When Money Is Tight: How to Get Financial Aid and Fund Your Education with FAFSA

Updated: Apr 27

If you’re worried about how to afford your education, you’re not alone. Many students face financial challenges, but there are resources to help. Your first step in securing financial aid and making your educational dreams a reality is to complete the FAFSA (Free Application for Federal Student Aid). Visit www.fafsa.gov to get started today.

What is FAFSA?

The FAFSA (Free Application for Federal Student Aid) is an application that most colleges, universities, and career and technical education centers use to determine an individual’s financial need for educational funding. Through this process, students may qualify for a Pell Grant, which, in summary, is money you do not have to repay as long as you maintain good grades and attendance. The school’s financial aid specialist will explain your award and requirements in greater detail.

If the school participates in government loan programs, the FAFSA is also used to determine loan eligibility. Additionally, some schools use the FAFSA to help distribute local scholarships or grants (e.g., school-specific scholarships and donations from local donors).

You can complete the paper version of the FAFSA and mail it, or you can complete it online at www.fafsa.gov. If possible, we recommend completing the online version, as it adapts to your previous answers, making the process feel shorter and more efficient.

Important Tips When Completing the FAFSA

Double-check your personal information:
Ensure that your name and Social Security number match exactly what is on your Social Security card. Also, provide a valid email address. Mistakes with your name or Social Security number can delay processing, as you will need to contact FAFSA to correct them, which can take time.
Select the correct FAFSA year:
The FAFSA operates on a school-year basis, starting in the middle of summer and ending the following summer. Make sure you are completing the FAFSA for the year in which you will be attending school.
List all the schools you’re considering:
You can include up to 10 schools. Some schools may have multiple campuses with different Federal School Codes—this is normal, so be sure to include all campuses you are considering. Some schools use one Federal School Code for all their locations. Listing potential schools does not obligate you to attend them, nor will it affect your financial aid at the school you do choose.
Understand Pell Grant eligibility:
If you already have a bachelor’s degree, you will not qualify for a Pell Grant, regardless of your financial need. However, you may still qualify for other types of aid, so we recommend you complete the FAFSA.
Contact the school’s financial aid office:
After submitting your FAFSA, wait 3 to 5 business days, then contact the school’s financial aid office to ensure your application has been processed. They will review your processed FAFSA and provide guidance on the next steps.

Why Does FAFSA Require Parent Information for Students Under 24?

In general, students under 24 are considered dependent unless they meet specific criteria (e.g., being married, in the military, or having dependents of their own). The government assumes and expects that parents will contribute to their child’s education. If you have special circumstances, such as being in foster care or having deceased parents, discuss this with the school’s financial aid office—they may be able to waive the requirement for parent information, but you must provide the necessary documentation.

What Happens After You Complete the FAFSA?

After you submit your FAFSA, you will receive a confirmation email. The processing time is typically 3 to 5 business days for the current school year. If you are applying for the next school year, the financial aid office may instruct you to check back later.

The next steps will vary, but it is common for the financial aid office to request additional documentation. This is a good sign—it usually means you are being considered for aid. Be patient and provide the requested paperwork promptly. Financial aid offices handle government funds and are subject to strict rules and audits, so it is necessary to provide the paperwork they request from you.

What if You Don’t Qualify for Financial Aid?

If you are denied financial aid, ask clarifying questions:

Why don’t I qualify?
Do I qualify for anything else?
Is there anything I can do to secure funding?

Ask questions and share any special circumstances with the financial aid office, as they may be able to help. For example, one student I worked with was denied a Pell Grant because his parent’s income was mistakenly reported as $180,000 instead of $18,000. After correcting the error, he qualified for the full grant.

Another student initially refused to provide income documentation, but after building trust, he revealed that he had been incarcerated for the year in question. This information didn’t disqualify him—in fact, it helped explain his lack of income, and he was able to secure financial aid.

Grants, Scholarships, and Loans—Know the Difference

You are responsible for understanding the type of aid you accept. Grants and scholarships are often free money, while loans must be repaid. Government loans typically have low-interest rates, but you should still be aware of the amount you’re borrowing and the terms of repayment.

For example, in some states, public career and technical education programs may cost around $6,000, while similar private programs may cost around $30,000. If you qualify for a full Pell Grant, it could cover most or all of a $6,000 program, whereas you might need a significant loan to cover the remaining costs of a $30,000 program. Be sure to evaluate all pros and cons, and ask clarifying questions before you commit. There is nothing wrong with taking out a loan, and for some, it is the only way to move forward, but you will be responsible for paying it off.

FAFSA Conclusion

Some schools offer very short programs for which federal and state grants are not available. Usually, at state schools, these short programs are relatively affordable. You can contact the school or research their website to determine whether completing the FAFSA for a short program would be beneficial. After all, some schools may still use the FAFSA to determine eligibility for local, school-based awards.

In any case, completing the FAFSA is an important first step in determining your financial aid eligibility. Complete the online application at www.fafsa.gov, and then wait 3 to 5 business days before contacting your school’s financial aid office for the next steps. Online applications are preferred due to their speed and efficiency.

If your application is denied, don’t give up—ask why and explore your options. Be patient, stay strong, and seek help from the school’s financial aid office or FAFSA support at 1-800-433-3243.

Keep exploring, and check out our latest posts as you continue your journey to success!