Just as important as completing a persuasive and complete application for admission is completing a persuasive and complete application for financial aid. Don’t wait until your student is accepted to try to figure out how you will pay the college bill. If you wait for the acceptance letter it will be too late. Now is the time in order to give colleges the opportunity to put together a financial aid package.
Most important first step is to go to the website of every college to which your student applied and read it carefully and thoroughly. Each college has different aid forms and deadlines. Dont hesitate to call the financial aid office if you have questions.

To follow is a list of terms you will encounter as you research the financial aid requirements of each college:

Financial Aid: A general term used to refer to all types of money awarded to student based on financial need. It can include grants, loans, work-study and scholarships.

FAFSA (Free application for federal student aid): Completing the online (or paper) FAFSA is the first step toward applying for federal financial aid at any college. Dont wait until your 2006 taxes are complete, you can begin completing it now. The site walks you through step by step and even the technically challenged like myself can get through it.

CSS Profile (College Scholarship Service): some colleges that award non-federal funds  require that this profile be completed. It is a division of the College Board who charges a family $5 registration fee and $18 to submit to each college. AGAIN check each college’s web site to see if this is necessary.

SAR (Student Aid Report): The Department of Education will send a SAR to the applicant and the colleges selected by applicant based on information provided in the FAFSA. The SAR will contain a dollar amount, EFC(Expected Family Contribution) that the family is expected to contribute to college expenses that year.

Demonstrated Need: The difference between the EFC and real cost of attending college.Some colleges are committed to meeting this difference and others are not.
Grants and Scholarships: Federal government and states have systems for granting or giving money to students with demonstrated financial need. It can be used for public or private colleges. Scholarships can also be awarded by colleges or outside sources for achievement, special talents or other particular reasons. These do not need to be repaid.

Loans: Loans must be repaid by students and/or parents and can come from federally funded loans, colleges themselves or banks. Watch the terms carefully and be proactive whenever possible to improve them.
Merit aid: Merit scholarships are awarded to students to entice them to attend the college. They do not have to be repaid.

Work-study: The federal work-study program is a way for students to earn money to help pay for college expenses. Jobs can be on or off campus, though off-campus jobs are usually related to community service. Even if your student does not qualify for work study have them seek work opportunities organized through the college as they are often more understanding of college testing schedules and vacations.