There are no two ways of looking at the fact that College education is an extremely expensive proposition. For every student, as well as his/her parents, the College expenditures are an important consideration while making a choice for the perfect college.

The tuition fee is just one part of the total cost of college education. This total cost of college education includes a number of other aspects as well, such as food expenditure, transportation casts, housing costs, pocket money and many other miscellaneous expenditures. As a result, most families today consider the option of applying for the different kinds of financial aid. College grants and scholarships are the most preferred kinds of financial assistance.

The advantage of applying for a scholarship program or grant is that it doesn't require the students to pay back the amount. Grants are offered mainly on the basis of two factors :

Based on need, due to the financial inability of the student and family
Based on academic merit or the talents of the student in some extra-curricular activity, such as sports, arts, etc.
Often the two criterias are clubbed up by the colleges to make a comprehensive procedure of scholarship selection. Most students and their families apply for such forms of scholarship. However, in comparison to the growing number of students applying each year the number of such grants are extremely limited

Students can also apply for federal and state scholarship programs. Some of them are :

Federal or National Pell Grants – This grants is provide assistance to qualified undergraduates who want to pursue a postsecondary schooling. The grant is awarded nationwide and is provided to students who have not yet finished a baccalaureate degree. The amount of grant depends on many factors, such as financial need of the student, the expenses to be incurred while pursuing education at the particular college and even the funds made available by the national government

Federal Supplemental Educational Opportunity Grant (FSEOG) – This grant is for undergraduate students who have a very high monetary need. The eligibility of the students and the availability of finances of the concerned school are the main points of consideration in this grant.

Loans is another form of financial aid for students and families. However, this type of financial assistance has to be paid back. Education loans are available at particularly low rates to students. However, students and families should thoroughly evaluate their financial status, the schedule of repayment and the interest rates before coming to a decision

Often, students also indulge in work study in order to sustain their college expenses. Work study can be done on or off-campus according to the regulation of the college in question. Students, usually work part-time within the campus for ten to fifteen hours per day. 

One can also apply for more than one of these ways of financial assistance simultaneously according to the needs and also the provisions of the college and the grants. To select and apply for the perfect financial assistance or even a combination of them requires not only careful consideration of the present needs but also that of future.