Financial Aid

Hey high schoolers! Getting ready to dive into the world of college financial aid? Building your list of potential colleges isn’t just about numbers – it’s about knowing the lingo, too. From different types of loans to understanding need-based and merit-based aid, the college financial aid system has its own language.
To make things easier, here’s some handy information to help you decode the terms related to financial aid policies and need-based aid.

The Federal Pell Grant is a significant financial aid program aimed at helping students afford the rising costs of higher education in the United States. Administered by the US Department of Education, the Pell Grant does not require repayment, making it an invaluable resource for students from low- and middle-income families. Here’s a detailed look at who is eligible for the Pell Grant, how much can be awarded, and how these funds can be utilized.

Thanks to a few new changes made to the Free Application for Federal Student Aid (FAFSA), it’s easier than ever to apply to free federal financial aid. One of the biggest updates involves the formula used to calculate students’ financial need, the Student Aid Index (SAI). But, what’s the difference between the FAFSA SAI vs EFC? And how will the change affect you? Here’s what you need to know.

Students with parents who do not have a SSN (Social Security Number) are in a state of limbo with the 2024-2025 Free Application for Federal Student Aid. Impacted students are wondering how colleges will provide them with financial aid packages, and how they will access key financial aid, like the Federal Pell Grant, work study, scholarships, and federal student loans. We’ll go through it all here.

Appealing your college’s financial aid offer is a smart move. However, it’s essential to approach appeals thoughtfully to avoid overwhelming college financial aid offices. All students should consider submitting a single, well-documented, and well-reasoned appeal. Here’s how.

The FAFSA® Simplification Act passed by congress required the US Department of Education to overhaul the FAFSA® form on or before December 31, 2023. This pushed back the 2024-2025 FAFSA® opening date to December 31, 2023. When the new FAFSA® finally “soft launched” on Dec. 31, families reported many issues, glitches, and confusing errors. We’ll outline the changes and what that might mean for you.

The average borrower takes around 20 years to pay off student loan debt. So when you commit to a private lender, you’re entering a relationship that can span decades. Consider these seven factors to help you find the best private student loan to fit your needs.

Each year, billions of dollars in federal financial aid are left unclaimed by American families who don’t fill out the Free Application for Federal Student Aid (FAFSA®). Don’t miss out on valuable financial aid dollars just because you’re not sure where to start. Regardless of your income level, completing the FAFSA® is one of the best things you can do to help your child with the college application process. Here’s how to do it as a parent.

To avoid too much student loan debt, it’s important to shop around for loans with lower interest rates. Federal student loans offer fixed interest rates, which are the same for every borrower for the life of the loan. Private student loan interest rates, on the other hand, are based on the borrower’s credit score. Whether you’re a cosigner, a parent, or a student looking for a private student loan, these 13 tips will help.

For many college students, there’s a gap between how much a degree costs and what they can afford. Once you’ve maxed out your other financial aid, you may need to explore different types of student loans. The lingo around loan applications, interest rates, credit scores, and repayment plans can be confusing –– but applying for a student loan is easier than you think.

Financial planning and literacy are important skills for any adult to have in their toolkit – yet they’re ones that aren’t always taught in American schools. Personal finance can be complicated. Before your child goes away to school, here are some ways to equip them for financial success.

The more tuition costs rise, the more necessary it becomes to start saving for college as early as possible. Opening a 529 college savings plan can be a great way to afford a degree while minimizing student loan debt. If you want to help your child pursue a college degree and avoid student loans, explore the pros and cons of opening a 529 college savings plan.

Paying for college is a complex puzzle for most families. Regardless of your personal finances, a creative approach can help lower costly tuition bills. Chances are you’ve considered federal student aid and private loans – but did you know you could tap into your home equity via a HELOC to fund your child’s education? When it comes to HELOCs vs student loans, there are some distinct differences and disadvantages. Let’s explore.

If you’ve been granted a federal work-study award, your part-time employment could earn you more than just a few extra dollars. For some college students, a part-time job can actually improve focus, lead to higher grades, and teach valuable life skills that can’t be learned in a classroom. These opportunities are vast — but they can be competitive. Don’t sleep on your federal work-study award. Check out these popular work-study jobs and start the application process today.

Due to the rising costs of higher education, more and more Americans are turning to student loans. But for most families, it’s personal. You want your child to pursue their education. So how do you help? While most student loans are taken out by the student, parents can borrow on their child’s behalf. If you’d like to alleviate your child’s loan debt by taking on some yourself, you’re in the right place. Let’s explore the pros and cons of the U.S. Department of Education’s parent PLUS Loan.

If your child hopes to pursue higher education, it’s time to have a serious conversation about financial planning. Even if they’re not a junior or senior in high school, today is a great day to start thinking about the future. While loans can be a helpful way to pay your child’s college tuition today, they can take decades to pay off. And student loan forgiveness is still in its infancy. The best way to set you and your child up for future financial success? Help them graduate from college debt-free.

Now that you’ve completed your FAFSA® and received your financial aid offer, you might feel a little disappointed. Maybe the school you had your heart set on has only offered you a little bit of aid. Or maybe there’s a small but significant gap between your cost of attendance and what you’ve budgeted to pay for your degree. The good news is that your initial financial aid offer isn’t necessarily final. You can ask your school to recalculate your need with a financial aid appeal.

Even if you’re proud of your child for getting into college, you might not be thrilled about the idea of paying for it. Understandably, some parents feel guilty about not wanting to foot the bill for their kid’s bachelor’s degree. And while many parents help their child pay for school at least partially, not all do. To help you understand what percentage of parents pay for college and why, we put together this guide. Read on for stats and tips to help you make your decision.