Financial Aid

Applying for college can feel like learning a new language, especially when you have to start understanding all of these new terms! However, it is so important to understand the various acronyms and terms you’ll see in applications, on paperwork, and in your financial aid offer letters. Otherwise, you’re unable to make informed decisions with your family about how to pay for school! In this guide, I’ll break down some of the most important key financial aid terms you need to know to approach the college process with confidence and clarity!  FAFSA (Free Application for Federal Student Aid)  The FAFSA is a form that students and their families fill out to determine their eligibility for financial aid, including federal grants, work-study programs, and loans. It is essential to fill out the FAFSA as early as possible to maximize your financial aid options! This typically opens in October and the process has gotten slightly easier in the past years.  Cost of Attendance (COA): This is the total estimated cost to attend a specific college, including tuition, fees, room, board, and other expenses. Knowing the COA helps you understand how much financial aid you may need. Remember, when you begin comparing schools, be sure to look at all of these components to make accurate comparisons.  Subsidized vs. Unsubsidized Loans:  A subsidized loan is a federal loan where the government pays the interest while you’re in school. An unsubsidized loan accrues interest from the moment it’s disbursed, meaning you’ll owe more after graduation. Read a more detailed blog on the differences here!  Grants   Grants are a type of financial aid that are not repaid. They are based on financial need. The most common federal grant is the Pell Grant, which is available to undergraduate students who demonstrate significant financial need.  Scholarships Scholarships are funds awarded to students based on various criteria, including academic achievement, extracurricular involvement, or specific talents. Like grants, scholarships do not get repaid so prioritize these when you can. Scholarships come from colleges, private organizations, or community groups. Don’t forget, check for these frequently! Even after college begins, you can use scholarships to help keep your costs low!  Work-Study Programs:  Work-study is a federal program that provides part-time jobs for students with financial need. The program allows them to earn money to help pay for their education expenses. These jobs are typically on-campus, but some may be with local nonprofits or community organizations. Merit Aid:  This is usually some type of grant or scholarship provided by the college based on a student’s abilities in academics, athletics, arts, or some other area. Student Aid Index The Student Aid Index replaced the Expected Family Contribution from prior years, which was the amount a family would have to pay out-of-pocket for college expenses. Now, the SAI will help colleges and universities determine how much funding a student can receive. You can read about how the SAI might impact your family here! Understanding financial aid terminology isn’t just about passing a vocabulary tes. It’s about empowering yourself to make smarter choices about college costs. The more you know, the better equipped you’ll be to compare offers, apply for the right aid, and avoid costly mistakes.  More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

If you’re in high school and already thinking about college, you’re ahead of the game. But there’s one important part of the college journey that many students delay – financial aid planning. So, let me reassure you: it’s not too early to start thinking about financial aid planning to pay for college. In fact, the earlier you begin preparing, the more opportunities you’ll have to reduce college costs and increase your financial options.  Here’s how you can begin today: Learn the Basics of Financial Aid One of the most important tools in the financial aid process is the FAFSA (Free Application for Federal Student Aid).  This form determines your eligibility for federal aid such as grants, work-study, and student loans—and many states and colleges use it too. While you won’t complete the FAFSA until your senior year, it’s helpful to visit the site and check it out right now. Understanding the documents you’ll need and how the process works will make the application much smoother when the time comes. Focus on Your Schoolwork & Academics Many scholarships—both need-based and merit-based—require a solid GPA, strong course load, and sometimes standardized test scores. The academic work you put in during your first years of high school can directly impact your eligibility for financial aid down the road. It’s also important to stay involved in extracurricular activities, community service, and leadership opportunities. These can strengthen both scholarship applications and college admissions. Begin Exploring Scholarships Early It’s a common myth that scholarships are only for seniors. In reality, there are many scholarships available to students in grades 9 through 11. Start by creating a list of scholarships that interest you, including deadlines and application requirements.  Have a Financial Conversation with Your Family It’s important to talk with your family about college costs early on. Understanding what your parents or guardians can contribute—and what your financial responsibilities might be—helps avoid confusion and disappointment later. This conversation doesn’t need to be overly detailed yet, but getting a general sense of your family’s financial expectations can help guide your planning and decision-making. Think about how much money might be contributed from your family or gifts. This will help you understand what you might be looking for in financial aid in the future. Learn the differences between financial aid offerings There’s so many different types of financial aid for college students. From loans to grants to work study programs, it’s important to learn and understand the differences. When it comes time to make your final decisions, you’ll want to know what each of the types mean – and what it could look like for repayment down the line. Scholarships don’t require payment back. Loans will – and private vs. federal loans have varying terms for repayment. Take time to review the various options available – read one of my blogs about the differences here! Preparing for financial aid doesn’t mean you need to have everything figured out today—but every step you take now will help you feel more confident and ready when it’s time to apply for college. You have more control than you think—starting now can make a big difference later. More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

When it comes to paying for college, the cost can feel overwhelming. But what if I told you that you might have more financial aid options than you realize? It’s true! Many students don’t realize that asking for more financial aid is a legitimate strategy that can potentially lighten the cost of paying for school. Here’s why you should consider reaching out to a college financial aid office for more funding and how to approach the process! Why You Should Ask for More Financial Aid Financial aid packages can be confusing, and often they don’t fully reflect your current financial situation. If something has changed since you submitted your FAFSA, or if you’re facing unexpected costs, it might be time to ask for a little more help. Here are a few reasons why: Changes in Your Financial Situation:  If your family’s financial situation has changed due to factors like a job loss, medical expenses, or other hardships, you may be eligible for more aid. Financial aid packages are based on information submitted in the FAFSA, but schools can adjust awards based on changes in circumstances. If you have any changes you’re trying to share, make sure you have documentation to show the difficulty your family is facing.  Better Offers from Other Schools: If another college has offered you a better financial aid package, it doesn’t hurt to bring that to the attention of the school you’re hoping to attend. Many schools are willing to match or even beat offers if you present them with a competitive financial aid letter from another institution. You Deserve It: Simply put, if you feel your financial aid package doesn’t reflect your needs, it’s okay to ask for more. Schools want to support their students and understand that everyone’s situation is unique. How to Ask for More Financial Aid Asking for more aid might seem intimidating, but it’s a simple process! Contact the Financial Aid Office:   Your first step is to contact the financial aid office at the school. Be polite and professional when explaining why you believe your current package doesn’t fully cover your needs. It’s always helpful to provide any relevant documents, such as your family’s tax returns or letters explaining changes in your financial situation. Be Specific About Your Needs: Explain exactly why you need additional aid. Whether it’s due to changes in your financial situation or an offer from another school, being clear about your situation will make it easier for the office to assess your request. Consider Your Options:   Some schools offer more than one form of financial aid. If your school can’t offer you additional need-based aid, they may have merit scholarships, private scholarships, or other opportunities you haven’t considered. Ask if there are any other forms of aid or funding you can apply for. It can feel awkward to ask for more financial aid, but in many cases, it’s worth asking. Schools want to help students succeed, and they might be willing to make adjustments if you explain your situation. The worst thing that can happen is they say no, but the best thing is that you could get the financial help you need to make college more affordable. Don’t be afraid to advocate for yourself—you’ve got nothing to lose and potentially everything to gain. More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

Receiving your financial aid letter is a huge milestone in your college journey, but it can also be overwhelming. Understanding what’s actually free money and what you’ll need to pay back is key to making the right decisions for your future. Here’s your financial aid breakdown: Free Money: Grants and Scholarships Grants and scholarships are the best parts of your financial aid package because they don’t require repayment. Grants are often based on financial need, while scholarships can be awarded for academic achievement, athletic ability, or other criteria. These are the “free money” you want to focus on. Be sure to check if any scholarships are renewable, meaning they can continue each year as long as you meet certain criteria. What You Have to Pay Back: Loans Loans are the money you borrow to help pay for school, but remember: this is money you’ll have to repay, with interest. There are federal student loans, which often come with lower interest rates and better terms, and private loans, which can vary in cost. Always be aware of how much you’re borrowing and how it will affect you after graduation. Work-Study Work-study is a great way to earn money while in school, but it’s not free money. These are part-time jobs that you can use to cover some of your living expenses or other costs, but remember that you’ll have to work for this money. Still, it’s a good opportunity to gain experience and earn money without taking on more debt. Additional Costs Sometimes, your financial aid letter might not include all the expenses you’ll need to pay for, such as textbooks, transportation, or special fees. Make sure to account for these extra costs when evaluating your aid package. Understanding the differences between grants, loans, and work-study will help you make an informed decision about which offer is best for you. Don’t be afraid to ask questions if you’re unsure about any part of your financial aid letter—knowing what’s free and what’s not will set you up for success in the future!   More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

As you prepare for college, understanding the world of finances can feel like learning a new language, especially when you start looking at your financial aid award letter. But don’t worry, you’re not alone! Whether you’re planning to attend college soon or just thinking about your future, understanding the different types of financial aid you might receive is key to making smart decisions about paying for your education. Here’s a few key terms that you need to know when it comes to loans, grants, and work-study!  Loans:  Loans can be a tricky part of your financial aid package. They’re money you’ll need to pay back after you graduate (or if you drop out of school) with interest. Federal loans usually have better terms, such as lower interest rates and more flexible repayment options. Private loans, on the other hand, can be riskier and often come with higher interest rates. Subsidized loans don’t accumulate interest while you’re in school, while unsubsidized loans do. That means that with unsubsidized loans, the amount you owe will increase as interest builds up. Read more about the difference between federal v. private loans here!  No matter the type of loan you choose, pay attention to the interest rate on your loans. Even a small difference in rate can make a big impact over time, so compare and understand your options. Work-Study Programs:  Work-study programs allow you to earn money while attending school. The money you earn through work-study isn’t a loan, but a paycheck for working part-time jobs on or near campus. It’s a great way to gain work experience while earning extra cash for your expenses. You need to apply for federal student aid (FAFSA) to be considered for work-study. It’s not guaranteed, so make sure to fill out your FAFSA form early. There are limits on how much you can earn through work-study, and your school will set a maximum number of hours per week you can work. It’s important to balance work-study with your class schedule to avoid burnout. Grants:  Grants are probably the most exciting part of your financial aid package because they don’t have to be paid back! These are typically based on financial need, and can come from the federal government, state government, or even your college. If you qualify for a Pell Grant, you could receive a substantial amount of aid. This is based on your FAFSA application and your family’s financial situation.  Many states and universities also offer grants to students, usually with similar eligibility requirements based on need.  Don’t forget to read the fine print!  While loans, work-study, and grants are the main components of most financial aid packages, your award letter should include some other information. This includes the award amounts, renewability, deadlines, and other eligibility criteria. Ensure that you understand what you’re signing on for and if this will be funding that will help you through all of your college journey.   Understanding loans, work-study, and grants in your financial aid package is crucial to making informed decisions about paying for college. Take your time to read through all the details, ask questions if you don’t understand something, and make sure you’re clear on how each type of aid works. Paying for college is a big responsibility, and it’s important to know exactly what you’re agreeing to. More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

Wading through  the world of financial aid can feel overwhelming, especially when you’re met with acronyms like SAI, SAR, and FAFSA. But don’t worry—I’m here to make it simple! Whether you’re applying to college or the parent of a soon-to-be-college student, understanding these terms is key to getting the financial support you need for college. Here’s a few basics you should know:  What Is SAI? Let’s start with SAI, or Student Aid Index. This is the number colleges use to figure out how much financial aid you’re eligible to receive should you attend their school. Despite its name, the SAI doesn’t represent the exact amount your family will pay. A negative or lower SAI indicates that you have a higher financial need. Again, this is not the number that your family is expected to contribute. It’s simply a way for a school to gauge what you might receive.  What Is SAR? Once you complete the FAFSA (Free Application for Federal Student Aid), you’ll receive a SAR or Student Aid Report. This document summarizes the information you submitted on your FAFSA. It’s important to review the SAR for any errors that could affect your financial aid package. What is COA? COA or the Cost of Attendance refers to the total amount it will cost to attend a college, including tuition, room and board, books, and other expenses. Understanding your school’s COA helps you gauge how much financial aid you’ll need. The FAFSA Speaking of the FAFSA, it’s the first step in applying for federal financial aid. You’ll provide information about your family’s income, assets, and other financial details. Colleges use this to determine your eligibility for grants, loans, and work-study programs. I’ve shared posts recently about FAFSA  terms to know – check those out here! CSS Profile Some private colleges and universities may also require the CSS Profile, which asks for more detailed financial information. It’s similar to the FAFSA but used by schools to offer institutional aid in addition to federal aid. Understanding these key terms and forms will make the financial aid process a lot less daunting. Plus, you’ll feel more confident about securing the best possible aid package for college. Good luck! More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.

Applying for college is exciting, and understanding how to fund that journey is an important part of the process. Financial aid forms may seem overwhelming, but they’re your ticket to unlocking the financial support you need. I know that looking at all of these new terms and decisions you have to make can feel daunting. But, that’s why I’m here at CFAA! For high school juniors and seniors, now is the perfect time to dive into financial aid terms – and build a better understanding of them all. So, let’s decode the terms on the key forms and get you ready to go! The FAFSA: Your First Step to Financial Aid The Free Application for Federal Student Aid (FAFSA) is your starting point. It opens doors to federal grants, loans, and work-study opportunities. The good news? Filling out the FAFSA is easier than ever with online tools that guide you step by step. Just remember: the earlier you submit, the better your chances of getting the most aid. If you want to read some of my tips to prepare for the 2025-2026 FAFSA, check out recent blogs here!  The CSS Profile: More Aid Opportunities Some schools require the CSS Profile in addition to the FAFSA. This form digs a little deeper into your family’s financial situation, helping institutions award additional aid. Though it may take a bit more time to complete, it’s worth it to maximize your financial aid package. Double check if your university or college wants the CSS Profile. If you don’t need to fill it out, don’t waste your time. But if you do, make sure it’s high on your list of things to do!  Know What You’re Signing As you fill out these forms, you’re not just entering numbers; you’re making important decisions about your future. Take your time, review everything carefully, and don’t hesitate to ask for help. You’re taking control of your education, and understanding these forms is a huge step in the right direction. Here’s a few terms that might come up on the documents: Expected Family Contribution (EFC): This is the amount your family is expected to contribute toward your education costs. It’s calculated based on financial information provided in the FAFSA or CSS Profile and helps determine your eligibility for need-based aid. Cost of Attendance (COA): This is the total estimated cost to attend a specific college, including tuition, fees, room, board, and other expenses. Knowing the COA helps you understand how much financial aid you may need. Grants vs. Loans: Grants are free money for college that you don’t have to repay, while loans are borrowed funds that must be repaid with interest. Always prioritize grants and scholarships before accepting loans! Subsidized vs. Unsubsidized Loans: A subsidized loan is a federal loan where the government pays the interest while you’re in school. An unsubsidized loan accrues interest from the moment it’s disbursed, meaning you’ll owe more after graduation. I have a more detailed blog on the differences here!  Financial aid can feel like a maze, but with these tools in your hands, you’re more than ready to navigate it with confidence. So, get started now—your future is waiting! More about Jodi and College Financial Aid Advisors Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.