Many U.S. students lack awareness of available financial aid resources and the
application process. An observational study revealed that 85% of the surveyed college
students were unaware that the FAFSA determines eligibility for gift aid and not
just loans (Safier, 2021). This highlights the need for a clear explanation to bridge the
gap and to ensure that students collectively understand financial aid. A fellow high
school student stated that "the financial aid application process seems overwhelming
due to the number of steps I’m unsure about”. However, understanding financial aid
significantly simplifies this process. This article provides a brief overview of financial aid
applications and resources.
Navigating the application process requires a foundational grasp of financial aid,
with many students encountering obstacles due to unclear comprehension. Federal
Student Aid defines financial aid as "money to help pay for college or career
school," encompassing various financial aid types such as scholarships, grants,
loans, and work-study programs (StudentAid.gov, 2023). To understand these
options fully, it is crucial to establish a fundamental understanding of financial aid.
Grants and scholarships are categorized as gift aid, whereas student loans require
repayment, says Laura Villagomez, a Chicago Regional Coordinator for the Illinois
Student Assistance Commission (ISAC), the state’s college access and financial aid
agency. It’s helpful for students to understand the distinctions between these different
types of aid, since they will want to make sure they are accessing all the grants and
scholarships (money they don’t have to pay back) for which they are eligible , before
taking out student loans.
A study found that 49% of surveyed students were unaware that the FAFSA
determines eligibility for federal grants (Safier, 2021). The FAFSA is also the
application for many state grants and is often used in determining eligibility for aid that
comes directly from colleges and universities. Early FAFSA submission is crucial for
accessing limited financial aid, particularly when some state grants are awarded on a
first-come, first-serve basis. Missing priority deadlines at some universities could mean
losing eligibility for some grants and scholarships. The 2024-25 FAFSA is now available
(www.fafsa.gov) so if you are planning to attend college next fall, don’t delay completing
this important step in securing funding for your college journey.
Students must overcome confusion to progress. Many students struggle with
finding a mentor, finding resources, or understanding aid types. Villagomez advises,
“Reach out to (your) high school counselor or college and career advisor at (your)
specific school. I would also encourage students to connect with mentors or trusted
individuals.” Connecting with knowledgeable mentors helps eliminate confusion,
ensures clarity of requirements, and boosts confidence in the application process. This
is more than simply paperwork. It is your opportunity to receive the funding necessary to
achieve your goals in the next step of your educational journey.
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