32 Tips for Getting the Most out of Financial Aid

Preparing for College

1. As part of your college preparations, take the time to become knowledgeable about the various financial aid options that may be available to you. Consider how such options could work for you.

2. Know your financial aid vocabulary. If you don’t know a grant from a scholarship from a loan, then now is the time to find out.

3. Start planning for the financial aspects of college with your family at least one year ahead of time. The Free Application for Federal Student Aid (FAFSA) does not take everything into account when determining your financial aid package, so you will need to plan for such discrepancies accordingly. For example, outstanding debt is not part of the consideration.

4. Make sure that your family’s finances are as simple as possible before the financial aid process begins. Close unused or unnecessary accounts.

5. If a family member or friend would like to contribute to your college education, ask that they put the funds in their own name or in a parent’s bank account instead of under your name. Funds that are listed under the student’s name on the FAFSA are assessed at a much higher rate than are funds listed under a parent. Funds held by a non-family member, of course, are not assessed at all.

6. If a family member or friend would like to contribute to your college education, you might consider asking them to purchase supplies or books. Such purchases are outside the realm of the FAFSA, which would eliminate the confusion of the previous tip.

7. Think twice before deciding to partake of an early decision program. While it is not the case with all schools, some schools will not allow you to seek out your financial alternatives elsewhere if you apply for early decision.

8. Keep your grades up. Many scholarships and grants are given based on merit.

9. Stick with your extracurriculars. Some scholarships and grants are based on such accomplishments.

10. Do not shy away from applying to less prestigious schools. Generally, the more prestigious the school, the less financial assistance will be offered.

11. When you go on campus visits, make the financial aid office a definite stop. Speaking with a real life person about your financial concerns and opportunities is invaluable. That’s what they’re there for!

12. Before you submit the FAFSA, try to estimate about how much your Expected Family Contribution (EFC) might be. This will provide you with more knowledge to seek out potential loans and gift aid early.


Applying for Aid

13. Keep a close watch on financial aid deadlines. In order to get the best possible aid award, you need to follow standard procedure. Deadlines have a sneaky way of coming up more quickly than we expect.

14. Apply for aid! This should be obvious, but every year there is available financial aid left unused because students simply do not apply for it.

15. When applying for financial aid, the Free Application for Federal Student Aid (FAFSA) should be your place of departure. This single form is your application to every form of federal financial aid for which you are eligible. In addition, federal loans have many benefits attached that are not found with most privately-funded loans.

16. Submit the FAFSA as soon you can after the January 1 target date. In part, aid is granted on a first-come, first-serve basis.

17. Make sure that your FAFSA is complete when you submit it. Do not leave anything blank.

18. If your family has unusual circumstances that are not accounted for on the FAFSA, then contact your financial aid office to see if your aid package can be adjusted appropriately. This might include large out-of-pocket expenses.

19. If you are asked to provide additional information when you receive your Student Aid Report (SAR), then provide it. It will be crucial for you to be able to get an accurate financial aid package.

20. Find out if your school has its own financial aid form that you need to complete. Many schools have forms that must be completed in addition to the FAFSA.

21. Inquire with your school about in-house financial aid possibilities. There may very well be scholarships and grants available for which you are eligible. Many such forms of gift aid go unawarded because students do not know to apply for it.

22. Be creative when looking for scholarships to help fund your education. The most popular scholarships and grants are going to be extremely competitive, so seek out less-known gift aid. Gift aid is granted for a huge variety of reasons and might be based on merit, financial need, subject of interest, demographics, extracurricular activities, or anything else of which you can think.

23. Consider federal work-study. It can be a great supplement for your other financial aid.


24. Refrain from using services that charge you money to search for scholarships on your behalf. Most companies use the exact same search options that are available to you anyway. In essence, it makes little sense to pay for something that is free – i.e., a scholarship or grant.

25. Seek out private forms of aid including grants and scholarships. Every year there is available financial assistance from private sources that is left unused because students simply do not apply for it.

26. Search for awards that are granted right in your community. Speak with your guidance counselor about locally-based scholarships and grants, as they probably are easier to acquire than are national awards.

27. Apply for everything for which you are eligible, and for which you have a reasonable chance of approval. You certainly will not secure aid for which you do not apply.

28. Before deciding on a particular student loan, research your potential lenders. Do not automatically just choose the most popular company, but rather really compare the benefits of the individual loans to see which is the best fit for you.

29. Do not limit your financial aid search to the most common types of aid. Look for rarer options, such as fellowships, too.

30. If your finances have changed since you received your aid award, then consult with your financial aid office. It is their job to make sure that your aid package is an accurate fit with your situation.

As a Student

31. Once you begin your education, keep a careful watch on how your changing finances could affect your financial aid. It actually is possible that your own personal earnings might become too high to retain your aid as it is currently. Speak with your financial aid office about any concerns of this nature that you may have.

32. Keep your personal information updated with your school. When it comes to financial aid, having an accurate address on file is especially important.