Did you know that there's a lot more to this February than Black History Month, Ash Wednesday, Valentine's Day, President's Day weekend, and Leap Day ? It's also Financial Aid Awareness Month, which we certainly would be remiss not to acknowledge (being that we're a student loan blog and all)!

In the spirit of awareness, I offer the following tidbits of advice for making the best of financial aid:

1. Save, save, save. Save your birthday money from Great Aunt Millie, your summer job earnings, and your tax return. I know it's hard. But save at least part of it, and sock it away for the biggest investment you'll ever make — your own education.

2. Find all the free money you can. Apply for every scholarship and grant that's applicable to you. Be tenacious — there's money out there for those who are willing to do a little digging. If all else fails, look for spare change on the sidewalk.

3. If you're gonna borrow, borrow a federal student loan first. Federal student loans have the lowest interest rates and the most flexibility for repayment, so you have options when the time comes to pay them back. Take the bit of time and effort it takes to complete the FAFSA (Free Application for Federal Student Aid) and get a federal loan first. Seriously, it's worth it.

4. Only AFTER you have secured federal funding should you borrow a private student loan. Private student loans are based on credit, and they're usually more expensive than federal student loans. You'll probably need a cosigner to get one, too. For some, private loans are necessary — that's why Wells Fargo provides them. But before you borrow, check out all the loan terms very carefully and think about what it'll cost to pay the loan back. (You will have to pay it back.)

5. Borrow only what you really, really need. C'mon, do you really, really need a BMW, a daily $4 latte, or a spring break trip to Cancun? No, you do not. You're in college. Be poor and whiny now so you don't have to be poor and whiny later.

Recently there was a great article in BusinessWeek  that provides some family financial aid strategies and an overview of the student lending landscape. In honor of this special month, check it out to boost your financial aid awareness, or share your own thoughts with the community here!

PS: I actually have a Great Aunt Millie.