How Does Financial Aid Work?
Watch this 3-minute video about financial aid, scholarships, and the costs of college.
Billions of dollars in financial aid are awarded to students each year. Some of this financial aid is awarded based on family financial circumstances. This type of financial aid is sometimes called “need based.” To apply for need-based financial aid, most students will need to submit the Free Application for Federal Student Aid, also known as the FAFSA®. You may also need to complete the CSS Profile—check the list of schools that use CSS Profile.
These applications are used to determine your eligibility for different types of financial aid that can help lower the cost of attending college. You can also receive financial aid from other sources, including local and national scholarship organizations and merit-based scholarships, which are awarded based on your achievements, talents, and other characteristics. Scholarships and grants are free money that don’t have to be repaid. Loans are money you or your parent(s) may borrow and must be repaid, usually after you graduate or stop attending school. If you need assistance paying for college, consider applying for financial aid to learn more about your options.
How do I apply for financial aid?
You apply for financial aid by completing the financial aid applications required by the colleges you’re interested in. The FAFSA and CSS Profile are web-based applications that require you to provide demographic, financial, and other information about you and your family. Learn how to complete the FAFSA and how to complete the CSS Profile.
There may be additional financial aid forms for you to fill out. Depending on your state, you may have to fill out a separate application to apply for state-based financial aid. Colleges may also have additional forms for you to fill out to access institutional financial aid. The best way to determine what you must submit is to check each college's financial aid application requirements. Completing all the required forms will help ensure you get the financial aid you deserve.
When do I apply for financial aid?
If you’re a senior in high school, fill out your required financial aid applications in the fall and winter of your senior year. If you’re already in college, you may have later financial aid deadlines. Check your college’s financial aid website for application deadlines. Remember: You may need to apply for financial aid every year you plan to attend college.
What happens after I apply for financial aid?
Once you’ve submitted the FAFSA (and CSS Profile if required) and completed any additional requirements, you’ll receive a financial aid offer from each college that has sent you an offer of admission. The financial aid offer will show how much financial aid you’re eligible to receive. Costs between colleges may vary, and financial aid awards may vary. Be sure to review each offer carefully to fully understand the types of financial aid, any conditions of receiving your awards, and if the total amount of your aid will cover your college expenses.