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