If you’ve been looking into attending college and pursuing a degree, undoubtedly you’re researching financial aid. Many students use financial aid to help pay for college tuition, fees, and school supplies. The U.S. Department of Education may help eligible students pay for college through grants, Federal Work-Study, and federal student loans.
Applying for financial aid can seem overwhelming, but the process may be easier than you might think. Let’s dive into what financial aid is, and how you can apply.
What is Financial Aid?
Financial aid is funding from federal and state governments, colleges and universities, employers, private organizations, and other sources that may help students pay for educational expenses. There are different types of financial aid programs including: grants, scholarships, Federal Work-Study, student loans, and private loans. These funding sources help cover the cost of attending college.
There are two main categories of financial aid: need-based and merit-based.
Merit-based scholarships are awarded to students who excel in areas such as academics, athletics, or performing arts. Not every institution offers merit-based financial aid.
Need-based financial aid is based on how much help you need to pay for school, based on eligibility, your financial situation, and the amount you can receive from school-sponsored programs or federal financial aid programs. You must fill out the FAFSA before the deadline for each academic year to be considered for need-based financial aid. The different types of need-based financial aid include grants, certain types of scholarships, student loans, and the Federal Work-Study program. The information you supply in your FAFSA application is used to determine eligibility for certain types of financial aid.
What is the FAFSA?
The FAFSA (Free Application for Federal Student Aid) is an application for financial aid, administered by the US Department of Education. The form will ask questions about your income and assets (or your parents’, if you’re a dependent). This information is used to calculate your Student Aid Index (SAI), which is one factor used by schools and aid programs in determining eligibility for certain types of financial aid.
You must fill out the FAFSA every academic year you plan on attending school. When you fill out the FAFSA, you will list all the schools and universities to which you are applying. This information will be shared with those schools so they can put together a financial aid package to offer you. The federal government may pay some or all of your financial aid, through grants, Work-Study, or Federal Direct Loans, and the school you attend will facilitate the payments. In most cases, the payments are applied directly to your tuition and fees.
Who Can Apply for Financial Aid?
There is no age limit on who can apply for financial aid, it doesn’t matter if you recently graduated high school or got your diploma years ago. Eligibility requirements vary depending on the type of financial aid program. Students should consult StudentAid.gov and their institution’s financial aid office for current eligibility requirements. You’ll need to fill out the FAFSA every academic year you are going to school.
To maintain eligibility for financial aid, you must maintain good academic standing while making satisfactory progress towards pursuing a degree. Enrollment requirements vary by financial aid program. There are some grants and scholarships under special programs with additional requirements (grants for military veterans and their families, etc.).
Common Requirements for Federal Student Aid Programs
- High school diploma or GED
- Valid Social Security Number
- US citizen or qualifying noncitizen
- Must complete the FAFSA
- Be enrolled in or accepted for enrollment in an eligible program at a participating institution
- Maintain academic eligibility
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Steps for Applying for Financial Aid
Keep in mind that when filling out the FAFSA and applying for financial aid, the earlier you apply, the better. Some state, institutional, and campus-based aid programs may have limited funding and priority deadlines. Don’t wait until the last minute. Students should visit StudentAid.gov for current FAFSA opening dates, deadlines, and application requirements.
Now here are step-by-step instructions for applying for financial aid.
1. Research federal and state deadlines for applying.
The federal deadline is June 30 of each academic year, but the earlier you apply, the better. Each state has different deadlines for applying for financial aid, and many state financial aid programs have priority deadlines and limited funding. The date you are looking for in your state is known as a Priority Filing Date.
2. Determine your dependency status.
Younger students may still qualify as a dependent for tax purposes. If you are a dependent, your parents will have to submit financial information when you fill out your FAFSA, and they must also register an account with StudentAid.gov. You are considered an independent student if you meet at least one of the following criteria:
- 24 years old or above
- Married
- Graduate or professional student
- Veteran or member of the armed forces or military
- An orphan
- Ward of the court
- You have legal dependents besides a spouse (such as children)
- You are an emancipated minor
- Homeless or at risk of becoming homeless.
If you are an independent student, you do not need to submit your parents tax or financial information. Please note: Being considered a dependent for financial aid purposes does not correlate with whether your parents are helping you with financial help. Students should consult StudentAid.gov for complete dependency-status criteria.
3. Gather documentation.
Filling out the FAFSA early will help you get all the financial aid for which you are eligible. Don’t wait until the last second, gather the documents you will need to fill out the FAFSA. If you’re a dependent or if you are married, you’ll also need their information. Gather the following documentation in preparation for the FAFSA:
- Your Social Security Number
- Federal income tax information and records, if applicable
- Driver’s license or identification card
- Documentation of bank account balances
- Investment asset documentation (if applicable)
- Records of untaxed income, such as child support (if applicable)
- (Dependent students only) Your parents financial information
4. Create an Account on the Federal Student Aid Website.
Before you file the FAFSA, you’ll need to create an account on the StudentAid.gov website. You’ll create a Federal Student Aid (FSA) ID, which you’ll use to e-sign your FAFSA. If you’re a dependent, your parents or guardians will need to create a FSA account as well — if you’re married, your spouse will need to create a FSA ID. Both so they can provide required information and complete applicable portions of the FAFSA.
5. Fill out and submit the FAFSA.
Fill out the FAFSA for your academic year as soon as possible, and include all the information you have gathered. Double check for any errors you may have made on your FAFSA to avoid delays in processing. Be sure to include each of the schools to which you are applying. This allows the Department of Education to send them your information, so those schools can prepare a financial aid package to offer you. After your FAFSA is processed, you will receive access to your FAFSA Submission Summary.
6. Review Your FAFSA Submission Summary.
After your FAFSA is processed, you will receive access to your FAFSA Submission Summary (formerly called the Student Aid Report) — and you should be able to access it using your Federal Student Aid ID. Review the report to confirm all your personal information is correct and update any information if necessary.
The FAFSA Submission Summary is not a financial aid offer or award letter. However, it provides information that schools may use when determining financial aid eligibility.
7. Apply for Grants and Scholarships.
Talk to your college financial aid department about potential scholarships and grants, and if you still need help, student loans. Subsidized and unsubsidized federal loans have different terms and eligibility requirements. Students should carefully review all borrowing options before accepting loans.
You can also look to community, corporate, and foundation grants and scholarships in your local community.
8. Receive and review financial aid offers.
If you’ve applied for financial aid from more than one school, you’ll have several offers to review. Now, if you only applied to one school for financial aid, there will be only one aid package to review. Read the terms and conditions carefully. Unlike loans, grants and scholarships generally do not require repayment when award conditions are met. Students should carefully evaluate the terms and long-term obligations associated with any student loans they choose to borrow.
Take your time and do the math on each offer, and see which one makes the most economic sense. If you have questions, be sure to ask their Financial Aid office for clarification.
9. Accept or decline any aid awards.
If you have several schools to review, check and see what they are offering you in financial aid packages. If you are satisfied with the offer from a school, follow their instructions to accept their offer and attend school. If you choose to borrow federal student loans, you may be required to complete additional loan documentation and counseling requirements.
10. Finalize documentation & sign Master Promissory Note (MPN).
The final step is signing a Master Promissory Note (if applicable) that says you will pay back your student loans. If you have grants and scholarships which cover the entire tuition and fees, you might not need to sign a promissory note.
Have Questions About Financial Aid?
If you want to learn more about financial aid as it relates to Campus and our online degree programs, contact our Financial Aid team at (888) 675-2460 or send an email to financialaid@campus.edu and we’ll be happy to help!
And if you’d like to give yourself a head start, read up on opportunities available to Campus students on our Tuition page.
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.
Disclaimer: This article is provided for informational purposes only. Financial aid programs, eligibility requirements, award amounts, and application deadlines are determined by federal, state, and institutional policies and may change. Students should consult StudentAid.gov and their school’s financial aid office for the most current information.