These answers to common questions about financial aid can help you jump-start your search for the green.

Q: How do I get financial aid for college?
A: Ask your high school guidance counselor and college financial aid office for info. They can give you a Free Application for Federal Student Aid and the lowdown on other sources of money. If you already know which college you plan to attend and what your major will be, check with that department (education, geology, physical therapy, etc.) to see what’s available. Often, the money available within a department is in the form of a scholarship or stipend; that’s the best kind of assistance.

Q: What kinds of financial assistance are there?
A: That’s a simple answer — lots. All are based on the availability of funds and your eligibility. Here are some of the most common types:

• Pell Grants — These are great because you don’t have to pay them back. They are for undergraduate students and provide up to about $4,050 per year.
• Supplemental Educational Opportunity Grants — These are for students with the most financial need and range from $100-$4,000 per year.
• Federal Stafford Loan — To accommodate students of different financial needs, there are two types of Stafford Loans for students enrolled at least half time.
• Plus Loan — Parents with good credit histories can get these loans to help their kids pay for college.
• Perkins Loan — These are low-interest loans for undergraduate and graduate students with extreme financial need.
• Work-study Programs — Allows students to get a job on campus, and get paid.
• Scholarships —These can be available from unexpected sources, such as volunteer organizations, historical societies or fine arts groups. Think about how you can make a difference at your chosen school and what you enjoy doing, and then look for a company or group that may sponsor your education. Be sure to follow the guidelines and deadlines closely.
• State Teacher Assistance Resource (STAR) Program — This program is for people who want to teach math, science, special education, foreign languages and other subject shortage areas and/or are willing to teach in an area of Arkansas that has a critical shortage of teachers. Eligible students may receive up to $6,000 per year in forgivable loans for a five-year education degree program. Call the Arkansas Department of Higher Education at (800) 547-8839 for more information.

Q: When should I apply for financial assistance?
A: The sooner the better. Ideally, if you apply at the same time that your parents prepare their taxes, you’ll have the money when you need it. Processing a student aid application can take about six weeks.

Q: Do I qualify for financial assistance?
A: To find out if you qualify, fill out a Free Application for Federal Student Aid. After you submit the application, Uncle Sam will decide how much aid you’re eligible to receive. Remember, these applications must be filled out each year.

Q: How much financial assistance will I get?
A: Your family is expected to contribute some money toward your education. That amount is called your Expected Family Contribution. The federal government calculates how much that amount will be. It also takes into consideration your year in school, whether you are a full-time or part-time student, the cost of attendance at your college, and whether you are enrolled for a full academic year or less. All of these factors combined determine how much money you’ll get.

Q: Do I have to pay back the money I receive?
A: Grants and scholarships do not have to be repaid. Loans do have to be repaid, usually starting about six months after graduation. If you drop out or fall below half-time enrollment, you will have to start making payments immediately. If you decide to pursue postgraduate study, some loan payments can be deferred until after you finish all of your education. Before accepting any loan, look closely at the stipulations.

CHECK IT OUT

The Web has made the college research and application process almost painless. Here are a few sites that are packed with valuable info to help you get the ball rolling on your education.

www.fafsa.ed.gov
Definitely show your parents this site. They can apply for federal financial aid online, calculate their Expected Family Contribution and check the status of their application.

www.asla.info
This is the official site of the Arkansas Student Loan Authority. Here you can read about loans, search for scholarships and find helpful links.

www.theoldschool.org
The Financial Aid Resource Center gives plenty of helpful hints on finding cash for school. There’s also a loan payment calculator and college cost calculator to see how the numbers add up.

www.800headstart.com
This site boasts the largest private-sector scholarship database in the world. Plus, it promises not to sell your private data to other companies.

www.careersandcolleges.com
Enter your info into this site, and get an instant list of scholarships that match your qualifications.

www.estudentloan.com
Compare loans, apply online and much more on this Web site.

www.fastweb.com
Use this site to search a plethora of colleges and scholarships.

www.collegenet.com
This site provides more than 1,500 customized online admissions applications built for college and university programs. When applying to more than one program, you save yourself extra typing because common data automatically travels from form to form.