Find a School Before Applying for Financial Aid

Did you know that some schools may offer their own financial aid packages to qualifying students?

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Find a School Before Applying for Financial Aid

Did you know that some schools may offer their own financial aid packages to qualifying students?

Your Guide to Financial Aid

If you need a financial boost to be able to afford college, you are not alone. In 2021–2022, 87% of students received financial aid.1 Although some forms of financial aid are based on need, many are not. So, don’t just assume you won’t be eligible—you may have lots of options, and it’s important to explore all avenues.

According to statistics, several years ago a common source of aid was federal grants.1 However, note that although the percentage of awards was higher from this source, the greatest dollar amount of aid was awarded by colleges/universities.1 This is just one reason that finding schools you are interested in may be an important first step in your pursuit of financial aid.

Read on to learn more about financial aid and how to go about pursuing a financial aid package. Financial Aid maybe available to those that qualify.

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% of first-time, full-time undergrad students awarded financial aid, 2021–20221
  • All school types: 87%
  • Public schools: 87%
  • Private nonprofits schools: 90%
  • Private for-profit schools: 87%
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% of students awarded aid by type of financial aid, 2021–20221
  • Federal grants: 56%
  • State/local grants: 33%
  • Institutional grants: 54%
  • Student loans: 39%
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Average amount awarded per student by type of aid, 2021–20221
  • Federal grants: $4,983
  • State/local grants: $4,116
  • Institutional grants: $12,500
  • Student loans: $7,487

Sources: 1https://nces.ed.gov/programs/digest/d23/tables/dt23_331.20.asp

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WHERE DO I START?

Following are some steps to take in your pursuit of financial aid. Although these steps aren’t chiseled in stone, they may offer you the easiest way to find aid—especially aid that typically doesn’t have to be paid back.

  1. Find a school. Although you COULD start searching for financial aid before you’ve made a shortlist of schools, it may be helpful to do so after. Why?
    • The federal government’s Free Application for Financial Student Aid (FAFSA) form asks for a list of schools you are interested in or have been accepted to.2 Once the federal government processes your application, the results will be sent to the schools on the list. You may then start talking to schools about the financial aid packages they could offer.
    • Some schools offer their own financial aid packages to qualifying students. Schools may also offer “credit for life experience.” Knowing what options you have at the schools you are interested in could help you narrow down your choices.
    • Not knowing exactly how much a school costs is like swimming blind. By finding schools first, you could determine how much aid you may need to be able to attend, which could guide you.
  2. Look into the federal government’s Free Application for Financial Student Aid (FAFSA). The government typically offers grants, work-study programs, and loans, and, as mentioned above, is a common sources of aid.
  3. Look into other sources of grants. Grants are typically need-based. They could be a great source of financial aid since they typically don’t have to be paid back. There may be many grants dedicated to women, minorities, international students, and disabled students. Also consider grants from your school.
  4. Find scholarships. Scholarships tend to be merit-based. But you don’t have to be a star athlete or valedictorian to earn one—there are scholarship opportunities out there for nearly everyone. And, as with grants, they typically don’t have to be paid back. Start with your school, then look into other sources—corporations, charitable organizations, and professional organizations.

Sources: 2https://studentaid.gov/h/apply-for-aid/fafsa

COMMON TYPES OF FINANCIAL AID

There are a number of sources of financial aid. Don’t limit yourself to just one—look into all the options to build a financial aid package that works for you.

For more information about financial aid options, download our FREE Education Success Kit.

Grants

Grants are a source of aid that typically does not have to be paid back. There are both need-based and merit-based scholarships. For need-based grants, a number of factors go into determining eligibility, including a family’s expected contribution, number of dependent family members, and student status. Merit-based grants require students to demonstrate high levels of academic achievement, commitment to service, and leadership qualities.

Where to Find Them

  • Federal government
  • State government
  • Local businesses
  • Corporations

FEDERAL GOVERNMENT GRANTS3

Pell Grant

  • $7,395 max for
    2025–26
  • Typically need-based

FSEOG

  • $100–$4,000 per year
  • Administered directly by schools
  • Typically need-based

Iraq and Afghanistan Service Grant

  • $7,395 max for
    2025–26
  • Offered to students whose parent or guardian died in Iraq or Afghanistan

TEACH

  • Up to $4,000 per year
  • Offered to students whose parent or guardian died in Iraq or Afghanistan

Sources: 3https://studentaid.gov/understand-aid/types/grants

Scholarships

There are a number of types of scholarships:

  • Merit-based, academic
  • Merit-based, athletic
  • Need-based
  • For minority students

Scholarships typically don’t need to be paid back. You may qualify for a number of scholarships, so look into as many as you are able to.

Where to Find Them

  • Colleges/universities
  • Corporations
  • Charitable organizations
  • Professional organizations
Work-Study Programs

Work-study programs aim to provide part-time jobs for students to help them pay education expenses. They are typically need-based, and, depending on the program, stipulate the number of hours that may be worked to ensure adequate time for studying.

Where to Find Them

  • Federal Government
  • Colleges/universities
Military Options

There are typically a number of sources of aid for military personnel, veterans, and their families, as shown below. Aid may come in the form of grants or scholarships, which typically don’t have to be paid back. Some are based on merit, others on need.

Where to Find Them

  • Reserve Officers’ Training Corps (ROTC)—Army, Air Force, and Navy/Marines
  • Branches of Service—Marines, Navy, Army, Airforce, and Coastguard
  • Department of Veterans Affairs (VA)
  • Charitable organizations
  • Professional organizations
Student Loans

A loan is money you borrow that has to be paid back—usually with interest. Federal Government loans typically have certain benefits that banks or other private sources don’t provide—for example, the interest rate is fixed and often lower and payment is typically deferred until after graduation.

Where to Find Them

  • Federal Government
  • Banks, credit unions
  • Family, friends

FEDERAL GOVERNMENT GRANTS4

Direct Subsidized

  • Up to $5,500 per year for undergraduates
  • Based on financial need
  • U.S. Department of Education pays interest during some periods (while you are in school, six months after, or during a period of deferment)

Direct Unsubsidized

  • $5,500–$7,500 per year for undergraduates
  • Up to $20,500 per year for graduate or professional students
  • Not based on financial need
  • You pay interest during all periods

Direct PLUS

  • Not based on financial need
  • Available to parents of students or professional or graduate students
  • Your school determines the amount you can borrow
  • You must not have an adverse credit history

Direct Consolidation

  • A loan that combines all of your eligible federal student loans
  • Terms depend on the loan servicer

Sources: 4https://studentaid.gov/understand-aid/types/loans

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