Apply for financial aid . All needy students can apply for federal, state, and other student financial aid to help them pay for college. The two major types of aid are grants or scholarships, which do not have to be repaid, and loans, which are available to students and parents and, like a car loan or a mortgage, must eventually be repaid. Pell Grants are the most important form of student financial aid for the nation's neediest students. The size of the grant depends on the student's need.
Colleges help find jobs for students, and the federal government helps pay the salary.
Federal Loans are available to both students and parents. Stafford Loans for students are either subsidized, for needy students, where some of the accumulated interest is paid by the government, or unsubsidized, where the student pays all of the accumulated interest. PLUS Loans are loans to parents for any costs that are not paid for by other aid. A quick word about student loans Students usually do not have to start repaying their loans until after they finish school, and the interest rate is usually lower than for other kinds of loans. Nevertheless, it is important that both students and parents understand the terms of the loan before agreeing to them and know when repayment will begin and how much their payments will be.