Will all colleges give you the same financial aid package?

Some schools offer larger financial aid packages than others, just like some institutions charge higher tuition rates compared with other schools. For example, although some schools claim to meet full financial need for the cost of attendance with aid, those packages may include loans.

Is financial aid different for each college?

Your financial aid awards may vary from school to school based on a number of factors including: your Expected Family Contribution (EFC), the number of credits you will take each term, your cost of attendance (COA) at each school, your eligibility for state and institutional aid at each school, and your year in school.

Does everyone get the same amount of financial aid?

Your yearly aid is based on your submission of FAFSA and/or CSS data based on your, and your parents' income. This is also influenced by any siblings you may have that are attending college as well.

Will financial aid cover my entire tuition?

For most students, there will not be enough financial aid to cover the full cost of tuition, unless the parents borrow a Federal Parent PLUS loan. The financial aid will be based on financial need, which is usually less than the cost of attendance.

How do you compare different school aid offers?

Once you know each school's entire COA and the total amount of gift and self-help aid, you can compare the net price of each college. Simply subtract the total gift aid from each college's cost of attendance. Ignore what the award letter says you will pay and rely on your own calculations.

What If Your College Financial Aid isn’t Enough?

Can I negotiate my financial aid offer?

Most colleges will let you negotiate your financial package; they just don't openly admit it.

How can I get more financial aid than offered?

Request a Reevaluation of Your Circumstances

Through this process, you can petition for a reevaluation of the information on your FAFSA^® form. This process will likely require you to submit additional documentation to your school's financial aid office.

Can I ask for more financial aid after acceptance?

The school's financial aid administrator makes the final decision. That said, you may request another professional judgment review if and when your situation changes again. In fact, you can appeal your financial aid package at any point throughout your college career.

Why is my FAFSA so low?

Common reasons for a change in the EFC include changes in income, assets, the number of children in college and non-financial information. Changes in the financial aid formula can also cause changes in the EFC. Errors on the financial aid application forms can also affect the EFC.

Will I get financial aid if my parents make over $200 K?

But you might be surprised to learn that there are no FAFSA income limits to qualify for aid. For example, a family with a household income of hundreds of thousands of dollars could be helped by other factors in the FAFSA formula, including school costs and the number of siblings also attending school.

What disqualifies you from getting financial aid?

For example, if your citizenship status changed because your visa expired or it was revoked, then you would be ineligible. Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school.

Should I accept all of my financial aid?

No, you don't have to accept all of the financial aid offered to you. However, it is still very important to note that it is okay to accept all of it. If you believe the financial aid options are favorable to your circumstances, then it is totally fine to accept it.

How does school determine how much financial aid you get?

They subtract your SAI/EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get. To determine how much non-need-based aid you can get, the school takes your cost of attendance and subtracts any financial aid you've already been awarded.

How much financial aid should I accept?

To determine how much loan money to accept, make a list of your college and living expenses and the resources you'll have available to pay them; in other words, make a budget to help ensure you borrow only what you need.

Do you get the same amount of financial aid each semester?

If you qualify for a Federal Pell Grant Award, your total award for the year will be split between semesters during each school year. For example, if you're eligible for $3,000, you will receive $1,500 for fall semester and $1,500 for spring semester.

How many times can you get approved for financial aid?

You can receive the Pell Grant for no more than 12 terms or the equivalent (roughly six years). This is called the Federal Pell Grant Lifetime Eligibility Used (LEU). You'll receive a notice if you're getting close to your limit. If you have any questions, contact your school's financial aid office.

How do I ask for more scholarship money?

How long does it take to get financial aid after accepting?

It takes up to 3 business days from the date of your financial aid disbursement for the funds to show in your bank account.

Is FAFSA first come first serve?

Each October, the FAFSA is available for the next school year. It is best to fill it out as early as you can because some aid is first come, first served. When you complete the FAFSA, you'll need to provide personal and tax information.

Does FAFSA only cover 4 years?

Most types of FAFSA aid can be extended beyond 4 years if need be: The Pell Grant is available for up to 6 years (but is applicable only to a first bachelors) The federal student loan programs don't have time limits but do have aggregate amount limits.

Can you run out of Pell Grant money?

Does aid run out? Yes, in the sense that there are annual limits on how much you can borrow or qualify for in Pell Grant funding. Federal loan limits are based on your enrollment year, dependency status, and type of loan.

What happens if I don t use all my financial aid grant money?

If there is money left over, the school will send the remainder to you, and you can use it to cover your other expenses, such as your textbooks or transportation. Financial aid disbursement dates vary by school, but are generally between 10 days before the start of the semester and 30 days after classes begin.

What happens if FAFSA is less than tuition?

If you've received a financial aid offer from a college you're interested in attending but find it isn't enough, you may be eligible to submit a financial aid appeal. Your financial situation may have changed since submitting your financial aid applications due to a job loss or significant family expense.

What happens if you don't use financial aid?

What happens to the leftover financial aid money? Well, that depends on you and how you want to handle it. In general, you'll receive a refund. You can then decide whether to send the money back or keep it and use it for future educational expenses.