The first step to receiving financial aid is to fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA becomes available on October 1 each year for the following academic year. You will need to fill out the FAFSA each year that you are in school in order to receive financial aid.
The FAFSA will ask for your family’s financial information, including your income, your parents’ income, and your assets. This information is used to calculate your Expected Family Contribution (EFC). Your EFC is the amount of money that your family is expected to contribute to your education.
Financial aid is need-based, which means that it is awarded based on your financial need. Your financial need is determined by subtracting your EFC from your Cost of Attendance (COA). Your COA includes your tuition and fees, room and board, books and supplies, and other miscellaneous expenses.
If your COA is $20,000 and your EFC is $10,000, your financial need is $10,000. You would then be eligible for up to $10,000 in financial aid.
There are two types of financial aid: merit-based and need-based. Merit-based aid is awarded based on your academic achievement or other factors, such as athletics or musical ability. Need-based aid is awarded based on your financial need.
Most financial aid is need-based, which means that you must demonstrate financial need in order to receive the aid. However, there is some merit-based aid available, so it is important to research all of your options.
The best way to find out what type of aid you are eligible for is to fill out the FAFSA. The FAFSA will give you an estimate of your eligibility for both need-based and merit-based aid.
Once you have filled out the FAFSA, you will receive a Student Aid Report (SAR). The SAR will list your EFC and your eligibility for financial aid. If you are eligible for financial aid, you will then need to complete the aid application process for your school.
The aid application process will vary from school to school, but it typically includes completing additional forms and submitting documentation of your financial need.
Once you have completed the aid application process, your school will award you a financial aid package. Your financial aid package will typically include a combination of scholarships, grants, loans, and work-study.
Scholarships and grants are types of aid that you do not have to pay back. Loans must be repaid, with interest. Work-study is a type of aid that allows you to work in order to earn money to help pay for your education.
It is important to remember that you are not required to accept all of the aid that you are offered. If you do not want to take out a loan, you can decline it.
The best way to find out what type of aid you are eligible for is to fill out the FAFSA. The FAFSA will give you an estimate of your eligibility for both need-based and merit-based aid.
If you have any questions about financial aid, you can contact the financial aid office at your school.
