Financial Aid Overview (2024)

FAQs

Should you answer yes to need based financial aid? ›

In some cases, by answering yes, a student who might have otherwise been eligible to receive need-based aid, such as a Pell Grant, will not be considered. Students who mistakenly answered yes to this question can make a correction later this month when the option to make FAFSA corrections becomes available.

Explain the difficulties you are having meeting your needs. Describe changes in your life that have affected your ability to pay for college. For example, changes in your family's income or unexpected expenses may have caused a financial deficit. Provide evidence that you can handle your finances responsibly.

Your letter should clearly state the facts of your family's financial situation and your financial need. It should explain why you need additional aid, even if the reason is something you find difficult or even embarrassing to talk about. Be candid and honest about your family finances.

If you're completing the FAFSA form on paper, the instructions will guide you towards which questions are required. If you're an independent student, you don't need to provide parental information and may skip the questions about parent household and finances.

Every college should have its own Net Price Calculator, found on its website (federal policy ensures they have one). Try inputting your family's financial numbers to see if you qualify for aid. If you do, confidently mark "Yes" on the Common App question.

I am in need of financial assistance in order to attend college because I am a low-income student. I am the 1st child to attend the college. Although my parents gave me many supports, I received a limited financial assistance due to low family income.

Financial distress is a condition in which a company or individual cannot generate sufficient revenues or income, making it unable to meet or pay its financial obligations.

Some documents that show evidence of financial need are bank statements, documentation from a sponsor, financial aid letters, or a letter from an employer showing annual salary.

Does fafsa ask how much money you have? ›

Add the account balances of your (and if married, your spouse's) cash, savings, and checking accounts as of the day you submit the FAFSA form. Enter the total of all accounts as the total current balance.

Key Takeaways. Students whose financial circ*mstances worsened should consider filing an appeal. An appeal can be filed for both need-based and merit-based aid. Some colleges may try to match aid packages offered by other schools.

Luckily, financial aid can help you cover some (or all) of the costs. And, if you negotiate your package with your school, you might qualify for even more financial aid. Negotiating financial aid packages is a common practice. It can put you in a strong position to pay for your education.

If you intend to file the FAFSA when submitting your college applications, check the box. Not checking the box, but then filing for aid, will only create confusion for the admissions office. They may reach out to you to clarify your intent, or they may simply consider you a full-pay family and not award aid.

The term “need-based” is a designation that is based on a student's financial need. For example, a need-based grant might be awarded based on a student's low income.

You must answer 'Yes' to the FAFSA / Dream Application question asking if you want to be considered for work-study.

Federal need-based aid, for instance, is determined by a family's demonstrated ability to pay for college as calculated by the FAFSA. Merit aid, on the other hand, can be awarded by an institution, college or private organization to a student for a specific talent or an athletic or academic ability.