How Much Financial Aid Can You Get?
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Without financial aid, many students would be unable to afford the cost of attendance at their respective Universities or Colleges. As college costs rise disproportionately to the household income, the lack of information regarding the extent to which financial aid can help may discourage students from pursuing higher education altogether.
When discussing financial aid, it is important to acknowledge that financial aid comes in a variety of different forms - all of which can work in conjunction with each other. To determine the maximum amount of aid you can receive, you must first explore which avenues are available to you.
The most common types of financial aid will be in terms of grants, scholarships, work-study programs, and loans. These resources for both undergraduate and graduate students are all provided by different organizations. In this article, we explore how these sources differ in terms of funds and long-term expenses on your financial health.
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Each year, the federal government opens up the Free Application for Federal Student aid (FAFSA) for students seeking postsecondary education to apply for their forms of financial aid. The application prompts questions pertaining to the applicant's household income.
If a student is still financially supported by parents(dependent student), then it may ask for the family members' personal information as well as their expected family contribution. Most schools believe that parents should be responsible for paying the majority of the price tag for their children, if not independent students.
This information will be then assessed by the student's respective institution's financial aid office to determine a financial aid package, including the assistance of pell grants, work-study, and student loans. Although there is a maximum award amount, federal aid will prioritize students demonstrating exceptional financial need by giving them more money.
How much aid you receive will be fully contingent on your earnings, the school's cost of attendance, and enrollment status, with full-time students more favored for higher aid.