Student financial aid in the United States
Student financial aid in the United States is funding that is available exclusively to students attending a post-secondary educational institution in the United States. This funding is to assist in covering the many costs associated with the pursuit of post-secondary education. Financial aid is available from federal, state, educational institutions, and private agencies (foundations) and can be awarded through grants, education loans, work-study, and scholarships. Please note that in order to apply for any federal financial aid, students must first complete the Free Application for Federal Student Aid (FAFSA).
Application Process for Need-Based Aid
To qualify for need-based aid a student must have demonstrate a financial need, which is determined by the federal government based on the FAFSA. Using the information submitted on the FAFSA, the U.S. Department of Education calculates a figure called the Expected Family Contribution (EFC). If the EFC is less than the cost of attending a college, the student has financial need (as the term is used in the U.S. financial aid system).
Some well-to-do colleges have need-based aid of their own to distribute, in addition to federal and state aid (if any). These colleges require, in addition to the FAFSA, the CSS Profile financial form, which goes into greater detail of the family's finances.
The greatest concern for all student-athletes and their families is the total cost of attendance tuition, room and board, books, transportation and miscellaneous. There are many sources of financial aid available. The first step you should take to contacting your school counselor or college advisor in the spring of your junior year. He/She will help you begin your financial aid search.
There are three types of financial aid:
- Offered by the Federal Government
- Offered by the State Government
- Offered by the University or College
To receive federal assistance, you must fill out the Free Application for Federal Student Aid (FAFSA).
Your school or college counselor can help you apply. Be sure to add the code number for the university/college you wish to attend. You should apply immediately after October 1st of your senior year.
To receive state assistance, you must fill out a state application which your school or college counselor they can help you apply. Each state will have their own deadlines. Apply as early as possible.
To receive institutional assistance, you must contact the financial aid office of the university/college you wish to attend and request any applications you need to fill out. Each college will have their own deadlines. Apply as early as possible.
Keep in mind that all applications are processed in the order that they are received. Therefore, completing your applications as soon as possible is highly advised.
Federal Aid Programs
Here are several examples of Federal Aid Programs:
There are other possibilities out there. You must put in the time and leg work to find them though. There are many great websites that can give you advice, tips, and strategies on finding and maximizing your student-athlete's financial aid package.
Once you know how much financial aid you will receive, you can add that to any athletic scholarships (if there is one), and you will have your total financial aid package. Take the total cost of attendance tuition, room and board, books, transportation, and miscellaneous minus your financial aid award to get the net price a true cost to you of the university/college.
The absolute best advice for the whole process is to Start Early!
