Financial Aid 101
Spend time understanding how financial aid for college works so that you can make an informed decision about which college you can afford.
TYPES OF FINANCIAL AID
There are different types of financial aid:
Scholarships & Grants: Financial aid that is awarded based on merit or financial need that does not have to be repaid (unless, for example, you withdraw from school).
Work-Study: A work program for students to earn money to help pay for school.
Loans: Borrowed money for college or career school that must be paid back with interest.
For more information, check out the Department of Education's Student Financial Aid website.
APPLYING FOR FINANCIAL AID
The FAFSA4caster is a free financial aid calculator that gives you an estimate of your eligibility for federal student aid.
Students, parents, and borrowers are required to create a Financial Student Aid ID (FSA ID).
Made up of a username and password
Used to confirm your identity and apply/electronically sign your FAFSA
It takes 1-3 days for the Social Security Administration to verify your information)
The Free Application for Federal Student Aid (FAFSA) must be completed by students in order for them to be considered for Federal and College Grants, Work-Study, and Loans.
Submit your FAFSA before the Priority Financial Aid deadlines set by the colleges to which you are applying. Financial Aid is given out on a first-come, first-served basis. Don't miss out on money for college because you miss deadlines!
FAFSA-Booklet_CO24.pdf