After filling out the FAFSA, applying for scholarships and grants is extremely important. First of all, they are a great way to pay for school because, unlike loans, you don't have to pay them back. Many scholarships and grants are merit-based, but some are given based on financial need and your family background, race or religion.

To start, check with your high school's college counselor to see what local scholarships are available. Next, read the application qualifications carefully to see if you fit the requirements. You will need to fill out an application and probably write an essay for each one.

You might also need letters of recommendation from teachers, a mentor, or other people in your community who can speak to your skills, personality and achievements.

For a complete list of scholarships available to students across the country, check out FastWeb, a scholarship search website offering over $3 billion is cash for school.

Don't let the requirements for any scholarship or grant application intimidate you. There's a lot of money out there for students, why shouldn't you get a piece of that pie?