Going to college is becoming a more expensive undertaking every year. Tuition, fees, books and all other college costs have skyrocketed in recent times, and show no signs of slowing, let alone reversing. As a result, it has become more important than ever for prospective students to be fully informed about any financial aid assistance that might be available to them. There are several potential sources students can consider.Federal AidThe first source for financial aid that many students look to is the Federal government. The Department of Education has a number of programs designed to assist students, as long as they qualify based on income. The Pell Grant program provides money for tuition, fees, books and other expenses and does not have to be paid back by the student. Federally backed loans are also available, such as the Stafford and Perkins loans. These loans do have to be paid back after graduation.State AidMany states also have loan and grant programs for which students can apply. However, since most college financial aid departments will provide an overall award based on need, students are unlikely to get more overall if they do receive state awards, since the Federal award will be reduced proportionally.ScholarshipsOne potential source for aid that every student should consider is scholarships. Scholarships can be provided by the schools themselves, corporations or private organizations. Most libraries have books containing detailed lists of scholarships for which students can apply. Like the grants, scholarships are funds the student does not have to pay back. Each will have its own requirements. Many are aimed at students taking a particular major, while others are for students with excellent grades.Private LoansIf all else fails, a student can turn to private lenders for the funds needed for college. This will involve meeting more stringent credit requirements than the government imposes. Students will usually have to ask parents or other relatives to cosign for this type of loan, since they will possess the credit history and assets the student lacks.