Navigating Financial Aid: Types, Applications, and Deadlines

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What Is Financial Aid?

Financial aid is a type of funding that helps college students and their parents afford the cost of higher education. It can come from various sources, including the federal government, schools, state agencies, employers, and other organizations. Some types of financial aid need to be repaid, such as loans, while others, like grants, do not.

Need-Based Financial Aid vs. Merit-Based Financial Aid

There are two main types of financial aid:

• Need-based financial aid: This is determined by your financial need. Federal student aid and some school-offered aid fall into this category.
• Merit-based financial aid: This is based on factors other than financial need, such as academic performance, athletic or artistic talents, or demographics.

What Are the Different Types of Financial Aid?

There are six main types of financial aid:

Scholarships

Scholarships are a form of gift aid that typically do not need to be repaid. They can be offered by colleges, universities, and private organizations. Scholarships can be based on need or merit.

Grants

Grants are another type of gift aid that usually do not need to be repaid. They are often based on financial need and can be offered by the federal government or other organizations.

Work-Study Programs

The federal work-study program allows students with financial need to earn financial aid through part-time work. Jobs are typically on campus, but some off-campus positions are available.

Federal Student Loans

Federal student loans must be repaid with interest. They offer various benefits, including no minimum credit score requirement and access to loan forgiveness programs.

Fellowships and Assistantships

These are typically available to graduate students and do not need to be repaid. They often come with a work requirement, such as research or teaching.

Employer Tuition Assistance

Some employers offer tuition assistance as a benefit. This can cover eligible educational expenses and may have specific eligibility criteria.

Financial Aid Deadlines to Know

Financial aid is offered on a first-come, first-served basis. Key dates for the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CSS) Profile for the 2025-26 academic year are:

• FAFSA: Opens October 1, 2024, and closes June 30, 2025.
• CSS Profile: Opens October 1, 2024, with deadlines ranging from January 1, 2025, to March 31, 2025.

How to Apply for Financial Aid

To apply for financial aid, you can use the FAFSA and CSS Profile. Here’s how:

Applying With the FAFSA

1. Create a StudentAid.gov account.
2. Gather your financial documents.
3. Fill out the FAFSA form online or by hand.
4. Submit the form.

Applying With the CSS Profile

1. Create a College Board account.
2. Gather your financial documents.
3. Fill out the CSS Profile application online.
4. Submit the application.

How to Appeal a Financial Aid Award Letter

If you believe you should receive more aid than what your award letter shows, you can appeal the decision by writing a letter. Here are the steps:

1. Gather your documentation.
2. Write a letter to the financial aid office.
3. Wait for a response.

Do You Need to Pay Back Financial Aid?

Some types of financial aid, like student loans, need to be repaid. Others, like scholarships and grants, typically do not. Always read the fine print to understand the terms of your financial aid.

The Bottom Line

Financial aid can significantly reduce the cost of college. To maximize your eligibility, research your options and submit your applications early. For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to help you navigate your financial journey.

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