The Financial Aid Process
Financial Aid is a crucial resource that should be available for all students. Aside from need-based aid, one can also receive aid based on their merit, which may take the form of a scholarship. Unfortunately, many colleges don't have a significant financial aid budget and cannot meet the needs of the students who apply. If you do end up attending a university that will assist with tuition, the financial aid application process can be very difficult and lengthy.
Once you have formulated your college list, you can begin to compare the costs of those schools. For this, net price calculators can be particularly helpful. They can usually be found on a college or university’s website and allow prospective students to enter information about themselves to find out what students like them paid to attend the institution in the previous year, after taking grants and scholarship aid into account.
Next, you will need to fill out the FAFSA, The Free Application for Federal Student Aid. It is the main form students need to complete to receive financial aid and requires information such as your family’s earnings, taxes paid, investments, and bank account balances. Before filling out the FAFSA, both the student and parent will need to create an FSA ID, a username and password required to fill out the form. Some colleges require additional forms, such as the CSS profile. Mostly 4-year private colleges request this form; however, some public schools do as well. It requires the same type of information from your family as the FAFSA and is also free.
After completing these forms, you will receive your student aid report. This essentially is a receipt from the FAFSA and highlights any issues with your application. It is common for colleges to request additional information to confirm what has been included on your financial aid forms.
Once you have completed all the steps above, your schools will provide you with financial aid offers via your student portal, mail, or email. It is important that you compare all the offers you receive so you can factor them into your decision-making process. Because most students will need to complete this process every year, it is essential that you keep these details in mind.
While applying for financial aid can be daunting, there are organizations that have made it their mission to assist students with this difficult process. Uaspire is a non-profit organization ensuring that all students have the financial information necessary to find an affordable path to and through college. They have made it their mission to help remove financial barriers so that every student has an equitable opportunity to educate themselves and succeed in life.
