Financial Aid 101: How to Get Started with FAFSA and Scholarships
Navigating financial aid can seem overwhelming, but understanding the basics can make it easier to plan for college costs. Here’s a beginner’s guide to financial aid, the FAFSA, and scholarships.
1. Start with the FAFSA
The FAFSA (Free Application for Federal Student Aid) is a form that determines your eligibility for federal financial aid, such as grants, loans, and work-study programs. The FAFSA opens on October 1 each year, and it’s a good idea to complete it as soon as possible, as some aid is awarded on a first-come, first-served basis.
2. Understand Federal Aid Options
The FAFSA can qualify you for several types of aid:
- Grants: Free money that doesn’t need to be repaid, often based on financial need.
- Loans: Borrowed money that must be repaid, typically with interest. Federal loans tend to have lower interest rates than private loans
- Work-Study: Part-time jobs on campus or nearby that help students earn money while studying.
3. Look for Scholarships
Scholarships are offered by colleges, nonprofits, companies, and other organizations. Start by looking at your school’s scholarships and local awards, and then expand to national scholarships. Many scholarships have specific eligibility requirements, so look for ones that match your achievements or background.
4. Consider Financial Aid Appeals
If your family’s financial situation changes after submitting the FAFSA, you can appeal your aid package. This is especially relevant if there’s been a significant event, like a job loss, that impacts your family’s income.