Article provided by nextSTEP Magazine

As you prepare for college, ask yourself this: who is going to pay for the dorm room, the classes, the books and the food? In this day and age, education does not come cheaply, and most families are unable to pay for college directly out of their pockets. Luckily, scholarships, grants and loans can help relieve the financial burden. Still, many students cringe at the prospect of applying for financial aid.

It may seem overwhelming, especially when you are bombarded with information to sort and decisions to make regarding this new step in your life. Yet upon closer inspection, any high school student can easily tackle the financial-aid process. It’s simply a matter of getting answers to the right questions. Why should I participate in the financial-aid process? Why bother with all that financial-aid paperwork when you can just leave it up to your parents, right?

You will quickly find out that this is not the case. "When a student is here on campus, they are the ones we contact," explains Anne Barton, associate director of financial aid with Hobart and William Smith College. "They need to be knowledgeable of the information and the paperwork." What you do now will determine how much money you will owe later.

"Because a good deal of the financial-aid package is borrowed with the student as the primary borrower, they are fully aware of the potential debt," says Elaine Yednak, vice president of marketing of PNC Bank.

Rick Ross, the New York state customer relationship manager for educational loans with M&T Bank, agrees: "In today's college finances, most will borrow a student loan. That's their debt, not their parents." Taking an active role in applying for financial aid may also make your time in the classroom seem more valuable.

"It helps to broaden students' understanding of finance and gives them an appreciation for the education," says Liz Henry, marketing director of Key Education Resources.

When should I get started?
It's never too early to begin thinking about financial aid. But if you weren't filling out applications as soon as you could grasp a crayon, don't worry. There is still plenty of time.

Your junior year in high school is the best time to get into financial-aid mode. You can do some research on schools to see what is available. Henry says that early awareness of your options is the key to making the most of what's offered.

What do I do?
Taking action is perhaps the most intimidating part of financial aid. You know you should apply for money, but you just don't know how to go about it. Simply follow these steps and you will be well on your way to creating a beneficial financial-aid package.

Step #1: Research and make contact
Make use of your high school counselors, college financial-aid offices and Web sites. Ross recommends making early contact with colleges. "Contact the top three schoo...