and a lot of prestigious private schools and well-respected public schools offer generous scholarships to recruit students from under-represented regions of the county. To learn about schools' demographic needs, examine the profile of the student body for the previous year. Most schools publish statistical information about the background of their student body.
Maximize tax savings. The federal government offers various tax credits to students to incentivize higher education. An estimated 4.5 million students received a tax credit in 2009 through the American Opportunity tax credit, according to Treasury Department data. There is also the Hope Scholarship and Lifetime Learning Credit, for which students or their families may qualify. In addition, the government allows students to deduct qualifying educational expenses, including tuition, housing, books and travel.
Take advantage of student discounts. There are various opportunities for saving available to consumers who show student identification. For instance, Apple and Hewlett Packard offer students special discounts on computers. Airlines and bus services also offer student rates to passengers. Many private businesses, from clothing retailers to restaurants, offer student discounts. These discounts may or may not be posted in business windows, so always ask.