Believe it or not, it's possible. From the government and universities to loans and scholarships, there's actually a lot of money out there to finance your education.

You will soon be hearing a giant sucking sound coming from your bank account. That, my friend, is the sound of higher education. It's expensive—you know that. You're hyperventilating—we know that. Let's take a look at the basics.

Start Early. Start Often.
Even if you've been contributing to an educational savings plan for years and have a household income above the national average, don't assume that you won't qualify for aid. The government expects your family to contribute significantly, but they don't expect you to hock the furniture to do it. The key is to not delay; financial aid deadlines are rigid. Second, apply for aid every year you're in school. Situations change and you may become eligible for additional funds in later years.

The FAFSA Is Your Friend.
Meet the Free Application for Federal Student Aid—or FAFSA. The FAFSA is your gateway to financial aid from the federal and your state government. In addition, many universities require submission of the FAFSA to apply for their aid packages. Two to three weeks after you submit the FAFSA online, you will receive your Student Aid Report (SAR) and Estimated Family Contribution (EFC). The SAR summarizes your application and will note your EFC—the amount your family is expected to contribute to your education.

Subtract your EFC from the expected costs of the colleges you indicated and you have your "need." From that, colleges will develop aid packages to help you cover this difference, including government loans, direct aid from the school, work-study options, and more.

Negotiate, Negotiate, Negotiate.
The college admissions process is competitive, but don't forget that colleges also compete to get the students they want. If you're an attractive candidate, you can negotiate with the school to get a more attractive aid package. Tell them you've received other attractive offers but would really like to attend their school. You can make college a lot more affordable—if you know how to play the game.