A host of college savings options are available in the economic marketplace. For example, with the extra money from a student loan, students can open a savings or taxable investment account or invest in a U.S. savings bond or annuity. New investment options such as the 529 college savings programs are also helping students set aside some money for future college expenses. The two main types of 529 plans are the tax-free State College Savings whereby you invest in a mutual funds pool and Prepaid Tuition Plans, which lock in current tuition costs.

There are many ways for students to prepare for college, and they include the following:

• Maintaining a good G.P.A.
• Enrolling in challenging classes
• Sampling courses from a variety of subjects
• Taking more than the requisite number of classes for graduation
• Participating in local organizations or extracurricular activities
• Working part-time or volunteering

Entrance Exams:

One of the criteria that colleges take into consideration during the financial aid process is the entrance exam. Most universities require students to pass some type of entrance exam. The college-bound should approach this aspect of the college admission process by following these steps:

1. Find out which exam needs to be taken (i.e., ACT, SAT)
2. Prepare for the exam by meeting with their school's counselor and utilizing study materials available in libraries and bookstores.
3. Obtain the registration materials from your school counselor's office
4. Repeat the exam if necessary

Selecting a School:

When shopping around for the right college, students should:

1. Decide which elements are the most important to them (geographic location, class size, campus diversity, etc...)
2. Visit the campus and schedule a meeting with a financial aid representative at the school to learn more about the university's financial aid policies
3. Compare costs
4. Find out which college offers the best value for their dollar

Scholarships and Grants:

Prospective college students will be pleased to learn that there are hundreds, if not thousands, of local and national scholarships offered by a variety of foundations and organizations. Students can utilize the internet or resort to professional scholarship search services to locate these resources. One such online source is the Student Scholarship Search (StudentScholarshipSearch.com) which offers regular updates on awards; guidance on how to apply for scholarships as well as scholarship experts that students can consult.

Students searching for grants can run searches on websites such as GrantSource Service and the Federal Domestic Assistance Catalog as well as consult such publications as the Chronicle of Philanthropy. College applicants should not overlook the Department of Education's 200 grant programs. For applications and a description of the programs, visit www.ed.gov . Another source for federal government grants is Grants.gov which lists 1,000 grant programs.

In today's world, a college education is the foundation for professional success. Financing this investment is a challenge faced by millions of Americans each day. Yet, a wide array of loans, scholarships and grants is out there to help college applicants overcome that challenge by funding one of the largest expenditures they will have to make. With the lifeline extended by financial aid, students can cross the bridge to college affordability with ease and tranquility.