Paying for post high school education is not impossible but it is very difficult for many people. Things being what they are, funding an education calls for creative approaches. The American Recovery & Reinvestment Act (ARRA) of 2009 has created some new avenues for funding higher education. $31 billion in tuition tax credits and Pell Grants have been allocated toward higher education affordability. The maximum annual Pell Grant has been increased to $5,350 while the maximum tax credit is $2,500.
Tuition tax credits go only so far towards funding a college education. Parents, grandparents, and students need to be proactive and creative in the search for funding. Well before the search for the right college begins, 529 Savings Programs can be established. Some financial counselors suggest it is the more advantageous for grandparents than parents to establish 529 accounts.
When it comes to receiving the best financial aid packages, “the family that pays together stays together” has some validity. More family members in college at the same time usually means larger financial award packages with better repayment terms. Keep this in mind when completing FAFSA.
In the search for college funding, students sometimes forget some the programs which have been providing financial aid for a number of years. The Federal Work-Study (FWS) program, for example, has been around since 1964. It usually provides more flexible scheduling than other jobs and is more tailored to student interests. The ARRA increased funds for this program by $200 million.
There are numerous ways to serve your community and receive loan forgiveness. AmeriCorps, VISTA, Peace Corps, and the National Health Services Corps are just some of the opportunities for students and graduates to serve and earn loan forgiveness or education awards.
AARA Information
Illinois Government website 
discusses college funding provisions in the 2009 AARA act.
New York Times provides a synopsis of AARA benefits.
Chicago Talks article discusses the increase in Pell Grant funding.
Illinois Specific Sites Regarding College Education Funding
The Illinois Board of Higher Education website provides links to college education funding options. Also on the website is Diversifying Faculty Illinois Grant (PDF) information and application for future educators.
The College Illinois website provides the information needed to enroll in the 529 College Saving Program.
University of Illinois at Chicago College of Education provides a list of available scholarships and other funding opportunities.
College Zone is the website of the Illinois Student Assistance Commission. It provides information on many education topics such preparing for college, filing financial statements, and locating scholarships.
An article in the Illinois Review which was submitted from the office of Rep. Michael Connelly, discuses the 529 Savings Program in Illinois.
University of Illinois College of Agricultural, Consumer and Environmental Sciences (ACES) offers numerous scholarships. Some are need based and some are based on academic merit.
Student Financial Aid Sites
Don’t go anywhere without your FAFSA.
National Association of Student Financial Aid Administrators provides a website to track current bills regarding funding education.
National Association of Student Financial Aid Administrators provides an updated guide to Hope and Lifetime Learning Tax Credits (now American Opportunity Tax Credit).
The 2009 – 2010 Financial Aid Resources Publications (student aid handbook) is available online.
The Federal Student Aid website is a good place to start your college financial aid search.
Sallie Mae suggests receiving college loan forgiveness through community service and help to pay for a college education through the Federal Work-Study Program.
Nellie Mae offers tips for getting the best results from filing your FAFSA . It also offers advice on how not to get scammed by non-government FAFSA sites.
Articles of General Interest Regarding Funding College Education
eHow website offers interesting thoughts about completing your FAFSA and other college funding approaches.
A U.S. News article offers interesting thoughts on learning without spending top dollar.