Attending college can be an enormous expense, but don't worry -- most students and their parents are not alone in paying the bill.

According to the U.S. Department of Education, every year millions of students apply for and receive some type of financial aid.

Pell Grants are the most important form of student financial aid for the nation's neediest students, according to the U.S. Department of Education. The size of the grant allotted depends on the student's need.

Federal loans are available to both students and parents. According to the U.S. Department of Education, 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.

The U.S. Department of Education recommends that both students and parents know the terms of the student loans they are taking out before agreeing to them. It is also important to know when repayment will begin. Students usually do not have to start repaying their loans until after the finish college, but different loans can have varying terms.

Aside from loans, students can also try to earn money for tuition through a work-study program. According to the U.S. Department of Education, colleges will help students find jobs and the federal government helps pay the salary.

More Information: Department of Education Financial Aid Info

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