If your family does not have all of the financial resources that you need to pay for college costs, you may be eligible for financial assistance to help you meet the cost of attending college. Learning about the many financial aid programs that are available will start you on your way to success.

Why would anyone other than your family members care about furthering your education? The answer is that society as a whole benefits when its members are well-educated, whether they are trained in specialized skills or have acquired a more general base of knowledge. For example, to produce goods or provide services, companies need to hire employees who possess certain skills and abilities. Society needs engineers to design roads and buildings; doctors and nurses play an important role in our nation's health care. In addition, society benefits from the work of individuals who have a more general education, such as in business, literature, and psychology.

While the student's family is expected to pay for educational expenses to the extent they are able, the United States government has committed financial resources to assist needy students in paying for their education. This ensures that we have a productive and educated society.

In addition to learning about financial aid programs, your family should also consider how you will meet the portion of educational costs that the school determines you are obligated to contribute.

Parents with children still in grade school may want to consider savings plans, tuition plans, and investment plans. Carefully chosen investment counselors can help establish a plan of action. Your bank, for example, may offer an investment counseling service, accessible to any customer, that can recommend anything from aggressive investment plans for young children to more conservative, safer plans for older children who are soon to begin college attendance.

Some educational costs won't have to be paid for up front; certain needs are ongoing, like personal expenses or transportation costs. Expenses spread out over the school year can be met from the parents' monthly income or from the student's part-time employment.

In the rest of the web site, you will find out more about what types of financial aid are available, how your family's ability to contribute to college costs is measured, and how to apply for financial aid.

National Association of Student Financial Aid Administrators.
Opening Doors of Educational Opportunity
Copyright © 2004 by the National Association of Student Financial Aid Administrators.
All rights reserved.
Updated April 2004.