Given the recent economy, many families have had a difficult time making ends meet. Setting aside extra money for college has been out of the question. Still, if your child wishes to pursue a college education, it's important to know it's possible. You'll just need some financial help - in the form of grants, scholarships and loans.

"When advising customers about student loans, I often explain the difference between good debt and bad debt," says Russ Perry, a financial center manager at Fifth Third Bank. "Borrowing money for college is considered good debt. The education is expected to lead to a lucrative job - and income that will repay any loans many times over."

Look for free money first
Before borrowing money, Perry encourages customers to look for free money - namely scholarships, grants and work-study opportunities. "Having good grades opens the door to scholarship opportunities," Perry says. (Check online for more details about finding free money.)

To apply for government-sponsored grants (and loans), parents will need to fill out the Free Application for Federal Student Aid (FAFSA), a form that determines financial aid eligibility. An electronic version of the FAFSA can be found online; paper versions can be obtained from the guidance office at your local high school, college financial aid office or local library. The completed form should be sent in for processing on or shortly after January 1 of the student's senior year.

When you complete your FAFSA online, you can expect to receive a Student Aid Report (SAR) in two weeks or less. If you complete a paper FAFSA, it may take up to six weeks to receive your SAR. The financial aid office for each college listed on your FAFSA will use your SAR to construct a financial aid package.

"Colleges explain their financial aid packages in what's known as an award letter," Perry continues. "Many students select a college based on its financial aid package. Once a selection is made, it's important to respond to the college's award letter right away."

When loans are necessary
The college award letter also outlines your eligibility for Federal Stafford Loans, Parent PLUS loans, Graduate PLUS loans and Signature Student Loans®. Parents may seek information about student loans by talking with their banker or financial professional. It's also helpful to ask for tips about borrowing wisely.

What about using retirement funds?
"As a general rule, parents are discouraged from tapping into their retirement savings to fund their child's college education," Perry adds. "Students have many options for financial aid - and many years ahead to pay off student loans. Parents, on the other hand, are nearing the end of their working years and must plan carefully for when they won't have this income." He encourages parents to discuss their individual situation with a banker or financial professional.

To learn more about finding money for college when you haven't saved, contact Fifth Third at (866) 475-4201 or visit 53.com.