In this multi-part personal finance series, readers will learn various ways to help save money for a college education, from off-the wall-scholarships and 529 programs to the right time to refinance your loans. Parents and students alike who read this series will find something to help reduce the costs of a higher education before, during and after it takes place.

Part IV: Financial Aid

Last year, 1.8 million low- to moderate-income families missed out on help from the government because they did not fill out the Free Application for Federal Student Aid, or FAFSA for short, which is needed to qualify for any federal, state and some institutional financial aid awards, according to the American Council on Education. In addition, the Council estimated that 1.5 million families missed out on the Pell Grant, an award of $4,310 that does not have to be paid back, just because they failed to file the proper paperwork.

If I told you the government would give you $4,310 if you simply filled out a form, you'd do it in a heartbeat right?

In this multi-part personal finance series, readers will learn various ways to help save money for a college education, from off-the wall-scholarships and 529 programs to the right time to refinance your loans. Parents and students alike who read this series will find something to help reduce the costs of a higher education before, during and after it takes place.

Part II: The CLEP

To earn a Bachelor's degree at my university, I was required to take a minimum of 8 credits, or two seminars plus labs hours, of a foreign language. If you knew me at the time, you knew I had enough trouble with my own native language -- English (seriously). Not wanting to sit through a whole year of Spanish, for which I quickly calculated the approximate time wasted (104 hours including lab time), I tried to find a way out of wasting this valuable time.

All it took was one phone call to my adviser. His answer: "CLEP it."

I was just as confused as some of you may be right now. What does "CLEP" mean? Well, CLEP stands for The College-Level Examination Program. In layman's terms, you can get college credit if you take (and pass) one $60 test.