Guide to Financial Aid

College is a big investment, which is why it’s important to know your options, plan ahead, and choose wisely when paying for it.

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While the financial aid process may seem daunting, planning carefully and researching all your options can save you thousands!

When to Get Started

Fall of Senior Year of High School

Step 1: Complete the FAFSA

The Free Application for Federal Student Aid (FAFSA) opens on October 1st each year. You must complete this form each year to receive federal, state, or college financial aid. Some scholarships and grants require completion as well.

The FAFSA asks basic information regarding the borrower’s income, dependency status, and savings to determine financial need. It is important to fill this form out as early as possible. For more information, visit studentaid.gov.

Spring of Senior Year of High School

Step 2: Review Award Letters

When you receive acceptance letters, you should receive an award letter detailing how much your family is expected to pay and financial support you are eligible for. Award letters are sent following FAFSA submission and your college application.

Step 3: Select Your Aid

Your award letter provides a list of the aid for which you qualify at each school. You will let the school know which pieces of your financial aid package you wish to accept.

Three Types of Financial Aid

Free, Federal, And Private Student Loans

1. Use Free Money First

First you should take advantage of scholarships and grants, which cost you nothing and do not have to be repaid as long as you meet their conditions. In other words, these equal FREE money for college. Some may be included in your college award letters, while others can be found on your own.

Scholarships | There are numerous local and national scholarships available to students. Do your homework and apply for as many a possible. Visit any of these sites below to get started, or talk to your guidance counselor or financial aid office for more resources.
Grants | Grants are typically based on financial need, although families with higher incomes may also be eligible under special circumstances. Learn More
Work Study | The Federal Work-Study Program permits eligible students to work on campus to help offset educational expenses and reduce loan obligations.

2. Next Look To Federal Student Loans

After scholarships and grants, you should explore federal student loans that come with benefits not available from other types of loans. These are typically offered within your award letter from your college. Before you take out any loan, be aware that a loan is a legal obligation that you are responsible for repaying. Learn More

3. Fill The Gap With Private Student Loans

When scholarships, grants, and federal student loans aren’t enough, you may need to consider private student loans. Private loans are made by private organizations such banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender. Because offerings will vary, it’s important to review the rates, terms, and conditions before applying for a private student loan.

Ask For Help

If you have additional questions about paying for college, consult our team of representatives for personalized guidance on paying for college and navigating your options. You can also direct questions or requests to your college financial aid office. They’re there to help!

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Don’t forget: fill out the form and download the guide!

Make sure you have our helpful tips and links saved for future reference during all milestones of your financial aid journey.