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Financial Aid

Most students will need financial aid to pursue a higher education. According to educationdata.org, over 86% of students accept some form of financial aid (Hanes, 2021). Students may receive aid based on need or merit for specific achievements. Students may also borrow money that must be repaid. In this next section, we will review each type of financial aid available to students.

Each year, over $2 billion in student grants alone are left unclaimed.

educationdata.org

Types of Financial Aid

Grants come from a variety of sources and do not have to be repaid. The most common source is the Federal Government which provides grants based on need. Students must apply using the Free Application for Federal Student Aid (FAFSA) to qualify for federal aid starting in the 12th grade.

Students have the option to apply for work-study when completing the FAFSA. Work-study is a federal program that allows students to work for a wage on campus. Learn more about work-study here.

Loans can be borrowed from the Federal Government or private institutions like banks. Students and parents can expect to receive loan offers via the FAFSA. Ideally, students will want to exhaust all other sources of financial aid before accepting loans as they must be repaid..

Scholarships can help alleviate the cost of going to college. Scholarships are awarded based on various factors such as academic achievement, talent, and need. There is no limit to the number of scholarships a student can earn. What’s key is that students invest the time and effort to apply.

Students going to college

FAFSA Verification

Approximately 30% of students who submit a FAFSA will be selected for verification. Verification is the process institutions use to confirm that the data reported on the FAFSA is accurate. Students who are selected for verification must submit the documents requested by their institution in order to receive their financial aid.

Students will also need to be enrolled full-time (12 or 15 credits) to receive financial aid.

References

Hanson, Melanie. “Financial Aid Statistics” EducationData.org, August 15, 2021, https://educationdata.org/financial-aid-statistics

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