How Do I Apply for Financial Aid?

Paying for college can be one of the biggest concerns for students and families, but financial aid can make a huge difference. With a mix of grants, scholarships, loans, and work-study programs, many students are able to afford higher education. The key is understanding the process and starting early.

Start with the FAFSA. The Free Application for Federal Student Aid (FAFSA) is your gateway to most financial aid. It opens on October 1 each year, and you should complete it as soon as possible at studentaid.gov. You’ll need your Social Security Number (or Alien Registration Number), tax returns and W-2s, parent/guardian financial info (if you’re a dependent), and a list of the colleges you’re applying to. Your FAFSA will help schools determine your eligibility for grants, loans, and work-study opportunities.

Review your Student Aid Report. After submitting the FAFSA, you’ll get a Student Aid Report (SAR). This summary includes your Expected Family Contribution (EFC), which colleges use to build your financial aid package. Review it carefully and make sure everything is accurate.

Apply for as many scholarships and grants as you can. These are free sources of money that don’t have to be repaid. You can find them through federal and state programs, each college’s financial aid site, and trusted scholarship databases like Fastweb, Scholarships.com, and UNCF for minority students. Start your search early and don’t stop applying.

Know your loan options. If grants and scholarships don’t cover everything, student loans can help. Start with federal loans, they have lower interest rates and more flexible repayment plans. Subsidized loans don’t charge interest while you’re in school. Unsubsidized loans do, but you can defer payments until after graduation. Only turn to private loans if you’ve exhausted all federal options, as they typically come with higher interest and fewer protections.

Don’t overlook work-study. Many colleges offer part-time jobs through the Federal Work-Study Program to help students with financial need. If you’re eligible, this can be a great way to earn money without taking on more debt.

Applying for financial aid takes planning, but it’s worth it. The earlier you start, the more opportunities you’ll have to make college affordable.