When it comes to a big ticket item you will have to pay for in your lifetime, it does not get much bigger than your higher education. Unfortunately, predictions say that college tuition will continue to increase by about twice the rate of general inflation, year over year. What this means is in 20 years, the average annual cost of tuition for a four year public college would rise from today’s approximate $5,000 to $20,000 as the cost of a private college from $20,000 to about $78,000.

Please, do not fear, help is still at hand. For want to be college students (as well as their parents) who would benefit from some financial aid up in this department, below is some information on what will still be available for college students.

The best sources of funding for your new college students education are scholarships and grants that do not require repayment. Even those that are lucky enough to qualify may not receive enough to foot the total bill. Fortunately for them, there are several kinds of college student loans. They are distinguishable by many different factors, including their interest rates, repayment terms, and maximum available amounts and whether the onus of repayment falls on the college student or there parents.

Some principal sources of college student loan financial aid are:

• Federally funded college student loans
• Parent college student loans
• Private or alternative college student loans
• Other loans such as mortgage seconds or refinance of mortgage
• State financial aid
• Institutional assistance

The U.S. Department of Education’s Federal Student Aid (FSA) programs will usually provide nearly 70 percent of all federal financial aid for American college students. FSA is available to college students, both undergraduate as well as graduate students enrolled in eligible programs at participating colleges or universities. In most cases, they are granted based on a college student’s need.

Stafford college student loans are long term, low interest college student loans regulated by the federal government. They are given to college students (as apposed to their parents) and have to be repaid with interest following the completion of their schooling term.

A college student’s financial aid need is calculated based on there expected family contribution (EFC), academic level as well as the anticipated cost of there education (including tuition, room and board, and books). Worksheets that show how the EFC is calculated are available at www.studentaid.ed.gov/pubs, or you can request a free copy of the EFC Formula by calling 1-800-4ED-PUBS, and asking for the Federal Student Aid Handbook.

College students are required to begin paying off their Stafford college student loan debt six months after they graduate, or after their enrollment drops to less than half time.

College student loans are out there and available for most to obtain. One only needs to file the free online FASFA application to become qualified for many of the above mentioned college student loans. Once your FASFA application has been processed the college student loan offers will be presented to you and you will stop worrying about your financial situation.