101 Tips to Get Financial Aid for College

It seems that everyone needs money for college these days, but there isn’t enough government and private scholarship money to pay for each and every student to receive a college education. If you know you are going to need financial aid for college, you need to ensure that you are in the best position to receive as much money as possible.

You can get college financial aid from both government (federal and state) and private sources (colleges, private scholarship funds, etc.). We’ve detailed the steps you’ll need to take to obtain college financial aid in our article below, plus some tips to help you increase your college financial aid opportunities wherever possible.

When you’ve exhausted your college financial aid efforts, check out our article 101 Ways to Pay for College for additional ideas.

101 Tips to Get Financial Aid for College

Preparing Your College Resume

1. The best way to prepare for private college financial aid, like scholarships from schools, organizations and donors, is to begin thinking about your resume in your first year in high school.
2. Your GPA is perhaps the strongest part of your high school resume, so make obtaining good grades your first priority.
3. You’ll want to show colleges and scholarship committees that you are a well-rounded and active person. Get involved in your school and community by participating in clubs, leadership organizations, sports or volunteer groups. Some groups even offer their own scholarships to participating members.
4. Competitive scholarships and colleges also look at college test scores, like the SAT and ACT, so focus on getting the best score possible. Get college testing tips.
5. Colleges and scholarship committees do take into account the level of difficulty of your selected coursework, so challenge yourself to take the most advanced classes offered by your high school.
6. If you take Advanced Placement courses, you can take the AP exams to possibly earn you college credits (depending on your score and your college’s policy) and/or advanced placement. For those schools that credit for high AP test scorers, it is the equivalent of credit hours that you don’t have to pay for.
7. Check to see if your high school offers dual credit courses at your local community college. This way, you can show potential colleges you are prepared for college content and you might even be able to transfer your community college credits to your new school.

Selecting Colleges for Application

8. Believe it or not, the college you choose could impact your college financial aid. You can look up financial aid statistics on each of your prospective colleges, such as average financial aid package, percent of need met, etc. Click on the link for for a sample of what statistics are available for New York University from CollegeBoard.
9. College financial aid is usually on a first come, first served basis. If you have your heart set on one particular school, check to see if they offer an Early Decision or Early Admission application process.
10. Get your college applications in before the application deadline so you don’t miss out on valuable financial aid dollars.
11. It goes without saying that the cheaper the college price tag (including living expenses), the less college financial aid you will need to obtain to pay for college. Look at all of your options, including public schools in your state of residence and community colleges, depending on your specific situation.
12. If you have maintained a good academic record, you should apply to multiple colleges and compare all of your college financial aid awards. You might just be awarded an academic scholarship from 1 or more schools.
13. Use our Comparing Colleges Calculator to compare your college financial aid packages against each school’s costs.
14. Most academic scholarships awarded by a college are given to the top academic applicants, so you may want to select colleges where you are at the high end of their requirements range (i.e. average student GPA, SAT/ACT Score.)
15. If a college gives you a great college financial aid award, but you really want to attend another school, it doesn’t hurt to negotiate. Either you or your parents can call the school’s financial aid office and see if they would be willing to match another school’s award.
16. Some colleges are changing the financial aid game by giving more free money to students and helping them graduate debt free. If you are fortunate enough to get into one of these schools, you may be able to get significant financial aid. As an example, check out Harvard’s financial aid program.
17. Make sure you sit down with an admissions counselor at your prospective colleges and discuss the cost of the school and financial aid planning.

Choosing a College Major

18. Your college major may not only impact your acceptance into each college, but it can also impact your eligibility for certain types of college scholarships and grants.
19. Before you put “Undecided” on your college application, put some real thought into your future career choices. Not only do you want to choose a school that will best support your college major, but you don’t want to miss out on valuable free money opportunities.
20. To help you get started, we’ve put together information about many of the top college majors and the careers and salaries that go with them.

How to Get Financial Aid for College

21. In order to qualify for government aid, you will need to fill out the FAFSA every year after January 31 (including your Senior year in high school).
22. Once you complete the FAFSA, you are automatically eligible to receive federal and state scholarships, grants, work-study, and federal student loans.
23. Get your taxes done as early as possible, so that you can use the most current information on your FAFSA (that goes for both student and parent).
24. Fill out the FAFSA as early as possible. Federal and state financial aid for college is given on a first come, first serve basis.
25. Research grant or loan forgiveness programs available for your specific area of study (i.e., teaching, science), however these may require additional prerequisites and applications.
26. If your family’s economic or employment situation changes after you receive your award letter, immediately speak with your school’s financial aid office to see if you may be eligible for increased college financial aid.

Understand Your EFC

27. Based on the financials you (and your parents if you are dependent) input into the FAFSA, you will receive a Student Aid Report detailing your EFC, or Expected Family Contribution. Your EFC is the amount of money that your family is expected to contribute to your college education for that school year. Your school will subtract your EFC from the total cost of attendance to determine your financial need.

    Your school’s total cost of attendance	- EFC	= Your Financial Need

28. Your school will craft a financial aid package based on your financial need. A financial aid package can include federal, state and private aid, such as scholarships, grants and loans. The letter from the school notifying you or your college financial aid package is called the award letter.
29. Be mindful of parent and student income the year before submitting each FAFSA. Generally speaking, the lower your income, the lower your EFC, and the more college financial aid you could be eligible for.
30. If your parent’s have college savings accounts (including 529 Plans), make sure you discuss with a financial advisor how your current college savings might impact your EFC and your college financial aid package.
31. Even if you didn’t qualify for financial aid last year, you should apply every year. A change in your family’s situation, such as another child enrolling in college or a change in income, could impact your eligibility.

College Scholarships

32. The best kind of college financial aid is free money that you don’t have to pay back, like college scholarships.
33. Your award letter should detail if you received any scholarships directly from your college (i.e., academic, specific to your major, etc.).
34. Start your scholarship search at your high school career center or your college’s financial aid office. Look for scholarships that relate to your extracurricular activities, your community or your college major. The more specific the scholarship, the fewer eligible applicants there may be.
35. Once you are enrolled at a college, check with your specific department (e.g., English, Business) to see if there are any scholarships offered by alumni or local businesses for your college major.
36. Check with your parent’s employers, your local church, and your after-school teams and clubs to see if they offer scholarships.
37. If you are currently working or looking to work, check with your employer to see if your company offers scholarships. Also check with your friends to see if they work for a company that offers a great scholarship program and seek employment there.
38. Once you’ve exhausted your physical search, you can start a scholarship search online. Some popular scholarship search engines include FastWeb and Scholarships.com.
39. Don’t fall for scholarship scams! Beware of sites that charge you money or ask for credit card information in exchange for scholarship information.
40. Before applying for scholarships, put together a quick “resume” of your accomplishments, extracurricular activities, along with your academic and employment history. You will likely need to list these things on each application.
41. Scholarship applications are time consuming, so make sure you make time to properly prepare and complete your applications. Late or incomplete scholarship applications are generally not accepted.
42. Remember, national scholarships can have thousands of applicants. If you are applying to many scholarships, you may want to complete them in the order they are due, or start with the ones you feel you have the best shot at winning. Get more college scholarship tips.

Sports & Other Scholarships

43. If you are being recruited to play a sport in college, you may be able to receive a partial or full academic scholarship.
44. Evaluate your college athletic opportunities based on the size of the scholarship award, your personal commitment, school/coaching support network, and the way you feel about the college and their sporting program.
45. Check to see what the school’s policy is on sports injuries. If you are injured while playing for the school, you want to make sure that your scholarship remains in place.
46. While you are being recruited, remember that until you have signed a letter of intent, the deal is not finalized. It’s a good idea to submit regular college applications just in case you aren’t selected for a college team.
47. If you play an instrument really well , you may be able to get a scholarship to play music in college. Ask your music teacher or band or orchestra director about college music programs that offer scholarships.
48. Some schools also give scholarships for your participation in cheerleading, drama, or choir. Be sure to check those out as well.

College Grants

49. College grants are free college financial aid, generally offered by the state or federal government. Most college grants are based on financial need.
50. To apply for college grants, you must complete the FAFSA every year. You are automatically eligible for federal and state grants based on the financial information that you enter in your FAFSA. The financial aid award letter that you get from your school will tell you if you were awarded any college grants.
51. The Federal Pell Grant is the most well-known and largest Federal college grant program. The maximum Pell Grant for the 2011-12 award year is $5,550 . If you receive a Federal Pell Grant, it will be listed on your award letter.
52. If you have strong financial need, make sure you submit your FAFSA as early as possible so you are in the front of the line for college grant money. College grants are given on a first come, first serve basis.
53. Check for tuition assistance programs in your state and if applicable, special college grants available to certain groups such as the disabled, veterans or minorities.

Federal Work-Study

54. Federal work-study provides part-time jobs for students with financial need. Your school will automatically assess your eligibility for federal work-study based on the financial information that you enter on your FAFSA.
55. Your award letter should detail whether you were awarded federal work-study. Your financial aid or work-study office should have a list of available work-study funded positions at your school. Get examples of work-study positions.
56. Federal work-study positions are generally very flexible, and well suited to college schedules. If you can, try to select a job that will help you develop skills for your future career (Examples: Teacher’s assistant, Tutor, Department Aid).
57. If you did not receive federal work-study money on your award letter, ask your financial aid office if you can get on the waiting list for federal work-study positions anyway.

Federal Student Loans

58. Before taking out federal student loans, make sure you have created a college budget so that you know how much you and your family will be contributing, and how much you need to borrow.
59. Everyone who fills out the FAFSA is eligible for federal student loans. The amount you can borrow in Federal Stafford Loan funds is limited by your grade level in school (the undergraduate amounts listed below are for dependent students):
    • $5,500 Freshman
    • $6,500 Sophomore
    • $7,500 Junior, Senior and 5th year undergraduate students
    • $20,500 Graduate students
    • $40,500 Certain graduate medical professions
60. If you are an independent student, you can qualify for increased Stafford Loan amounts.
61. Your award letter should specify if you were offered Subsidized or Unsubsidized Federal Stafford Loans, or both. The government pays your interest while you are in school for the subsidized loan, so make sure you maximize your use of the subsidized loans before taking out unsubsidized loans!
62. The Federal Perkins Loan is a need-based federal loan that you may qualify for based on your financial aid situation (see your award letter).
63. If you can afford to pay the interest on your unsubsidized Stafford student loans while in school, you may be able to save yourself thousands of dollars over the lifetime of your loan.
64. Parents can also take out federal loans, called Parent PLUS Loans. These loans are made in the parent’s name, and are currently at a fixed rate of 7.9%.
65. If your parents are denied a PLUS Loan, you may be able to qualify as an independent for increased Stafford Loan amounts. Talk to your school’s financial aid office if this occurs.

Private Student Loans

66. Once you’ve maxed out all of your federal loan funds, you may need to consider private student loans.
67. Check to see which private loan lenders your school recommends. In some cases, your school may have already done research on which lenders offer the best pricing and service to students.
68. Private loans are made by banks and private lending institutions, so you’ll have to meet their requirements in order to get a loan. Most undergraduate students will need to find a credit-worthy co-signer in order to get approved for a loan.
69. Your co-signer can be anyone you know, like a parent, friend or relative, with good income and a strong credit history. Click here for tips that will help you talk to someone you know about becoming a co-signer.
70. If you opt to make interest payments while in school, you can reduce the cost of private loans substantially.
71. Private loan interest rates and fees are often determined by your credit and that of your co-signer, in addition to other potential factors like income, school, major, GPA, etc. Each lender has a different formula, so you should shop around to try to find the best rates and fees.
72. Use our Private Student Loan Calculator to approximate your monthly loan payments. Never let your future loan payments on all your loans (including Federal and private) exceed what you think you can afford with your starting salary or your chosen career path.
73. Before you borrow, make sure you understand the terms of your private student loan (interest rate, fees, length of the loan, etc.)
74. Some lenders have co-signer release programs that will allow your co-signer to drop off the loan after a you make a certain number of on-time loan payments. You will likely also need be show documentable income and a good credit history and qualify for the loan on your own.

College Financial Aid for Graduate School

75. As a graduate student, you may be eligible for “fellowships” or grants that are specific to your area of study.
76. Graduate fellowships generally involve a very competitive application process, so be prepared.
77. Like undergraduate programs, graduate fellowship programs will look at your academic record, your research/published work, employment history, community service and references.
78. Ask your professor, your department (e.g., English, Business), and your school’s financial aid office about graduate scholarships available through the school or local companies.
79. If you are currently employed, check to see if your employer offers a tuition reimbursement program.
80. In some circumstances, your employer might pay, or assist you with graduate school costs, in exchange for a future employment contract.
81. Remember, all graduate students are eligible for $20,500 in Federal Stafford Loan funds, and $40,500 for certain graduate medical professions. Always borrow federal funds first.
82. Once you maximize federal funds, you may need to consider private graduate loans.
83. If you are in medical residency or taking the BAR exam, you probably won’t be covered by financial aid since you are no longer enrolled in school. You’ll need to look for specialized private loans for your specific situation.

College Financial Aid for Parents

84. You can’t predict how much financial aid your child is going to receive in the future, so start saving early with options like a 529 College Savings Plan.
85. As a parent, it’s important that you oversee the financial aid process, from filling out the FAFSA to school financial aid offers.
86. It’s important to work up a college budget with your child, and figure out exactly how much you are going to be able to contribute to college finances. That way you will know exactly how much you or your child will need to borrow in order to pay for college.
87. Although you want your child to attend the school he/she wants to go to, it’s important to help your child set realistic expectations about college cost and financial aid at various schools.
88. The college scholarship process is long and arduous, but can be very rewarding. Help your child stay organized and motivated to continue completing scholarship applications.
89. Your EFC is heavily tied to your family’s household income. The more you make, the more you will be expected to contribute to your child’s education and the less financial aid he/she can probably expect to receive.
90. No matter what your income, federal loans are ALWAYS available to both you (PLUS Loan) and your child (Stafford Loan).
91. If your child is attending an expensive institution, and federal loans are not enough, you may need to help them by co-signing for private student loans.

Other Options

92. If you don’t get the scholarships or financial aid package you were hoping for, consider attending a community college while you save money. You can get some basic classes out of the way and transfer them to your new college when you’ve saved up.
93. College room and board is a huge part of college cost today. Plan your living expenses in advance (i.e., # of roommates you will need, school dorm vs. apartment, bills, etc.)
94. If you are looking for a part-time job, try seeking employment with companies who offer scholarships and tuition reimbursement for students.
95. If you can commute to school, you can save thousands of dollars in rent and living expenses. Living with a parent or relative can make your financial aid dollars stretch a lot further.
96. Check to see if your school has a tuition payment plan available. Once you’ve used all your financial aid, you and your family might be able to pay the rest of the bill in installments.
97. If you are planning to study abroad, check with your school to make sure your financial aid will apply to the institution abroad. You may need to recalculate your travel and living expenses to make sure your current financial aid will cover your time abroad.
98. Your school has calculated the total cost of education for living, books, food, computers and more. If your specific situation is more expensive (i.e., high travel bills, lab fees your major, you require special equipment or tutoring), you’ll need to let your financial aid office know. You might qualify for increased financial aid or loan amounts.

Financial Aid Resources

99. Need help with your numbers? Check out our Financial Aid Calculator to help you piece together all of your financial aid.
100. Your school’s financial aid office is always your best resource for financial aid information. If you have questions about your specific situation, make an appointment with your school’s financial aid counselor.
101. We’ve got plenty of informative websites with specific information on each type of financial aid. Check out all of our resources including:
     
     Student Bank
     Private Loan Zone
     Alternative Loan Zone
     Private Student Loan
     College Loan