FINANCIAL AID
Find a School Before Applying for Financial Aid
Did you know that some schools may offer their own financial aid packages to qualifying students?
WHERE DO I START?
Following are some steps to take in your pursuit of financial aid. Although these steps aren’t chiseled in stone, they may offer you the easiest way to find aid, especially aid that typically doesn’t have to be paid back.
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Although you COULD start searching for financial aid before you’ve made a shortlist of schools, it may be helpful to do so after. Why?
- The federal government’s Free Application for Federal Student Aid (FAFSA) form asks for a list of schools you are interested in or have been accepted to.¹ Once the federal government processes your application, the results may be sent to the schools on the list. You may then start talking to schools about the financial aid packages they could offer.
- Some schools offer their own financial aid packages to qualifying students. Schools may also offer “credit for life experiences.” Knowing what options are available at the schools you are interested in could help you narrow your choices.
- Not knowing exactly how much school costs is like swimming blind. By finding schools first, you could determine how much aid you may need to be able to attend, which could guide you.
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1. studentaid.gov/h/apply-for-aid/fafsa
Your Guide to Financial Aid
Does the fear that you can’t afford to earn your degree hold you back from moving forward in life? Working full-time, being there for your family, and earning your degree may seem impossible to balance, but it’s not! Educational grants may be available for those who qualify and could help you offset the cost of college tuition and expenses.
According to statistics, several years ago a common source of aid was federal grants.² However, note that although the percentage of awards was higher from this source, the greatest dollar amount of aid was awarded by colleges/universities.² This is just one reason that finding schools you are interested in may be an important first step in your pursuit of financial aid.
Read on to learn more about financial aid and how to go about pursuing a financial aid package. Financial aid may be available to those that qualify.
% of first-time, full-time undergrad students awarded financial aid, 2022–2023²
All school types
86%
Public schools
84%
Private nonprofit
90%
Private for-profit
88%
% of students awarded aid by type of financial aid, 2022–2023²
Federal grants
42%
State/local grants
35%
Institutional grants
56%
Student loans
38%
Average amount awarded per student by type of aid, 2022–2023²
Federal grants
$5,526
State/local grants
$4,424
Institutional grants
$12,544
Student loans
$7,753
2. nces.ed.gov/programs/digest/d23/tables/dt23_331.20.asp
Common Types of Financial Aid
There are a number of sources of financial aid. Don’t limit yourself to just one, look into all the options to build a financial aid package that works for you.
For more information about financial aid options, download our FREE Education Success Kit.
EXPLORE OUR DIFFERENT TYPES OF FINANCIAL AID
Grants
Grants are a source of aid that typically does not have to be paid back. There are both need-based and merit-based grants. For need-based grants, a number of factors go into determining eligibility, including a family’s expected contribution, number of dependent family members, and student status. Merit-based grants require students to demonstrate high levels of academic achievement, commitment to service, and leadership qualities.
WHERE TO FIND THEM
- Federal government
- State government
- Local businesses
- Corporations
FEDERAL GOVERNMENT GRANTS³
3. studentaid.gov/understand-aid/types/grants
Scholarships
There are a number of types of scholarships:
- Merit-based, academic
- Merit-based, athletic
- Need-based
- For minority students
Scholarships typically don’t need to be paid back. You may qualify for a number of scholarships, so look into as many as you are able to.
WHERE TO FIND THEM
- Colleges/universities
- Corporations
- Charitable organizations
- Professional organizations
Work-Study Programs
Work-study programs aim to provide part-time jobs for students to help them pay education expenses. They are typically need-based, and, depending on the program, stipulate the number of hours that may be worked to ensure adequate time for studying.
WHERE TO FIND THEM
- Federal Government
- Colleges/universities
Military Options
There are typically a number of sources of aid for military personnel, veterans, and their families, as shown below. Aid may come in the form of grants or scholarships, which typically don’t have to be paid back. Some are based on merit, others on need.
WHERE TO FIND THEM
- ROTC (Army, Air Force, Navy/Marines)
- Branches of Service
- Dept. of Veterans Affairs (VA)
- Charitable organizations
- Professional organizations
Student Loans
A loan is money you borrow that has to be paid back, usually with interest. Federal Government loans typically have certain benefits that banks or other private sources don’t provide, for example, the interest rate is fixed and often lower and payment is typically deferred until after graduation.
WHERE TO FIND THEM
- Federal Government
- Banks/credit unions
- Family/friends
FEDERAL STUDENT LOANS⁴
4. studentaid.gov/understand-aid/types/loans