Step 5: Apply for a Grant

A grant is a wonderful way to pay for all or a portion of your child's college education because, like a scholarship, it doesn't have to be paid back. Also, most grants don't require a minimum grade point average or other academic achievements.

The Federal Pell Grant is probably the biggest and most well known.  It's awarded to students based upon financial need. The amount that a student receives is based upon their individual financial need and school costs. 

To be eligible for the Pell, your child first needs to apply for financial aid — she can pick up her free application at www.fafsa.ed.gov.

Think your child won't qualify for financial aid?  There's a good chance you're wrong.  See 5 Top Financial Aid Myths, here.

Next step: Start at a Community College