Most students need all the financial help they can get when it comes to paying for college, and rising college costs can be difficult to compensate. Many young people find the costs involved in attending college and the idea of taking on the responsibility of student loans discouraging, and the risk makes them less likely to decide to get a university education. Federal financial aid, coming in the form of student grants and loans for college, can pay part of the cost of going to college but may not cover the entire cost. If you do an analysis of the potential risk versus the benefits of going to college, you will probably find that it is worth the effort.

While college is expensive and costs, including tuition, supplies, and cost of living, are rising, federal financial aid and loan programs make some amount of funding available to everyone. A Stafford loan, while you can only borrow $3500 to $7500 your first year depending on whether your parents are eligible for PLUS loans, is available to any enrolled student regardless of credit. If your financial situation is particularly bad, you may be eligible for grants, a source of funding which does not put you further into debt. The work study program offers you the opportunity to work and receive a paycheck which is deduced from the Student Contribution factor of your Expected Family Contribution. Federal Pell grants pay up to $4,731 per year, and Pell-eligible students may also be eligible for a Federal Education Opportunity Supplement Grant, which usually pays out about $1000 with a maximum of $4000. Eligibility for these grants is based on your EFC, which doesn't just take your financial situation into account but also your parents'. This prevents parents who can afford to help their children get an education from taking advantage of a need-based program, but it doesn't account for intentions. If you don't qualify for these grants but still have to go it alone, you may need to look into getting private loans.

Private loans do require that you meet the lender's credit requirements. If you have no credit and no cosigner, you may have to take on a loan with a high interest rate, or be denied a loan. You could take a year off before starting school, work, get a credit card, and try to keep your costs of living low and work up credit making small, frequent, manageable purchases on credit. If you have a friend or two in the same situation, you can work toward the same goal as roommates, just remember to be frugal. When you do start school, you should attend a school you can afford on the loans you can get and only borrow what you need.

The parameters are changing, but studies are still showing that the financial reward of attending college outweighs the cost of the loans. Student grants and loans for college can help you get into school. Your first year will put you in the least amount of debt; use it as a test to see if you can go all the way. An education is worth the financial risk.