How to Successfully Apply
for Financial Aid

As college education costs rise, it is important to have a transparent conversation about financial aid. Being honest about your financial limitations and understanding the different types of financial support available is crucial. College expenses can be stressful, and applying for financial aid can be confusing. Thus, making cost and affordability a part of your initial research process is critical. Even though it may feel uncomfortable, discussing family finances early on can help you determine what is affordable for your family and avoid disappointment later on.

Most colleges have generous financial aid budgets to help families in need. You can use the resources available from the college and federal government to determine whether you’re eligible for financial aid to make attending a particular institution possible and affordable for you and your family. Financing higher education is a partnership between the family, federal and state governments, and the college or university.

When putting together a list of colleges to apply to, consider schools with varying costs and include some within your financial means. Finding a college that matches your financial situation is just as important as finding one that meets your academic and social needs.

It’s important to note that a favorable admission decision doesn’t guarantee financial aid. Financial aid staff will review your aid application and decide after you’ve been admitted. Financial aid comes in two primary forms: need-based and non-need-based financial aid, also known as merit aid.

Need-based financial aid is given to families who have demonstrated a financial need through the required financial aid applications and supporting forms. The amount of aid received is not based on academics, testing, or extracurricular achievements. Need-based financial aid typically includes monies from the federal government (FAFSA) and the institution itself and sometimes also includes money from the state (TASFA) for residents attending public colleges. Need-based aid can be in the form of grants, which do not need to be repaid, or loans, which must be repaid with interest. Federal loans usually have the best fixed interest rates and are more beneficial than loans from private lenders. It’s up to the student to decide whether or not to accept any loans offered to them.

Non-need-based financial aid, or merit aid, is available to all admitted students at colleges and universities that offer such programs, regardless of financial need. Merit scholarships are awarded based on academic or extracurricular achievements and may have GPA requirements to maintain eligibility. Most of these scholarships are automatically considered by submitting an admissions application and do not require a separate application. However, some colleges require an application or essays to be considered for merit aid. Colleges can use merit aid as an incentivization strategy to attract talented students to their school, sometimes called a tuition discount. Not all colleges offer merit aid; some direct their financial aid budget exclusively to need-based support. The more selective an institution is, the less likely they are to provide merit aid.

Grants, scholarships, Federal Work-Study, and tuition guarantee programs are additional resources that can help offset the cost of college. Federal Work-Study is a program designed to assist undergraduate and graduate students who face financial difficulties paying for their education. The program offers part-time jobs on and off-campus, allowing students to earn money while studying. The jobs available through this program prioritize community service work and positions relevant to the student’s field of study. Federal Work-Study is open to part-time and full-time students and is managed by participating schools. Contact your college’s financial aid office to determine if your school offers Federal Work-Study. If you want to apply for Federal Work-Study, contact your college’s financial aid office to inquire about available positions.