Is there a magic formula for maximizing the amount of financial aid you qualify for?

Many parents are concerned about the cost of their children's higher education. Especially when both parents work and earn a good income, they often find that they are in an "in-between" area: their income is too high to qualify for assistance, but they aren't well-off enough to afford a good higher education. Many parents question why colleges can't do more for the people caught in-between so that they, too, can afford to send their children to college. And if you're in this situation, you are probably wondering if you can qualify for student aid despite your parents' income.

The good news is: yes! Colleges can and do help and there are many student aid programs you can qualify for. They are not secret or exclusive, and the following is a guide to dispel the mystery.

If you or your parents are not able to write out a check to cover the full cost of attendance (that means all tuition, fees, room, board, insurance, etc), then you should apply for financial aid. Apply for all of the scholarships for which you are eligible.

Many grants and scholarships do not require that you meet low income guidelines, but instead focus on your academic performance and community service regardless of your family's income. If you are or will have trouble coming up with the funding for college, then you need to take advantage of these scholarship and grant opportunities. Apply to every program that offers college assistance, filling out every form and application to the best of your ability and with total honesty. The worst that will happen is that will say "no". However, enough of them saying "yes" could be the difference between attending school and staying at home.

Your first step should be to complete the FAFSA - the Free Application for Federal Student Aid. The federal government created a program administered by Federal Student Aid, an office of the Federal Department of Education, to make college more affordable. Your FAFSA application helps the agency determine how much aid you qualify for. The aid can be in the form of grants, loans or work study programs. You can use Federal Student Aid to cover any of the costs of attending college, including paying for items like computers.

College is so expensive now that many folks can qualify - even two income families - especially in today's economy. In fact, most of the selective colleges and universities are ramping up their financial aid budgets to help students and their families afford to go to college during this economic downturn. They are also reducing the sizes of the annual tuition increases.

College is so expensive now that many folks can qualify - even two income families - especially in today's economy. In fact, most of the selective colleges and universities are ramping up their financial aid budgets to help students and their families afford to go to college during this economic downturn. They are also reducing the sizes of the annual tuition increases.

There are a number of factors that determine eligibility for financial aid, including: * Number of children in college * Number of dependents * Extenuating circumstances * Equity in the parents' home * Other assets * Savings and investments

Look for colleges and universities that do not overly burden you with student loans: they are more likely to approve grant aid for a higher percentage of your expenses. Private universities and colleges will often cover more of your costs than cash-strapped, state-run schools. If you are industrious and leave no financial aid stone unturned, you will find there is a lot of help available for the student willing to deal with the paperwork.

Some of the most exclusive and prestigious colleges and universities have a "no loan" policy. Princeton University was one of the pioneers of this policy and other high-profile institutions have decided to follow the same policy. Competition to get into these learning centers is ferocious, but if you have excellent grades and SAT scores and follow the advice of a good college admissions consultant, you should not hesitate to apply. The value of such an education will benefit you the rest of your life.

So work hard in school. Even if you don't ultimately attend an Ivy, many colleges and universities are offering tons of merit-based aid in an attempt to lure brilliant students to them They are covering the entire cost of attendance for the outstanding students. So, that's another option for you.

Angela Arnold, a college advisor who has helped many students get into college, has published 7 free videos about the college admissions process Download yours today.