With the new year in full swing, high school seniors around the country are preparing for what happens after they graduate. Some will be going to college and others will be attending trade school, among other choices as well.

Whatever the program, fees and dues will apply, and since the majority of the population is not endowed with a reasonable trust fund, scholarships and loans are needed to attend such programs. Federal Student Aid, a part of the U.S. Department of Education, offers the FAFSA, which stands for Free Application for Federal Student Aid.

With a budget of more than $150 billion, federal grants, loans, and work-study funds are offered each year to more than 13 million students. In 1965, the program was authorized under Title IV of the Higher Education Act.

To qualify for Federal Student Aid you must: demonstrate financial need, be enrolled or accepted at a degree-receiving program, be registered for Selective Service if you are a male student, and these are only a few of the requirements. Even if you know you do not qualify to receive Federal Student Aid, many schools still require that students fill out the FAFSA to determine how much financial aid the student will receive in college-specific scholarships.

The FAFSA also requires many federally-based documents from not only the students, but their parents as well if the student is a dependent. Social Security numbers, federal tax information, driver’s licenses and/or Alien Registration numbers if one is not a U.S. citizen are necessary.

The average amount received by all students in the 2007 to 2008 school year was $2,800 in grant money, $5,100 in federal loans, and $2,200 in work-study aid. This was eight years ago, but with inflation, that amount has risen, but so has tuition.

Ultimately, Federal Aid doesn’t cover all the costs of life after high school, but every little bit counts.