Step 1: How Much Do You Need?

* Before you go any further, assess exactly how much money you think you will need to cover education costs.

1. If you are going to graduate school, you will likely be responsible for housing and food costs, while as an undergraduate, these costs may be factored into tuition.
2. If you're still comparing acceptance offers between several schools, consider Kiplinger's list of 100 best values among public colleges to see if you might get a great education for a better price.
3. Take the time to make a budget listing all your expenses: tuition, food, housing, medical, supplies (those textbooks aren't cheap!), travel, and miscellaneous.
4. Use the College Board's chart to enter information on aid awards you've received to calculate what costs aren't met and what is the best aid deal.
5. Talk with your family to find out exactly how much they may be able to contribute to your education costs.
6. If you are headed into the military, be sure you determine what your aid options are.
7. Finalize any fellowships, grants, work study or scholarships that will offset your education costs with your school. Research scholarships you may qualify for but don't know about at Scholarships.com.
8. Once you have a final budget and know about any contributions you will receive, calculate the amount you will need to borrow using FinAid.org's "How Much to Borrow" calculator.
9. FinAid.org recommends borrowing "125% of the difference between your net college costs and the amount of income and savings you can devote to paying those costs, rounded up to the nearest $1,000."
10. You should also consult FinAid.org's student loan advisor which will calculate average starting salaries for your chosen field so you can see what kind of loan payments you can afford. In general, you'll want loan payments to equal no more than 10-15% of your income.