Here at Nitro we strive to provide you with accurate, up-to-date information, but suggest checking the source directly. We recommend consulting a licensed financial professional before making any financial decisions.
This site may be compensated through our partner relationships. Department of Education. Financial Aid. Other Resources. Other Calculators. Online Degrees. Online Colleges. Paying For Online Education. Carol Katarsky Updated on August 27, FAFSA determines your eligibility for: Federal need-based grants, including the Pell Grant and Federal Supplemental Educational Opportunity Grants FSEOG Subsidized federal student loans, which are based on need Unsubsidized federal student loans, which most students qualify for regardless of need Federal work-study Some state-based financial aid, including grants, scholarships, and loans School-based financial aid, including need-based grants and scholarships School-based merit aid, since many schools require you file a FAFSA to consider you While the FAFSA can feel like a chore to fill out, the upside is that it provides one-stop shopping for multiple sources of college money.
That includes students who plan to enroll or are enrolled in: Two- or four-year colleges Graduate schools Professional schools Any program that rewards a degree, certificate, or credit Post-secondary vocational and technical schools You should complete and submit a FAFSA for each school year. It has some of your information prefilled, so it's a little easier — and faster — to complete. You're eligible to complete the FAFSA if you have a high school diploma or a General Equivalency Diploma GED , or you've completed high school in a home school setting approved under state law, and meet any of the following requirements : U.
In addition, males between age 18 and 25 must be registered with the Selective Service. Most schools send financial aid award letters to students along with college acceptance letters or shortly after, so you may have a few months of lag time between your submission and receipt of your aid letter. Once you receive the aid letter, you will need to accept or deny the offered aid before the financial aid deadlines. Good luck!
Merit and financial aid estimates based on your student profile. Earnings estimates and financial scores for your college and major.
Recommendations to save thousands on college. A covered educational institution's name or logo on the Edmit platform is not an endorsement by the covered educational institution of SoFi's student loan products.
Edmit may receive compensation from SoFi on a per-funded loan basis. SoFi does not guarantee the accuracy of information provided by Edmit, its affiliates or subsidiaries. Enrollment in Edmit does not guarantee eligibility for a SoFi loan product. Terms and conditions apply, and are subject to change. Why Edmit? How It Works. About Us. The team behind making paying for college achievable for everyone. Our Data. Learning Center Guides. Before High School. Make your plan on how best to save.
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Saving for College. Cost of College. Student Loans. Book: Better Off After College. Sign In Get Started. Back to app. Partner With Us. For Educators. For Financial Institutions. Try Edmit Free Log In. Key Takeaways:. Plus, she mentioned, if you are earning an income while in school , you would be better served by putting that money toward paying for your next semester upfront and skipping the loans altogether rather than paying down a growing debt.
The fewer loans you take out, the less interest you pay. The less interest you pay, the cheaper college will be.
First, PLUS loans require a credit check. This means if you fail to pay it back, the loan burden will default to your parents. Second, at 5. Her family was one of the many who decided the potential dangers of applying for this type of loan outweighed the benefits of college. While the loan portion of financial aid is what most students qualify for, there is a happier side to the process.
A grant is a free gift of money that the recipient is not required to pay back except under certain conditions like if you disenroll early or make a similar change that alters your eligibility. If you qualify for a grant, we recommend you take it before considering any of the student debt options we mentioned above. Each year, this money is distributed among applicants based on their need. The U. Rebecca wanted to go into detail about state grants as well—and what kind of money you may or may not qualify for according to your state.
You can also contact your state grant agency to ask about possible grants. Of course, you can also contact the school directly to ask about possible scholarships or grants you may qualify for.
You might be able to find out about scholarships offered for specific majors. My conversation with Rebecca was more helpful than I could have hoped for, but it left me perturbed. When grant money is so difficult to come by and loans are so easy, it can be tempting to assume student loans are the best way to pay for college.
We help students avoid the need for student loans altogether by lowering their college costs through the use of affordable online courses. Learn more about how Accelerated Pathways can help you save money on your education and graduate debt free. Special thanks to Rebecca Decker, one of our amazing admissions counselors, for taking the time to chat with me about this topic.
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