Fill out the Free Application for Federal Student Aid (FAFSA), because this document is the key to need-based grants from the government. It also provides prospective colleges with a base line of financial need. Even if you do not qualify for federal dollars, your financial need, as determined by the FAFSA, can be shown to prospective colleges. These colleges can direct you to their own resources for funding from the individual institutions. The FAFSA determines your eligibility for the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant, the Academic Competitiveness Grant, among others.
Conduct a self-evaluation and have your child discuss financial options with their high school guidance counselor while you do your own independent research. Your ethnicity, religion, family circumstances, as well as the child's hobbies, can all be determining factors in independent scholarships in your community. Often, certain religious denominations will offer scholarships to exemplary or needy students. Your own employer might also have a scholarship fund, as well. These outside scholarships can usually be used at any institution of higher learning and are an often- overlooked resource when evaluating ways of obtaining free money for your child's education. Guidance counselors sometimes have files of these scholarships for students.
Consider in-state educational options and scholarships your state offers to retain college students. Some states, such as Texas, offer endowments for students with demonstrated financial need. The application for these scholarships is done at the state level, and is not covered by the FAFSA, but these scholarships can open up a world of opportunity to your child. Many parents are misled into thinking that the FAFSA is the only way to obtain free money for college; often, the state level is another resource for obtaining funding for your child's college education.
Consider work- and service-based options to supplement scholarship and grant money. AmeriCorps, Vista and PeaceCorps offer programs that can offset the cost of college attendance, and they only require that you contribute some of your time in exchange for the funds. Federal work-study packages also offer students a chance to earn money while providing valuable services to their university or the community. The National Guard, as well as other branches of the military, also offer money to students in exchange for their service. All of these service-based funding programs should be considered as free money before resorting to any lending service.