Financial aid information

Read the questions and answers below to get helpful information about financial aid to pay for your education.

1. What is financial aid?
   
   Financial aid is money that is given, lent or paid to you so you can pay for your education. Financial aid is available from private sources, colleges and universities or state and federal government agencies.
2. How and when do I apply for financial aid?
   
   Get a copy of the Free Application for Federal Student Aid (FAFSA), a government financial aid form, in the fall of the year before you plan to attend college and submit it as soon after January 1 as possible. This form is required with most aid packages. Also, all colleges offer information about financial aid.
3. Do I have to be admitted to a college to apply for financial aid?
   
   No, you can fill out the FAFSA before applying for admission. But college acceptance is required to receive most forms of financial aid, since the cost of attendance is a major factor that determines the amount of aid. And the final aid package may include funds awarded by the school in the form of scholarships, grants, and work-study.
4. Do I have to apply for financial aid every year?
   
   Financial aid is not renewed automatically. The federal government may revise the rules governing financial aid, and your family's financial situation may change, so your financial aid cannot be renewed automatically. On the positive side, you may then qualify for more aid and, if you were ineligible in a previous year, you may have become eligible.
5. If I'm eligible for financial aid, how and when do I get it?
   
   Funds from federally sponsored financial aid programs are usually sent ("disbursed") at the beginning of the semester. Generally you make arrangements with your financial aid office to receive a check or deposit to your bank account for funds for living expenses. Funds for tuition and fees are paid directly to the school. Get more specific information from your financial aid office.
6. Who decides how much financial aid I get, and how do they decide?
   
   Your college financial aid office determines your financial aid package based on your FAFSA, guidelines set by the U.S. Department of Education and school policy.
7. What if I need more financial aid than my school awards me?
   
   Discuss this with your college financial aid office. They may be able to find additional sources of aid or may be able to recalculate your eligibility—particularly if family circumstances have changed since the package was awarded.
   
   If you still need additional funds, look into loan programs—including unsubsidized Stafford loans, parent loans and private loans—that are not based on need. Additionally, you can use our online scholarship service to search for awards for which you may be eligible.
8. I make too much money to qualify for federal aid programs, but I still need help. What else is available?
   
   This is not unusual, especially when parents are applying for a loan for their child. Apply for federal aid and school-based programs anyway. You may be eligible for more aid than you think. If you still need aid, look into loan programs—including unsubsidized Stafford loans, parent loans, and private loans—that are not based on need.
9. What does college really cost?
   
   The financial aid office is your best resource for toal costs. Remember that they only provide information for their institution. If you haven't decided on a school yet, use our college cost calculator to see the current average costs of public and private institutions.
10. What is the PROFILE?
    
    The CSS/Financial Aid PROFILE is a financial aid application service offered by the College Scholarship Service. (The CSS is the financial aid division of the College Board, a national, not-for-profit association of educational associations, institutions and state agencies.) The PROFILE (formerly known as the Financial Aid Form) is required or accepted by approximately 700 colleges, universities and scholarship programs to award their private funds. PROFILE requires a separate form in addition to the FAFSA.
11. Do I need to fill out a PROFILE?
    
    Your college will notify you if it requires this form, or you can check the financial aid requirements in the college's catalogue or Web site.
12. Where do I get the PROFILE?
    
    Your financial aid office may send you a copy of the form, or you can get it from the College Board.
13. What is the difference between grants, scholarships, and fellowships?
    
    Grants are awarded based on financial need. They do not have to be repaid. Similarly, scholarships are funds used to pay for higher education that do not have to be repaid. Scholarships may be awarded based on any number of criteria, such as academics, achievements, hobbies, talents, group affiliations or career aspirations. They usually do not cover living expenses. Fellowships are generally awarded to graduate students based on academic merit. They often provide funds for living expenses as well as tuition and fees.