Loans do bring some risk. You're agreeing to (usually) 10 years of monthly payments once you graduate college

Grants and scholarships are more favorable than loans because they don't have to be repaid--they're free money.

In a work-study program, your child works for a certain number of hours per week (either on or off campus) to earn money for college expenses

The time to file for financial aid is now here. Every year in February students are sent reminders to file there free application for student financial aid form. Maybe you are putting it off or do not feel you need to file for financial aid. The fact is, if you don't file, you might be giving up free money for college.

Filing for financial aid is an important process in going to college whether you are a student depending on your parents to pay for college, a parent of a potential college student or an adult student. By filing the free application for financial aid, you become potentially eligible for all types of financial aid in the form of grants, need-based scholarships and loans.

Studying at college can be an expensive business and you are likely to be considering taking out a Student Loan to help you meet all our costs. Before you make a decision on which of the thousands of Student Loans that are available is right for you it is important to weigh up all your options.

It is important that you apply for all possible Government Financial Aid. Your school's financial aid office can supply you with the forms and all deadlines for federal and state applications. The Free Application for Federal Student Aid (FAFSA form) is the only form you must file with the Federal Government.

Some financial help is essentially temporary in that beneficiaries are expected to achieve a state of non-dependency at some point. Low-income individuals, for example, are often given financial help for the purpose of aiding them in their pursuit of better-paying jobs. Once these individuals have achieved a more stable financial situation, they no longer qualify for financial help. Students, also receive financial help only for the period of time that they are in school. Once they have completed their schooling, they should no longer be in need of financial aid. If they took out student loans instead of receiving scholarships, they have to start paying the loans back after school.

If your school of choice offers you a package that does not meet the total cost of education, give them a call, urges O'Brien. Explain your situation, and why you need additional funding to enable you to attend the school. If you are a student who is attractive to the school - whether it's your grades, athletic performance, or talents that make you an ideal candidate - you'll find that many university financial aid offices will try to assist you with a more competitive package. In addition, if special circumstances should arise - like the death or disability of a parent, loss of income, etc. - you should provide documentation and ask that your choice schools reassess your financial aid package.