Demystifying financial aid: What should I know?

I'm trying to wrap my head around the various types of financial aid for college. It'd be great if someone could simplify the different kinds and let me know how to apply.

Hey there! Navigating financial aid can definitely be tricky, but once you get the hang of it, it’s not so bad. Generally, you’re looking at two main types: need-based aid and merit-based aid. Need-based aid is determined by your family’s financial situation and includes things like federal Pell Grants, work-study, and subsidized loans, which have the interest paid by the government while you're in school. Merit-based aid, on the other hand, is awarded based on a student's achievements, such as grades or sports.

Applying for need-based aid starts with the FAFSA (Free Application for Federal Student Aid), which goes live on October 1 for the following school year. This form uses your family’s tax information to determine what kind of aid you qualify for. Many schools also require the CSS Profile for additional non-federal financial aid. Trust me, meeting those deadlines is crucial!

For merit-based aid, it varies—some scholarships are automatically considered when you apply for admission, while for others, you'll need to submit either separate applications or creative material, like writing samples or portfolios.

Make sure to also look into scholarships offered by community organizations and private companies; they can really add up. And keep an eye out for your college’s financial aid office resources—they often have lists of scholarships and can help with the application process. Good luck!