How much financial aid can i get for college

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Read on for more details about how to figure out the financial aid you can expect to receive. Compare Rates Now. Was this article helpful? Share your feedback. Send feedback to the editorial team.

Rate this Article. Thank You for your feedback! Something went wrong. Please try again later. Best Of. Student Loan Basics. More from. Whether that financial aid is offered in the form of grants, scholarships or federal student loans is up to your college.

Your school may also choose to offer you additional aid beyond your need-based financial aid offer. Grants and scholarships are highly coveted by students since, unlike loans, they do not need to be paid back.

The good news is that as many as two-thirds of all students receive at least some aid in the form of grants or scholarships from their college and federal aid. Most scholarships and grants, for example, do not have to be repaid. Most loans do. There are two primary pathways to financial aid as you enter college.

Department of Education and required for you to be considered for federal aid as well as for most college and state assistance. The second, known as the CSS Profile , is sponsored by the College Board and used by roughly mostly private colleges and universities to allocate non-government financial aid from those institutions.

Each form has its deadlines and procedures see details, below. That's because a you may be wrong, and b even if you're right, the FAFSA is also required for most local, state, and individual school financial aid, including merit scholarships. Whether you should submit the CSS Profile probably depends on whether the financial aid you are interested in or the school you plan to attend requires it.

That means, for example, that you submit it Oct. Although the federal deadline to submit is June 30 of the academic year in this case June 30, , that will likely be too late to obtain most financial aid. It will also likely be well past the deadline for aid dispersed by most states and colleges. You must also renew your FAFSA for each academic year you are in school or you will not qualify for additional federal financial aid including renewable aid you received the previous year.

The renewal process is usually easier and faster than the original because much personal and demographic information is retained. You still need to check it to make sure it is accurate, but there is no cost to submit or renew the FAFSA. Do this Oct. Check the College Board list of Participating Institutions and Programs for detailed information about which schools require CSS and which classifications of students or parents are required to file.

Amherst College in Amherst, Mass. Loyola University in Baltimore, Md. Waivers may be available for first-time domestic college applicants if:. The open date—the soonest you can apply for financial aid—is more important than the deadline, which is the latest you can apply. Procrastinators beware! Although the FAFSA, the CSS Profile, colleges, and universities all have deadlines—the last date you can apply for aid each year—the most important date to remember is the open date — the first date each year you can apply for financial aid.

The open date for the academic year , for example, is Oct. Whether need-based or merit-based, federal or private, financial aid typically comes in one of the following forms:.

A grant is "free" money that doesn't need to be paid back except when you fail to live up to the terms of the grant, such as by leaving school. Grants can come from the federal or state government, schools, or private or nonprofit organizations. Most grants are need-based but merit-based grants are also available. Like grants, scholarships are gifts and do not need to be repaid unless you don't live up to the terms of the scholarship.

Also like grants, scholarships can come from the federal or state government, universities, or private or nonprofit organizations. Scholarships tend to be merit-based, though there are also scholarships that are need-based or that take both merits and need into consideration. Some scholarships are aimed at specific groups, such as women, minorities, and students from military families. Learn about scholarships that may be available to you through your school counselor, college financial aid office, or even at your local library.

Work-study typically refers to federal work-study, a program that provides part-time work on or off-campus while you are enrolled in school.

Federal work-study is only available to you if you have demonstrated financial need. Qualifying does not guarantee you a job. You will need to apply, interview, and be hired.

You will earn at least the federal minimum wage more for higher-skilled jobs depending on when you apply, your financial need, and the school's available funding. Another type of job, known as a non-work study, is also available at many colleges and universities.

These jobs are not government-sponsored, earnings vary, and funding comes from the department doing the hiring. To learn more about both programs, contact your college financial aid office. Federal student loans are government loans and include terms and conditions with benefits i. The Federal Direct Loan Program offers four types of federal loans:.

Private student loans are made by banks, credit unions, and other state-based organizations. These loans include terms and conditions set by the lender and are generally though not always more expensive than federal student loans. Even if the university has a much later deadline, it helps to submit the document as soon after Oct. Unfortunately, doing so can put your chances of need-based assistance in serious jeopardy.

All else being equal, a lower EFC will result in greater need-based aid. Needless to say, it helps to keep the amount of taxable income as low as possible in the base year. In addition to some changes in the way the SAI is calculated, the change attempts to clarify what this figure actually is—an eligibility index for student aid, not a reflection of what a family can or will pay for postsecondary expenses.

How can a family accomplish this feat without hurting itself in the short term? One way is to postpone the sale of stocks and bonds if they generate a profit, as the earnings will count as income. That also means holding off on early withdrawals from your k or IRA. But all that saving does have a small catch—some of that money will be included in your EFC.

One important aspect to realize about the FAFSA is that schools anticipate students will contribute more of their assets toward higher education than parents will. According to the U. Department of Education, factors such as the number of students attending college and the parents' age can affect your award. The assumption that the form is only for low- and middle-income families often closes the door to such opportunities. While the FAFSA is a vital tool in determining need-based aid, some families actually put too much emphasis on the document.

The fact is, most financial-aid counselors have the authority to use resources as they see fit. For example, Harvard has several specific programs for academically excellent students.

This, in addition to its academic reputation, can help families select whether a school is worth pursuing. A generous financial aid award can take much of the sting out of college tuition costs.