Whether you've always known that you were destined for a teaching career and inspiring young minds, or you just recently decided on a career path in the education field, you need to find out how to fund your teacher education.

In order to become a teacher, you need at least four years of college. That can be expensive. The good news is that financing your teacher education can be easy, especially if you know where to look. The first step is to complete the Free Application for Federal Student Aid (FAFSA) form to determine your school financial aid and college loan eligibility.

Here is a basic tutorial on how to tap into the many financial aid resources available to teacher education students.

Teacher Education School Scholarships

Because scholarships do not need to be paid back, they are an excellent way to help finance your education. However, when applying for scholarships, expect to face tough competition. Scholarships generally recognize artistic accomplishments, academic achievement or athletic ability; however, some are available based on group membership, employment, or even racial or religious affiliation.

Some scholarships may come with requirements for qualification, such as applying to a specific course of study or active involvement in an organization or group. A certain grade point average typically needs to be maintained to keep these types of scholarships.

For more information on applying for teaching school scholarships, see our college scholarships article.

Teacher Education School Grants

The biggest advantage that comes with getting grants is that you don't have to pay back the money you receive. Grants are a great way to finance your education because they're "free" money.

There are over a thousand federal grant programs in the US—worth over $400 billion. Securing a student grant can help you save hundreds or even thousands of dollars. Although it takes time and energy to apply for a grant, the payoff is well worth the application effort. Often, schools automatically consider you for grants when you complete a FAFSA and apply to school. Many students pursuing a teaching degree can get a Pell Grant through the FAFSA application process.

For more student grant information, visit the U.S. Department of Education's Federal Student Aid site.

Teacher Education Student Loans

As you consider taking school loans, keep in mind that it's an investment in your future. Your education is a worthwhile investment that will pay big dividends later in higher income, better career opportunities and job satisfaction.

Because the federal government regulates the maximum interest that lenders can charge on federally guaranteed student loans, college loans have lower interest rates than other kinds of loans. This helps make school loans easier to pay back, which encourages more people to attend school. Another perk is that student 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 Loans

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

PLUS Loans

PLUS Loans, which are also distributed through the FFEL and Direct Loan programs, are geared toward parents. You must be a dependent student enrolled at least half time in your undergraduate education for your parents to qualify for this type of loan.

A good credit score is a requirement for a PLUS Loan, and there is a yearly limit. The 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. There is also a small fee that your parents are required to pay (which is 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.

Private Loans

Private loans are another common type of student loan. These loans offer higher limits and no payments until graduation, but interest starts to accrue immediately upon loan distribution. Both students and parents are allowed to take private student loans, which are a better alternative than credit card debt.

You'll need to complete a federal form, such as the FAFSA, to obtain a private loan. Eligibility often depends on you or your parents' credit score. Having a credit score above 650 will increase your chances of being approved for a private loan. Interest rates and fees are based on your credit score, so it may help you to apply with a cosigner to achieve a lower rate.

For more information about student loans, visit http://www.GovLoans.gov.

Teacher Loan Forgiveness Program (TLFP)

There are many benefits to becoming an educator, including working with kids and helping them achieve their scholastic and athletic potential. One of the biggest rewards, however, is the nation's commitment to help teachers pay back their student loans through the loan forgiveness program.

The Federal Teacher Loan Forgiveness Program (TLFP) provides loan compensation if teachers teach for five consecutive years in high-poverty schools. Most loan forgiveness programs benefit teachers who are strong in the math, science and special education subject specialties, and forgive up to $5,000 of their loan balance.

In some instances, usually for highly qualified secondary math and science teachers, or elementary and secondary special education teachers, individuals have had up to $17,500 of their loans forgiven.

For more information about TLFP, visit the U.S. Department of Education's teacher loan forgiveness page.

Teacher Education School Work-Study Programs

Work-study programs offer students an opportunity to finance their education by working in on-campus jobs, community-related jobs or teacher assistant jobs. Typically, work-study awards depend on factors such as your level of financial need and the amount of school funding available.

You can work on campus with professors or off campus with a nonprofit agency or public bureau. Often, students choose work-study programs that are related to their field of study. This helps them finance their education and also gives them experience to put on a résumé.

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.

For more information on work-study programs, visit the U.S. Department of Education's federal work-study page.