If you’re planning to go to college, one of the biggest things you have to plan for is how to pay for your education. Financial aid is how most students pay for their college program, with over 10 million students receiving grants or student loans in the 2023-24 academic year, according to the Education Data Initiative. [1] Getting as much financial aid as possible will make it easier for you to focus on your studies instead of worrying about the cost.
Here are some of our top tips for getting the most financial aid possible.
Tip 1: File the FAFSA Early
The FAFSA (Free Application for Federal Student Aid) for the 2026-27 academic year opens on October 1, 2025 and closes on June 30, 2027. You might think the deadline is the last day to get the full benefit of financial aid. The truth is, some state, institutional, and campus-based aid programs may have limited funding and earlier priority deadlines. By waiting until the last minute, you may miss out on potential aid from state funds. It’s always best to file the FAFSA as early as possible to have access to the largest potential amount of financial aid.
Tip 2: Understand How Income Is Considered in Financial Aid Calculations
The FAFSA uses income information from two years prior. For example, the 2026–27 FAFSA uses tax information from your 2024 filing. The Student Aid Index (SAI) is a calculation used to help determine eligibility for certain types of financial aid. The calculation considers information reported on the FAFSA, including income and certain assets.
Income is generally weighted more heavily than some assets in the federal financial aid formula. As a result, a student’s reported income may affect eligibility for need-based financial aid programs.
Because financial aid eligibility is based in part on financial information reported on the FAFSA, students should carefully review FAFSA instructions and consult official federal resources or qualified financial or tax professionals regarding their individual circumstances.
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Tip 3: Search for Scholarships
There are numerous scholarships given out by colleges and universities, and even your state. Academic scholarships are the ones people are most familiar with - these can be given to students with a high GPA or other academic requirements. There are also other types of scholarships, given for excellence in athletics or performing arts, all three of these are known as merit-based scholarships.
Some scholarships are given by the respective states to eligible students. Check your state government for information. You may also receive scholarships based on need, check with each school for which you are applying.
Private organizations may also give scholarships to students who represent a certain group (such as religious or community organizations). Another source of scholarships can be corporations that give awards to eligible children of employees.
Scholarships generally do not require repayment when award conditions are met!
Tip 4: Student and Parent Assets are Treated Differently
This tip will be more relevant for students who are still dependents, who are getting help from their parents, or who are going to college right after high school. For purposes of the SAI, student assets and parent assets may be assessed differently. You’ll have to report both student and parent assets on the FAFSA, but student assets (such as savings accounts) and parent assets may be treated differently under the federal financial aid formula.
Because student and parent assets may be assessed differently, the amount and type of financial aid for which a student may be eligible can vary based on individual circumstances.
Keep in mind, too, that certain parent assets generally do not need to be reported on the FAFSA. For example, a primary residence and certain retirement accounts are typically excluded from FAFSA asset reporting requirements. Students should review current FAFSA instructions and official federal guidance for complete reporting requirements.
Tip 5: Avoid Common FAFSA Mistakes
There are several mistakes that people tend to make when filling out the FAFSA that can affect eligibility determinations or delay processing of financial aid. Errors on the FAFSA can cause delays with processing and approval of financial aid. These are some of the most common errors:
- Leaving fields blank
- Not using your legal name
- Entering wrong address
- Misreporting your income tax or adjusted gross income
- Filing as head of household when not applicable
- Not reporting your marital status correctly
- Forgetting to list all the colleges you’re applying to
- Not fully signing the form
By planning ahead, you can maximize the amount of financial aid you can receive, making your college goals possible.
Campus: A New Type of College for Business Professionals
Campus believes that a college education should be accessible to all. Tuition for Campus’s Online Business Administration degree is currently below the maximum federal Pell Grant award amount for the 2026–27 award year. If you have questions about financial aid, our Financial Aid team can provide information about available programs and explain the application process. We’re here to help you achieve your educational goals and prepare for your career.
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[1] Hanson, Melanie. “Financial Aid Statistics” EducationData.org, 2025-02-03, https://educationdata.org/financial-aid-statistics, Retrieved May 12, 2026.
Financial aid is available to those who qualify. Eligibility for federal, state, institutional, and other financial aid programs is determined according to applicable program requirements. Award amounts and availability vary based on individual circumstances.