FINANCIAL AID

THINGS YOU SHOULD KNOW

When should the Class of 2025 Apply?

FASFA will be open on Oct. 1 for the 2024-2025 Award Year

When should the Class of 2026 Apply?

FASFA will be open on Oct. 1 for the 2025-2026 Award Year

Delayed Financial Aid

A later FAFSA means schools will need more time to evaluate aid offerings. Be patient, at the earliest you should expect aid offers around end of Feb. or the start of March

Less Questions

The new form has significantly less questions (36) compared to the older version (108) Many are now answered directly from your linked federal tax return.

More Total Aid

$ 1.5 million more students will qualify for the max Pell Grant ($7,395/year) That makes for a total of 5.2 million students eligible

What is a Pell Grant?

Federal Pell Grants usually are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree.

A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circumstances.

It's important to understand the cost of attendance at your school of choice so that you can understand how much aid you might need. The cost of attendance of a school program is the annual cost advertised by the school, before financial aid is applied. Tuition and fees, room and board (housing and meals), and other additional education-related expenses (both direct and indirect) are included and may vary based on personal choices. Once you know the cost of attendance, you can better plan how to cover your educational expenses.

How much money can I get?

Amounts can change yearly. The maximum Federal Pell Grant award is $7,395 for the 2023–24 award year (July 1, 2023, to June 30, 2024).

The amount you get, though, will depend on

your Expected Family Contribution,
the cost of attendance (determined by your school for your specific program),
your status as a full-time or part-time student, and
your plans to attend school for a full academic year or less.

Scholarships

Many nonprofit and private organizations offer scholarships to help students pay for college or career school. This type of free money, which is sometimes based on academic merit, talent, or a particular area of study, can make a real difference in helping you manage your education expenses. Go and speak to your school counselor to learn about scholarships in your area.

Work-Study Jobs

The Federal Work-Study Program allows you to earn money to pay for school by working part-time. You’ll earn at least the current federal minimum wage. However, you may earn more depending on the type of work you do and the skills required for the position. Your total work-study award depends on

when you apply,

your level of financial need, and

your school’s funding level.

Please speak to your school about work-study programs offered at their school

Aid From Your College or Career School

Many schools offer financial aid from their own grant and/or scholarship funds. Find out what might be available to you:

Visit your school’s financial aid page on its website, or contact the financial aid office.
Ask at the department that offers your course of study; they might have a scholarship for students in your major.
Fill out any applications your school requires for its own aid programs, and meet your school’s deadlines.

Loans

A loan is money you borrow and must pay back with interest. If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. When you receive a student loan, you are borrowing money to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand your repayment options so you can successfully repay your loan.

Are there different types of loans?

Yes. Direct Subsidized Loans and Direct Unsubsidized Loans are federal student loans offered by the U.S. Department of Education (ED) to help eligible students cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.

Direct Subsidized Loans

Who can get Direct Subsidized Loans?

Direct Subsidized Loans are available to undergraduate students with financial need.

How much can you borrow?

Your school determines the amount you can borrow, and the amount may not exceed your financial need.

Who will pay the interest?

The U.S. Department of Education pays the interest on a Direct Subsidized Loan

while you’re in school at least half-time,
for the first six months after you leave school (referred to as a grace period*), and
during a period of deferment (a postponement of loan payments).

Direct Unsubsidized Loans