[SEED] Understanding Financial Aid: A Complete Guide

Navigating the Financial Aid Landscape

The cost of college can feel overwhelming, but understanding your financial aid options can make higher education accessible. This guide breaks down the key components.

Types of Financial Aid

1. Grants & Scholarships — Free money that doesn't need to be repaid
2. Work-Study Programs — Part-time jobs that help cover expenses
3. Federal Loans — Borrowed money with favorable terms for students
4. Private Loans — Last resort, typically higher interest rates

FAFSA Timeline

The FAFSA opens on October 1st each year. Filing early is critical — many state and institutional aid programs are first-come, first-served.

Pro tip: Use the IRS Data Retrieval Tool to speed up your FAFSA completion.

CSS Profile vs. FAFSA

About 400 colleges require the CSS Profile in addition to the FAFSA. The CSS Profile considers home equity and other assets the FAFSA ignores, which can affect your expected family contribution.

Don't leave money on the table. Apply for every scholarship you qualify for — even the small ones add up.