With college acceptance letters coming fast, the seniors are scrambling to make decisions and find the college that fits them best. Though college can be expensive, there are several resources to help students with the high cost of tuition, including the FAFSA.

FAFSA stands for Free Application for Federal Student Aid, and it is a form that can be filled out annually by current and prospective college students in the United States to determine their eligibility for student financial aid.

Most federal, state, and institutional aid are provided on a first come, first served basis, so it is important to apply as soon as possible. The application for the 2013-2014 school year is available January 1 online, or a PDF file can be printed, filled out, and mailed in.

Before applying, the student and/or parent or legal guardian should gather the required information that can be found on the FAFSA website.

It is important to be as truthful as possible on the FAFSA form as it is a government record.

If a student’s family is considered for federal student grants, the money given can be used toward tuition and fees, room and board, books and supplies, transportation, or to help pay for a computer and dependent care.

Some of the money to help pay for college can come from grants, scholarships, work studies, or loans.

Grants and scholarships are usually called “gift-aid” and is financial aid that does not need to be paid back.

Work Study is a program where students can get part-time work to help pay for schooling. The federal government pays the school based on the hours worked, and the school in turn pays the student’s salary. Money earned from work studies also do not need to be paid back.

Loans are money lent to a student to pay for education. Loans can be given out through the actual school or a bank. They are repaid with an interest rate. Most school loans begin asking for payments six months after you graduate.

Some students will be eligible for loans. There are different types of loans, and some may cost more than others.

Subsidized loans are a loan with no interest while a student is enrolled in education, and commonly start to gain interest six months after completion of the student’s education.

Unsubsidized loans are a loan that gains interest at a set rate from the date given out.

Students want to make sure that the financial aid office at each school they are interested in has all the information needed to determine their eligibility.

If eligible, the school will send them what’s called an award letter showing the amounts and types of aid the government and school is offering.

Applying for scholarships to help pay for schooling is highly recommended as the FAFSA may give the some student financial aid, but it is not guaranteed.

For more information visit the FAFSA website at http://www.fafsa.ed.gov/ or make an appointment with your counselor.