How Do I Apply for Financial Aid?

For some, financial aid is the only way attending college is possible. There are many different types of financial aid, and the process for obtaining it can be overwhelming.  If you’re unsure where to start, you might find this information helpful. 

FAFSA

This is a common way students receive loans to attend school. FAFSA stands for Free Application for Federal Student Aid, and can provide you with the money you need to partially cover the cost of your tuition. The amount of money you receive from a federal loan depends on many factors, and it may not cover everything you need to afford university. Do your research on loans before accepting any, and make sure you understand your obligation to pay them back after you graduate. Taking out a loan is a big deal, so you should always know what you’re getting into when it comes to borrowing money. 

If you have already committed to taking out a loan, the process is reasonably simple. The student aid website will help you fill out everything you need in order to calculate your estimated loan. Be sure to do this with a parent or guardian, as they will have a lot of the information you need to fill out the form. You will need to have already been accepted into a school to receive a student loan, and the loan company will pay your college directly. 

Scholarships and Grants

There are so many scholarships and grants out there you can apply for to get money for school. Many of them just require an essay to apply, and there’s no limit to how many you can receive. Luckily, you don’t have to pay this money back like you do for loans, so this can be a great way to help cover the costs of college. However, filling out scholarship applications and writing essays can be time consuming, so be sure that you aren’t taking on more than you can handle when applying. 

School-Provided Aid

Many schools will offer students academic scholarships based on their applications. You can also receive aid directly from the school for sports, financial need, and other things. Some students are even able to get a full ride to their college or university, saving them tons of money and eliminating the need to take out any loans. While not every scholarship will cover tuition entirely, any amount helps. 

You can use any combination of the above financial aid methods to help fund your education. Be sure to always do your research about any loan, scholarship, grant, or school aid before accepting the money. Remember, your finances are an important thing to keep track of, and it’s necessary to take the proper precautions in any fiscal situation, especially one as large as this. 

For more information on the college application process, contact our college guidance experts.