Let's suppose that you have a child who will soon be graduating from high school. You will feel proud of course, just like any other parent whose child is graduating from high school. It is one of those milestones in life that you have successfully passed, despite all the financial obstacles that you have probably had to overcome. It is time to celebrate, for you have fulfilled your responsibility of giving your child a better future.

But, most people would say, that a high school graduation is not the end of the story. In fact, it is only the beginning of tougher challenges that await you and your child in the following years of college education.

At this point, you should start thinking about how you will finance the studies of your college-bound child. With the increasing cost of tuition fees, you need to plan ahead well of time to avoid any problems, especially if you not well-off. You probably already know how hard it is to have to cope with the increasing costs of your child's high school education before. The sooner you start planning for the college education of your child, the less you will encounter financial problems later on.

If you honestly think you will ever be faced with financial problems again, it is vital that you understand the different financial aid programs available for your college-bound teen. Continue reading to learn the financial aids that are available to you:

A Grant: it is the first sort of college financial aid that you should try for. It simply needs you to complete a FAFSA (Free Application for Federal Student Aid) application form. Once the application has been sent, it will be checked and if your child qualifies, he/she will get the full amount of what he/she has applied for. At this point, you need not do anything much more except provide the name of the college or university that your child wants to go to.

A Scholarship: Despite the fact that scholarships are mostly meant for students who have the 'brains' but not the 'money', not all college scholarships are intended for academics. Students who do not have the best academic record can still qualify for many other college scholarships. There are college sports scholarships, community service work scholarships, social involvement scholarships and many others. These are only a few of the different types of scholarships for your child if he / she is not that academically talented.

'Student Loans': these kinds of loan have much lower interest rates compared to other kinds of loan. Some loans are off-set, which means that the interest does not accumulate until a student graduates college. Furthermore, these loans do not require collateral, and therefore, you do not need to worry about putting your own home up as collateral against the student loan for your child. Most of these loans are available on different repayment plans at low interest rates and low monthly repayments.

If you haven't yet started looking for any of the various financial aid programs available, it is advisable that you start now. These financial aids are there to help you and will provide the funds needed for your teen's college education. You can be free from worries about the cost of your teen's education, if you start early enough.