HOW TO PROSPER DURING THE COMING COLLEGE YEAR......OR AT LEAST BREAK EVEN

"A big relief." That's how Phong Nguyen describes the $4,500 in financial aid he's receiving for his junior year at the University of California at Irvine.

As a premed major planning to attend school for six more years, Nguyen says he's lightened his financial load by "investigating every financial aid option, applying for everything, and applying early."

His financial aid "package" (outlined below) is a combination of loans, grants, part-time work, and scholarships. It is fairly representative of the federal, state, and private sources available.

Basic Educational Opportunity Grant: $390. A federal "gift" based on need, it's the foundation of most financial aid packages.

Guaranteed Student Loan: $1,000. Though this is a federal program, loans are obtained through a private lender such as a local bank. Nguyen's loan repayments begin nine to 12 months after graduation.

California State Grant: $768. California awards three types of grants, two based on need. Nguyen receives the third kind, based on academic merit.

Regents Scholarship: $1,650. He is one of 45 people chosen from 1,500 applicants to receive this merit scholarship.

To supplement the aid from these sources, Nguyen is expected to contribute $700. This year, he hopes to find a job grading physics exams.

And to eliminate at least one year's worth of college expenses, Nguyen enrolled in college courses during high school, and "loaded up" on extra courses during the school years and summer terms. As a result, he now expects to graduate in three years instead of four.

After graduation, Nguyen faces medical school ("hope-fully") and probably more financial aid. And he says although "it's a pain to apply for financial aid every year, it's worth it."