The federal government offers financial help to undergraduate, graduate, and professional students who are attending a university or college. To determine if you qualify for federal aid, you must first complete the Free Application for Federal Student Aid (FAFSA). The information provided when filling out the FAFSA will determine the Student Aid Index (SAI). Your SAI is a calculated figure used to determine how much financial aid you could be eligible to receive. The higher the SAI the less financial aid you would need. The lower the SAI the more financial aid you could be eligible to receive. 

You should fill out the FAFSA even if you think your family makes too much money to qualify for financial aid because your state also uses the information from the FAFSA to determine eligibility for state-funded grants and scholarships. Also, most schools require the completed FAFSA to be on file to consider students for their institutional scholarships

Where to Start

Begin by going to the Federal Student Aid (FSA) website where you will be prompted to create a new FSA ID. This ID will be used as your login and your legal signature on the FAFSA application.

Federal Student Aid

Now that you have your FSA ID, you can start on the FAFSA application. The FAFSA application is new every year so be sure to complete the one for the year the student will be enrolled.

The website for the FAFSA application includes sections on student demographics, school selection, dependency status, parent demographics, financial information, and signing and submitting the application. You must list the name of at least one school to which you would like the FAFSA information to be sent. The school will use that information to determine what type and amount of financial aid you may receive. If you need to exit before finishing the application, there are instructions to create a "save key" which serves as a password to use to return to it later. Your progress will be saved for up to 45 days. You will receive a confirmation when the application is completed and submitted. You will need to renew your FAFSA each year.

There are important dates to remember for the FAFSA. October 1st is typically the date the FAFSA opens for the next academic year. The deadline for FAFSA submission is June 30th, and any corrections must be made by September 11th. These dates may change so be sure to confirm them each year. 

You should complete and submit your application as soon as possible after October 1st because some state financial aid program deadlines are much earlier than the FAFSA deadline. Also, because the school you listed will be using this information to determine your financial aid potential, you need to file the FAFSA before the school’s application deadline. 

FAFSA Application 

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Need-Based Financial Aid

The financial aid office at the school you have chosen to attend will determine the amount of need-based financial aid you are eligible to receive. This amount is determined by taking the cost of attendance and subtracting the Student Aid Index. The remaining amount is your need-based financial aid. 

For instance, if the cost of attendance is $20,000 and your SAI is $15,000, your financial need is $5,000. In this case, you are not eligible for more than $5,000 in need-based financial aid.

Some need-based federal aid programs include Pell Grants, Federal Supplemental Educational Opportunity Grants, and federal work-study. For more information visit https://studentaid.gov/understand-aid/types. This need can also be offset by offers from the school through scholarships for low-income students, work-study, and grants. 

Non-Need-Based Financial Aid

Non-need-based aid is not based on your SAI and is available to all students. It is based on the difference between the cost of attendance and the amount of need-based financial aid you have received. For instance, if the cost of attendance is $20,000 and the amount of need-based aid as calculated in the example above is $5,000, the non-need-based aid amount you can possibly receive is up to $15,000. One option for non-need-based aid is offered through loans from the Federal Student Aid office of the US Department of Education.

Scholarships may be available from the school and outside organizations as well. This type of aid may be based on such things as merit, high school performance, or community service. There may be scholarships awarded for activities outside of your major. For example, even if you aren’t majoring in music, many schools offer scholarships to students who play in the band. Ask the financial aid office or your recruiter for all opportunities for financial aid.

Create an account at Accoladi.com and access our directory of over 16,000 non-institutional scholarships available from community foundations, employers, and organizations across the country. 

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