Financial aid is money that helps students pay for college. It can come in the form of scholarships, grants, loans, and work-study opportunities. Some types of financial aid, such as scholarships and grants, do not need to be repaid, while others, such as student loans, generally do.

Not all financial aid must be repaid. Scholarships and grants are considered “gift aid” and typically do not require repayment. Student loans, however, are borrowed funds that generally must be repaid after you leave school or drop below half-time enrollment.

The Free Application for Federal Student Aid (FAFSA®) is the application used to determine eligibility for federal financial aid, including grants, loans, and work-study. Many colleges and scholarship programs also use FAFSA® information when awarding aid. Students should complete the FAFSA® as soon as it becomes available each year to maximize their financial aid opportunities.

Helpful Tip: The FAFSA® opens annually for the upcoming academic year. Check current FAFSA® deadlines and submit your application early.

To apply for federal financial aid, complete the FAFSA® online at StudentAid.gov. You’ll need to create an FSA ID and provide information about yourself and, in many cases, your parent(s) or guardian(s), including tax and financial information. Once submitted, your FAFSA® information will be sent to the colleges you selected.

Yes. After you’ve been admitted to a college and your FAFSA® has been processed, the college will send you a financial aid offer outlining the types and amounts of aid you are eligible to receive. This may include scholarships, grants, loans, and work-study opportunities.

Many students qualify for some form of financial aid. Eligibility is determined using several factors, including financial need, academic achievement, enrollment status, and participation in specific programs. Even if you think your family may not qualify for need-based assistance, you should still complete the FAFSA® to be considered for all available aid opportunities.

There are still many options available. Students who do not qualify for need-based aid may be eligible for merit-based scholarships, reduced tuition programs, student loans, payment plans, or institutional scholarships offered by colleges and universities. Completing the FAFSA® is still recommended, as some aid programs are not based solely on financial need.

Yes! Many students receive a combination of scholarships, grants, loans, and work-study assistance. Scholarships can help reduce the amount you need to borrow or pay out of pocket, making college more affordable.

It depends. Financial aid can significantly reduce the cost of attendance, but it may not cover all expenses. Students should review their financial aid offers carefully and consider additional costs such as housing, meals, transportation, books, and personal expenses when planning for college.

If you’ve previously received federal financial aid, you may continue to be eligible as long as you meet federal requirements, including maintaining Satisfactory Academic Progress (SAP) and remaining within federal borrowing limits. You should complete the FAFSA® each year to determine your continuing eligibility for financial aid.

Helpful Tip: Contact your college’s Financial Aid Office if you have questions about your eligibility, loan history, or Satisfactory Academic Progress requirements.

Colleges require students to make satisfactory academic progress by maintaining minimum GPA and course completion requirements to continue receiving financial aid.