Students heading to college this year will likely receive some form of financial aid if they apply. According to the National Center for Education Statistics, 66% of undergrads received student financial aid in the 2007-2008 school year, with an average of $9,100 awarded. More than half of the students received grants that did not need to be repaid and another 47% received federal student aid and college loans. Just over a third of students received Pell Grants. With so many types of aid, it can be hard knowing where to start. Here is a brief overview of the types of aid available to new and existing students.

FAFSA is one of the most common types of student financial aid. According to the US Department of Education, nearly 70% of this financial aid comes from their programs, like the Free Application for Federal Student Aid. By filling out an application form, students can receive one of the following; Federal Stafford Loans, Federal PLUS Loans, Federal Direct Loans or Federal Perkins Loans. The awards of this program are based on demonstrated financial need. Students should apply for these loans well ahead of the semester. If approved, they will receive an award letter stating how much they'll get and when. They then submit the check to their school office to cover tuition fees and dorm expenses and the rest of the money is returned to them in cash. For most loans, students will be expected to pay this money back gradually upon graduation.

Scholarships for college are another source of financial aid. Unlike student loans, this money does not need to be paid back. It is simply free money given to students based on academic achievement or excellence. Some are based on grades, but even average students can win scholarships if they excel in one particular subject, if they are star athletes, or if they have a track record of community service. One of the largest free databases to search is www.edu.fastweb.com, which has 1.5 million scholarships that dole out more than $3.4 billion in aid. Other free sites to look for free money include www.apps.collegeboard.com, www.scholarships.com, www.studentscholarshipsearch.com and www.collegenet.com/mach25/app.

A student internship can be seen as a form of financial aid in some cases. While nearly half of all internships are unpaid, certain career paths offer many paid internship opportunities. For instance, accounting firms like Ernst & Young, PricewaterhouseCoopers and Deloitte & Touche pay over $20/hour for their student interns. Manufacturers like Raytheon, General Electric, Lockheed Martin and Boeing also pay over $15/hour, while providing students with valuable on-the-job training. Interns majoring in retail/consumer goods, hospitality, communications/technology, consulting/insurance and pharmaceutical fields can also find well-paying internships. For more information, check out www.bwnt.businessweek.com/interactive_reports/best_internships_07.

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