It's easy to apply for financial aid and scholarships. If you're considering a career in psychology, counseling or social work, don't pass up an opportunity to get free money or easy-term loans for your degree. You simply complete the Free Application for Federal Student Aid (FAFSA), which is the first step to financial aid eligibility. Here are the basics on how to tap into the many financial aid resources available to psychology students.

Psychology Degree Loans

College loans are an investment in your future. The investment you make now will pay dividends later in the form of earning potential, career opportunities and job satisfaction.

The federal government regulates the maximum interest that lenders can charge on federally guaranteed student loans, creating lower interest on college loans. Additionally, loan repayment does not begin until six months after graduation (or when enrollment in school is less than half time).

There is also assistance for borrowers having difficulty repaying their education loans, including deferment and forbearance. These options give borrowers more interest-free time on their loans.

Stafford Loan

Stafford Loans are the most common federal student loan available. Stafford Loans include the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan (Direct Loan) Program. Both programs are dispersed directly to students, and can be subsidized or unsubsidized, depending on the student's financial situation. Loan amounts are also need-based, and are distributed accordingly.

Private Loan

Another common type of student loan is a private loan. Private loans offer higher limits and no payments until graduation, however, your interest begins to accrue as soon as the loan is distributed. Private student loans can be given to either students or parents and are a better alternative to credit card debt.

You still need to complete federal forms, such as the FAFSA to apply for private loans. Eligibility often depends on the credit scores of you and/or your parents. You increase your chances of being approved for a private loan if you keep your credit score above 650. Interest rates and fees are based on your credit score, so you may choose to apply with a cosigner to achieve a lower rate.

PLUS Loan

PLUS Loans are loans for parents and are paid through FFEL and Direct Loan programs. In order to qualify for this type of loan, you must be a dependent student enrolled at least half time in your undergraduate education, and your parent has to apply for the loan.

PLUS Loans also requires a healthy credit score, and impose a yearly limit. This limit is equal to your school costs minus other financial assistance you receive. In addition to the loan limit, the first payment is due 60 days after the loan is distributed with a small fee that your parents are required to pay—usually less than four percent of the loan.

Graduate and professional degree students are now eligible to borrow under the PLUS Loan program, under the same terms and conditions. This program is referred to as the GRAD PLUS Loan program.

Psychology Scholarships

Scholarships generally recognize academic achievement, or specific abilities or accomplishments. Scholarships can be very competitive but worth the effort, as they do not need to be paid back and are an excellent way to help finance your education.

Scholarships may have restrictions, such as applying to a specific course of study or active involvement in an organization or group. Some scholarships apply to general education and usually require a certain grade point in order to maintained the scholarship.

For psychology students, the professional associations for your specialty may give scholarships to qualified individuals. For example, the American Psychology Association offer over a dozen scholarships to psychology students. Some of the best scholarship resources, however, can be your own local organizations, private and public schools, small businesses, large corporations, community groups, generous individuals or philanthropic foundations.

Psychology School Grants

Grants are a smart way to finance your education because it's "free" money—you don't have to pay back a grant. With over a thousand federal grant programs in the US, worth more than $400 billion, securing a psychology grant can help you save hundreds or even thousands of dollars. Like scholarships, if you take the time to apply for a grant the payoff can be well worth the effort. Schools often consider you for grants when automatically upon completion of the FAFSA and application to the school.

Work Study Programs for Psychology Students

Work-study programs help students finance their education by working in on-campus jobs, community-related jobs or assisting teachers. Work-study awards typically depend on factors such as level of financial need and school funding availability.

You can work on campus with professors' or at nonprofit agencies or public bureau off campus. Students often choose work study programs that are related to their field of study, which not only helps them finance their education, but also gives them career experience as well.

Work-study pays at least the federal minimum wage, and often more, depending on the skills and level of experience needed. You can indicate whether you want to be considered for work-study assistance when completing your FAFSA form.