Applying for Financial Aid
Money is available to help you go to college if you and your family cannot afford to pay the full amount. And you don’t have to be low-income to qualify for some programs.
Determining your eligibility for need-based aid
How to Apply
Frequently Asked Questions About Financial Aid
Fill out the FAFSA online
Sources of Aid
More than 95 percent of student financial aid comes from three sources:
the federal government, the state, and colleges and universities. The
rest comes from private sources, such as local organizations, foundations,
and corporations.
Types of Aid
Financial aid includes grants, loans, work study and scholarships. In
general, it is either need-based or merit-based. Need-based aid
is awarded to students who cannot pay for college without assistance and
includes grants, loans and work study. Merit-based aid, generally
in the form of scholarships, is awarded to students based on academic
or athletic achievement or other criteria. Most students receive a combination
of these types of financial aid in what’s called a financial aid
package.
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QUICK LOOK AT FINANCIAL AID |
NEED-BASED AID |
Grants |
Money awarded to you for college that
you do not have to repay. |
Loans |
Money borrowed for college that you
have to repay, with interest. |
Work Study |
Money you earn through part-time work
that you do not have to repay. |
MERIT-BASED AID |
Scholarships |
Money for college - generally based on a skill, talent, or special interest - that you do not
have to repay. |
Determining your eligibility for need-based aid
Your financial need is the difference between the amount it will cost
you to go to school (cost of attendance) and the amount of money that
you and your family are judged able to pay (expected family contribution).
Your expected family contribution will not vary much from school to school.
However, each school has a different cost of attendance. Therefore, your
financial need, or the amount of aid for which you qualify, may vary from
school to school.
Click here to see examples
To determine your expected family contribution and your financial need,
colleges and universities use the Free
Application for Federal Student Aid (FAFSA). The FAFSA considers your
family income and assets, family
size, and number of family members in college.
The calculation, which determines eligibility for aid, is complicated.
There is no income cutoff. The only way to learn if you are eligible
for any financial aid is to apply.
The application process is not difficult and help is available throughout
the process. If you have questions about the FAFSA, contact your school
financial aid office or call toll-free 1-800-433-3243 (1-800-4FEDAID).
How to Apply
- Complete the FAFSA.
To apply for federal financial aid and most state aid programs, you
must complete the Free Application for Federal Student Aid (FAFSA).
The FAFSA is available online at FAFSA on the Web - it also is available from high school guidance offices, college financial
aid offices, and public libraries - or call: 1.800.4FEDAID. Apply as soon as possible AFTER January 1, for
the next academic year. Do not wait until you are admitted.
- Review your Student Aid Report.
One to four weeks after you submit your FAFSA, you will receive a Student
Aid Report (SAR). Review it carefully for accuracy and make corrections,
if necessary.
- Contact prospective colleges and universities.
Contact the financial aid offices of prospective schools as soon as
possible about application procedures and deadlines. Ask about
financial aid opportunities, including tuition waivers and scholarships,
and about their student budgets.
- Follow instructions and meet all deadlines.
If your FAFSA or other financial aid applications are late or incomplete,
you may not be considered for all of the aid programs available. Check
financial aid priority deadlines at selected
colleges and universities in Washington. Follow up promptly on any requests
for additional information.
- Research scholarships.
Check to see if local organizations or your employer (or parent’s
employer) offer scholarships. Visit free scholarship search services
on the Internet. For more information, visit our Scholarships
section.
- Evaluate financial aid award letters.
Schools will send you award letters with details of your financial aid
package -- usually a combination of grants, loans and work study. Compare
the financial aid awards carefully. You may be required to either accept
or decline your award by a specific date.
- Keep good records.
Make photocopies of your applications and supporting information. To
track important information and dates, you may want to keep a financial
aid notebook or worksheet for quick reference.
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