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Who Receives Aid – Questions and Answers |
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I probably don't qualify for aid. Should I apply for aid anyway?
Yes. Many families mistakenly think they don't qualify for aid, and prevent themselves from receiving financial aid by failing to apply for it. In addition, there are a few sources of aid such as unsubsidized Stafford and PLUS loans that are available regardless of need. The first step in applying for financial aid is completing the FAFSA, which is free. You can obtain a paper copy at your local library or high school or you can complete the application online at www.fafsa.gov. There is no excuse for not applying.
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Many parents fear that financial aid is only for the poor and that the middle-class gets left out. Is that true?
Actually, there are many resources available to parents of middle-class students. With grants, scholarships, and low-interest loans, about 20 percent of families with income of $50,000 or more receive student aid each year. A total of $64 billion is available to students in grants, scholarships, and low-interest loans. Of the $64 billion in aid available to students, low-interest loans account for about 60 percent and grants 40 percent.
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Is all financial aid awarded on the basis of financial need?
Financial need is not the only criteria used to determine a student's eligibility for financial assistance. Financial aid is also awarded based upon other considerations, such as merit or the ability to borrow (credit worthiness). The most common example of non-need based aid is the scholarship. If the student has excelled in academics, or has talents in other areas, such as athletics, music, debate, etc., there may be some scholarship assistance available. Students should be encouraged to contact the school for additional information.
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Do I need to be admitted before I can apply for financial aid at a particular university?
You can apply for financial aid any time after January 1. To actually receive funds, however, you must be admitted and enrolled at the university.
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Do I have to reapply for financial aid every year and submit a FAFSA?
Yes. Most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, you may get more or less aid. After your first year you will receive a "Renewal Application" which contains preprinted information from the previous year's FAFSA. Your eligibility for financial aid may change significantly, especially if you have a different number of family members in college. Renewal of your financial aid package also depends on your making satisfactory academic progress toward a degree, such as earning a minimum number of credits and achieving a minimum GPA.
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Why does the FAFSA ask applicants to list the highest level of education that their parents completed? Why is that important? How does that affect one's application for aid?
Some colleges have scholarships specifically for first-generation college students. The question does not affect the expected family contribution calculation, or the federal student aid package.
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