My daughter is a senior in high school and wants to attend college next year, preferably out of state. We have our own business and this past 2 years it has been horrible. We had to use our savings to pay bills. We are in deep financial trouble and would not be able to get a loan. Does anyone know how much federal financial aid usually covers? Is it possible to get 100% aid for families with no money? She wants to go out of state badly but I told her I doubt if she could as tuition is so expensive. However, I won't know for sure until we apply for financial aid at the start of the year.

No, you will not get 100 percent of the cost of an out of state school with just grants.

Often one should consider a year or two at a local college, even community college and then transfer to another college at that point

Federal Pell Grant Program (http://www2.ed.gov/programs/fpg/index.html)