The cost of a college education can be overwhelming, but financial aid is a powerful tool that makes higher education more affordable. This guide is designed to help you navigate the process, understand your options, and secure the funding you need to pursue your dreams.
What is Financial Aid?
Financial aid is any form of funding that helps you and your family cover college expenses like tuition, housing, and books. If come from federal and state agencies, as well as colleges and private foundations. The main types of aid are:
- Grants: Need-based aid that does not have to be repaid.
- Scholarships: Merit-based or need-based aid that does not have to be repaid.
- Federal and Private Loans: Money you borrow for school that must be repaid, with interest.
- Work-Study: A program that provides part-time jobs, often on campus, to help you earn money for school.
How to Apply for Financial Aid
The process for applying for most financial aid begins with a few key forms:
- The FAFSA: The Free Application for Federal Student Aid is the most important form for determining federal and state aid. It becomes available on October 1 each year. The deadline for federal aid is June 30 of the following year, but many schools have much earlier deadlines.
- The CSS Profile: Some schools – mostly private colleges – use this supplemental form to determine how to distribute their own institutional funds. It asks for more detailed financial information that the FAFSA.
Types of Financial Aid
There are two basic types of aid that you should be aware of:
- Need-Based Aid: This is determined by a family’s ability to pay for college, as calculated by the FAFSA. It includes federal funds like the Pell Grant, which does not need to be repaid.
- Merit-Based Aid: This is awarded for specific talents or academic abilities and is not based on financial need. It can be provided by institutions, colleges, or private organizations. Our Boswell Family Scholarship and Eron L. Coleman STEM Scholarship are examples of this type of aid.
Important Deadlines and Tips
- Create a Spreadsheet: Keep a list of each college you’re interested in, noting all financial aid requirements and deadlines.
- Prioritize Institutional Deadlines: Most college deadlines for financial aid are earlier than the federal deadline. By meeting your college’s deadline, you will automatically meet the state and federal deadline as well.
- Don’t Overlook Local Scholarships: These scholarships, like the ones offered by BFCF, are often easier to win because the competition is smaller and more localized.
- Appeal Your Award: If your family’s financial circumstances have recently changed, you may be able to appeal your financial aid award. You can also sometimes negotiate for additional merit funding if you receive a better offer from another school.
A Note from BFCF
We know that navigating financial aid can be a difficult process, but we are here to support you. We encourage you to use this guide as a resource and to reach out ot your school counselor for help. Remember, your dedication and hard work are what make you a deserving candidate for a BFCF scholarship.
