How does financial aid work?

How does financial aid work?

• I'm confused by FAFSA and the whole financial aid scenario and how it works. So I am an independent and receive no money from my parents for college funds and I have no idea how to receive financial aid. My roommate is low income and receives free tuition from the university plus living expenses. However my roommate did not apply for any scholarships or any grants or anything besides FAFSA. So if I were to fill out FAFSA would I receive the same amount of money and aid as my roommate? I make less than him and so do my parents compared to my his parents. Also how would I go about acquiring financial aid on a non merit based level?

• Answer:

  Almost all financial aid ties back to the FAFSA. The FAFSA (Free Application for Federal Student Aid)is used for determining federal, state and institutional need-based aid eligibility. It's a form you fill out that allows colleges to determine how much money, in grant and loan packages and work-study opportunities, you may be offered. The FAFSA will take into consideration things like family income, assets, family size and the number of family members attending college. You may even be eligible for aid based on your intended career path. It's really impossible for a stranger to help you determine what you might be eligible for, since so much additional info is required. A financial aid counselor at your school may be able to examine your information and provide an estimate, or you can always use a financial aid estimator program online if you prefer. But until you're able to fill out the actual FAFSA itself everything is just a rough guess. You can fill out the FAFSA on January 1st so that gives you a while to gather your info, talk to your parents and speak with the financial aid office to get everything in order. Good luck!