A college education, almost a prerequisite for getting ahead in any career these days, can be rather an expensive business. Financial considerations prevent many people from pursuing their educational goals, but that need not be the case. Various Financial Aid programs in the forms of college scholarships, student grants, and loans are available for deserving students in different arts, academic, and sports categories as well as for students from underprivileged or disadvantaged backgrounds or those with special needs.

The College Board estimates that there is over $129 billion available for student financial aid. The U.S. Department of Education’s Federal Student Aid Programs provide over $80 billion in grants, loans, and work-study help every year. Federal education loan programs are popular for their low interest rates and flexible repayment methods.

So, anyway, the money is out there for you to benefit from. You just need to know how, where, and when to apply for it.

Here are some tips for getting Financial Aid:

Research all Financial Aid options

Start by researching all available scholarships, fellowships, grants, and loans. You will find a wealth of college credit information online, in bookshops, libraries, and your high school guidance office. You can also get detailed information on all college scholarships in the National Postsecondary Student Aid Study (NPSAS), a survey done by the National Centre for Education Statistics (NCES) at the U.S. Department of Education.

Calculate your costs

Calculate your cost of attendance (COA) by adding up all estimated costs for tuition, fees, books, board, travel, entertainment, and miscellaneous expenses and subtracting out the free money for college (grants and scholarships). Multiply your net cost by the number of years you think you’ll need to graduate and, keeping inflation in mind, increase this figure by 10 percent.

Submit FAFSA

You must fill out and submit the Free Application for Federal Student Aid (FAFSA) to the U.S. Department of Education in order to receive all student financial aid from the federal government, including the Pell Grant, the Perkins loan program and the Stafford loan program and work study. FAFSA forms are available from the FAFSA website or your high school guidance office and you must submit your application after January 1 of the year you are entering college.

Your FAFSA application will determine your EFC (Expected Family Contribution) which in turn determines the financial aid package you will receive. Some colleges have their own forms in addition to FAFSA.

Apply for CSS/PROFILE

The CSS/PROFILE application is a Financial Aid application from the College Board. Many colleges require it for providing non-federal student aid.

Apply for Military Student Aid, if applicable

Veterans of the U.S. Armed Forces can avail of military student aid according to the Montgomery GI Bill. You’re eligible for military benefits if you have served in the military for couple of years, received an honorable discharge, and have a High School Diploma or GED. The GI Bill benefits are applicable for only ten years after your last active service.

When applying for the MGIB, first check if the school you plan on attending has a VA approval and accreditation by the Council of Higher Education or another federal institution. Then fill out the VA Form 22-1990 and send it to the VA Regional Processing Office. The amount of aid you get depends upon your duty status, the education program you are taking, whether you are a full-time or part-time student, and whether you attend a regular college or an accredited online university.

Fill all required Financial Aid Application forms correctly

Read all the requirements and instructions carefully, provide accurate information, and check to ascertain you haven’t missed any section. If there is something you don’t understand, call the Financial Aid office for assistance. Incomplete or incorrectly filled forms are the reason many students miss out on Financial Aid.

Stay organized

Have all the necessary documents ready – Social Security Number, driver’s license, federal income tax return, foreign tax return, investment records, bank statements, etc. Keep a record of all submitted Financial Aid applications and documents, and file copies of the same.

Meet Financial Aid Application Deadlines

Apply on or before specified application deadlines. Apply every year, the eligibility factors for financial aid vary and just because you weren’t eligible one year doesn’t mean you won’t be eligible in the next.

Apply Online for Financial Aid

Online applications are time-saving. Apply for a Federal Student Aid Personal Identification Number (PIN), sign electronically, and submit your FAFSA online.

Respond promptly to the Financial Aid offer

There are plenty of applicants for Financial Aid, so if you don’t respond promptly to the offer you receive it may pass on to someone else. Accept the Financial Aid immediately, or if it is insufficient, write, phone, or visit the Financial Aid office and explain your situation. Prepare your evidence and make your argument convincing and you will receive the Financial Aid you deserve.