Financial Aid FAQs
Answers to Your Frequently Asked Questions About Financial Aid
There are billions of dollars of financial aid available to students who need help paying for college. If you want this assistance, it’s important that you determine your eligibility and apply on time.
How many college students get financial aid?
About two-thirds of full-time undergraduate college students receive some type of financial aid in the form of grants, scholarships, loans or work-study. Approximately 39 percent of financial aid dollars awarded to undergraduates are in the form of federal loans, and the rest are grants, scholarships, federal work-study, and tax credits and deductions.
Can I afford to go to college?
Despite all the news stories about rising college prices, a college education is more affordable than most people believe. There are many colleges that provide an excellent educational experience at a price you can manage. Public college prices are much lower than you might expect.
Does applying for financial aid hurt my chances of being admitted?
Not usually. You are generally admitted based on your academic performance and the qualities you bring to the campus community. Colleges want to admit a diverse group of students and often use financial aid to achieve that goal. It is very important to apply for financial aid early in the application process, before all of a college’s funds are allocated.
Do I qualify for aid even if I don’t get straight A’s?
It's true that many scholarships reward student performance in high school, but most government aid is based on financial need. Remember, if you do receive need-based aid, you must remain in good academic standing to renew your aid annually.
Are private colleges out of my reach?
Although the cost of college is certainly an important factor, you should not concentrate on it until later in your college-selection process. Instead, focus on finding a college that is a good fit — one that meets your academic, career and personal needs.
In some cases, you might have a better chance of receiving aid from a private college and end up paying a lower total price than at a public college. Private colleges often offer more financial aid to attract students from every income level.
Is my family’s income too high to qualify for aid?
Financial aid is intended to make college available to students from many different financial situations. College financial aid officers consider family income, the number of family members in college, medical expenses and many other factors when reviewing your financial aid application.
Even if you think your family income is too high for you to qualify for aid, you should fill out the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1. This form determines your eligibility for federal and state student grants, work-study and federal loans. You may also want to use the Expected Family Contribution (EFC) Calculator to estimate how much your family is expected to contribute.
Should I work while I’m attending college?
Students who attempt to juggle full-time work and full-time studies may have difficulty completing their academic programs. However, students who choose to work a moderate amount often do better academically. You may find that working in campus jobs related to your career goals may be a good way to manage college costs, get experience and create new ties with the university.
Can I try to get my aid award revised?
Some colleges may be willing to review your financial aid package if your financial situation changes. Consider discussing these changes with the financial aid office if your family has experienced an unexpected decrease in income or increase in expenses since you applied for financial aid.
