Where to Find Free Money to Pay for College

As May 1 approaches, parents and prospective students will be sitting down to make one of the biggest decisions of their lives: where to go to college.

For many, the key factor in that decision will be the family's finances and the financial aid packages offered to the student. In other words, if college is in your family's immediate future, this weekend is a big deal.

"Evaluating financial aid packages and deciding on a school is a very personal decision for many families," says Kiersten Murphy, a counselor at Murphy College Consultants LLC. "But when it comes down to it the decision is often made based on what both the parents and students can afford."

Families usually supplement paying tuition through student loans, which can be either federally or privately funded. However, Beth Geurard, a spokesperson for Sallie Mae (SLM Quote), the nation's leading student aid provider, says that families should first start searching for "free money" to pay for schooling. Generally this comes in the form of scholarships and grants, but, unlike loans, this free money is financial aid that does not have to be repaid. ...