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- You can see the amount of aid you may receive using the Federal Student Aid Estimator.
- You could get grants, scholarships, work-study, and loans as a part of your aid package.
- Your aid package will include federal and college assistance, and will be presented by your school.
It's not one-size-fits-all: What determines your award
Cost of attendance (COA)
COA is the total cost of going to a specific school, including tuition, fees, room, board, etc. You need to file the FAFSA to figure out your eligibility for federal and college aid. The form takes about 30 minutes to complete and will require various financial documents, such as bank statements and tax returns.
The amount of money you can get depends on your financial need, which is determined by your college's cost of attendance minus your Expected Family Contribution (EFC).
Expected family contribution (EFC)
The EFC is calculated based on your FAFSA. Your EFCis how much your family is expected to put toward your education in a given year, and you'll get that number after you fill out the FAFSA.
The EFC is calculated according to a formula established by the Federal Student Aid office and will take into account your family's assets and income.If your need is great enough, you could theoretically get a federal aid package that covers the entire cost of your college, though that isn't likely.
Demonstrated financial need
Demonstrated financial need is the difference between COA and EFC, and is a key factor in need-based aid. The more financial need you have, the higher likelihood you have to qualify for more financial aid. Additionally, the earlier you file your FAFSA, the more likely it is you will be eligible for first-come, first-served aid like grants and scholarships. These forms of aid do not need to be paid back.
Types of financial aid you might qualify for
Your financial aid package will be broken up into several parts: grants, scholarships, work-study, and loans.
Grants
Often given based on exceptional financial need or if you belong to a designated group. Pell Grants, which are offered to students with significant financial need, have a maximum award of $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025). Learn more about types of federal grants.
Scholarships
Scholarships are often merit-based or centered around specific criteria. They also don't need to be repaid. Scholarships are not usually given based on your EFC, but rather on factors such as academic merit, athletic achievement, or volunteer experience. You might even net a full ride, where your entire cost of school is covered.
Work-study
Work-study is a type of financial aid that provides part-time positions for students with financial need to earn money for academic expenses. Work-study is a campus employment opportunity, not a loan.
Federal student loans
Borrowed money with interest, but often lower rates than private loans. Direct subsidized loans are made to students with financial need, and the government will cover the interest on the loans while you're in school and during a six-month grace period after you graduate. Direct unsubsidized loans aren't made based on financial need, and interest will accrue once loan funds are dispersed
How to estimate your financial aid eligibility
To start, use the FAFSA4caster: This tool on the Federal Student Aid website provides a personalized estimate of your EFC and potential aid. You can also turn to net price calculators, which many schools offer — also available online.
If that's not clear enough, your next step should be to contact the financial aid office. They can offer personalized guidance and help you understand your options.
FAQs
Can I get financial aid even if my family makes a decent income?
You can still potentially receive financial aid even if your family's income is fairly stable. While need-based aid might be limited, you could qualify for merit-based scholarships or unsubsidized loans.
Do I have to accept all the financial aid I'm offered?
You don't have to accept all the financial aid you're offered. You can decline loans or take a smaller loan amount if needed.
How can I increase my chances of getting more financial aid?
To increase your chances of receiving more financial aid, apply to schools with generous aid policies, complete the FAFSA early, and search for external scholarships.
Financial aid amount through FAFSA: Conclusion
The amount of financial aid you receive can vary greatly depending on many factors. The best way to find out how much you qualify for is to fill out the FAFSA and explore all your aid options!
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
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