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The federal government offers student aid via loans, work-study programs, and grants. While each has its benefits, you’ll need to apply for such student aid before using them to pay for your studies. Here’s how to do just that:
1. Prepare yourself.
You’ll need several bits of information to apply for student aid from the government. As such, you’ll probably want to have several documents handy when completing the process, such as:
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Some programs may direct deposit a short-term loan into your bank account.
Review the terms of this funding closely before accepting these funds.
- Driver’s license or ID
- Social Security number
- If you’re not a citizen, your Alien Registration number
- IRS tax forms like the W-2
- Statements showing savings and checking account balances
Since a lot of federal student aid is based on financial need, you’ll have to provide proof that you require such help to pay for your education.
2. Fill out the FAFSA form.
The Free Application for Federal Student Aid is what stands between you and federal funding for school. Whether you’re looking to go to college for the first time or want to complete graduate school, this form must be completed if you hope to get aid from the government.
Pay close attention to the submission deadlines. Complete the form as soon as possible so you can maximize your aid. Once it’s finished, keep your eye on the mailbox for letters from colleges showing how much assistance you qualify for. Without the FAFSA, it will be impossible to determine your financial need, so make it a point to get started on the application process today.
3. Look over your Student Aid Report.
After you complete the FAFSA, you will receive a Student Aid Report (SAR). It’s a summary of the information you provided on the FAFSA, so you’ll want to check it over to ensure everything is correct. Look for the SAR either in paper or electronic form. If you see any mistakes, use the SAR to make corrections.
4. Accept financial aid offers.
Here’s where the process gets exciting, as you’ll begin receiving financial aid offers from schools. As mentioned, each form of federal student aid has its benefits. For this reason, you should prioritize the different types of support and accept them in the following order:
- Grants – Free money you do not have to pay back.
- Work-study programs – Money that you earn by investing your time as an employee while getting your degree.
- Student loans – Borrowed money that you’ll have to pay back.
Nothing beats free money, so prioritize grants over all other options. If you’re lucky, you’ll qualify for enough free money that you won’t have to take out any student loans at all.
5. Receive the financial aid.
Grants, work-study jobs, and student loans have their own disbursement schedules. If you’re unsure about a particular type of aid’s status, contact your school’s financial aid office.
6. Fill out your FAFSA form every year.
To continue receiving student financial aid from the government, you’ll need to renew your FAFSA form annually.
