Financial Aid, Scholarships, and Fellowships FAQ

Information about financial aid, college funding, etc.

This FAQ about was compiled and written by with numerous contributions by others.

0 The Best Financial Aid Web Sites

1 Overview of Financial Aid

2 Determining Financial Need

3 Consequences of the Need Analysis Formula

4 Don't Assume You Don't Qualify

5 Applying for Financial Aid

6 Beware of Scholarship Scams

7 The Unclaimed Aid Myth

8 General Advice

9 Financial Planning Tips

9.1. It pays to save.

9.2. Don't play asset shifting games.

9.3. Ask about the impact of a second income on aid eligibility.

9.4. Don't try to finagle the financial aid regulations and policies.

9.5. Try to bargain or appeal to the financial aid administrator only when the family financial situation has changed significantly or where a great disparity in aid offers suggests that an error has occurred.

9.6. Don't lie or act in an unethical manner.

9.7. Start looking for aid early.

9.8. Plan for the cost of education.

9.9. Indicating the wrong tax return form on the FAFSA can negatively affect eligibility for some aid programs, such as the Pell Grant.

9.10. Loan repayment.

9.11. Divorce and prenuptual agreements do not shelter funds.

10 My School Didn't Award Me Enough Aid!

11.1. I probably don't qualify for aid. Should I apply for aid anyway?

11.2. Do I need to be admitted before I can apply for financial aid at a particular university?

11.3. Do I have to reapply for financial aid every year?

11.4. How do I apply for a Pell Grant and other types of need-based aid?

11.5. Are my parents responsible for my educational loans?

11.6. Why is the family contribution listed on the SAR different from the family contribution expected by the university?

11.7. If I take a leave of absense, do I have to start repaying my loans?

11.8. I got an outside scholarship. Should I report it to the financial aid office?

11.9. Where can I get information about Federal student financial aid?

12.1. I sent in my FAFSA over four weeks ago, but haven't heard anything. What should I do?

12.2. My parents are separated or divorced. Which parent is responsible for filling out the FAFSA?

12.3. My parents are divorced, and the parent I'm living with has remarried. Does my step-parent have to report his or her income and assets on the FAFSA?

13. Myths About Financial Aid:

14 Answering Your Questions

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