Anyone Can Apply For Federal Financial Assistance
All students who are in need of financial aid assistance for college or university expenses are encouraged to apply for student aid first. Even if you think you will not be eligible, you could be pleasantly surprised with the financial outcome of just applying. Eligibility does depend upon many factors including your parent’s income and assets, the number of people your parents support, and the number of children enrolled in college. Even if a student will not be eligible for grants, there are a number of college student loan programs available to everyone. There are even some basic eligibility requirements for many kinds of financial aid that are not related to your financial aid needs. However, you must:
• Be a U.S. citizen or an eligible non-citizen (see the FAFSA for more detail)
• Registered with Selective Service (if required)
• Working toward a degree, certificate or eligible goal (like transfer)
• Not owe a refund on a federal grant or be in default on any federal educational student loan
• Be a high school graduate or have the equivalent of a high school diploma (like a GED) or take a special test to show you do have the ability to benefit from a college education
• Not have had eligibility for federal student financial aid suspended due to a conviction of drug possession or sales in the recent past (see the FAFSA for more detail)
What do I need to do to get Federal Financial Aid? To receive federal financial aid, you must take these steps:
• Apply to college or university you would like to attend
• Complete and submit the Free Application for Federal Student Aid (FAFSA) and any other forms the schools will require
• After you receive your Student Aid Report (SAR), submit it to the school you choose to attend
• Evaluate your financial aid offers (Award Letters) received from each school to determine the offer you will accept
• Apply for federal student loans to fill any funding gaps not covered by scholarships and grants that will be awarded to you
• If you need additional funds beyond the federal student loan maximum borrowing limit, apply for a private student loan
What kinds of Financial Aid are available? Financial aid will come in many shapes and sizes depending on your particular needs. It includes merit based aid like scholarships, need based aid like grants, federal student loans like the Federal PLUS Student Loan and the Federal Stafford Student Loan, federal work study programs, and credit based private student loans to bridge funding gaps not covered by traditional forms of financial aid.
When should you begin the financial aid process? The best time to start the financial aid process is the beginning of the year before you plan to attend college, but no later than the December prior to the first year you plan on starting school. It is important to spend time researching and studying your financial aid options, applying for any free money such as scholarships, and working on completing the necessary forms by the given deadlines. The free FAFSA form should be submitted as soon as possible after January 1 for entering into the fall semester.
