Financial Aid and Scholarships consist of various types of monetary assistance provided to students to support their education. This article will provide you with all the information you need to secure financial aid and other scholarship aid at any college in the United States of America, Canada, or even globally.
Learn more about college application timeline on this link Navigating the College Application Process: A Comprehensive Timeline
What is Financial Aid, Scholarships, and How Do They Work? Financial aid helps students and their families cover the costs of higher education, including tuition and fees, accommodation, textbooks, and other educational materials, as well as travel expenses. Scholarships are a type of aid based on the student's performance in specific criteria as there are many types of financial aid and ways to earn them. These include Governmental Student Aid (such as FAFSA), Institutional Scholarships/Aid, Private Scholarships, and Work-Study programs that are provided by universities, governments, or granted by private organisations and individuals.
FAFSA (Free Application for Federal Student Aid) FAFSA is the go to financial aid application in the USA only, designed to help students manage their college fees, it is mainly determined by the student’s financial needs so called need-based. The ways in which FAFSA helps students include funds gifted to them as Grants and Loans that are to be repaid.
The new 2024-2025 FAFSA form includes submitting up to 20 colleges you are considering applying for, and includes filling up your spouse's name or anyone willing to contribute to your college funding. These changes can cause a little bit of delay in the FAFSA application dates.
Institutional Scholarships and Financial Aid Institutional scholarships and financial aid come from the schools themselves. These are often based on a combination of needs and merits.
Need-based financial aid is determined similarly to governmental student aid, considering the student's and their family's financial needs.
Merit-based financial aid, on the other hand, is scholarships that are based on the student's academic, athletic, and extracurricular performance or other abilities. It's important to research and apply to as many of these scholarships as possible. There are many scholarships for international students as well that are mainly designed to attract students from around the world.
Private Scholarships Private scholarships are provided by private organisations or individuals. These scholarships can range from merit and need-based to specific fields of study, interests, community service, or talents set by the granting organisation or individual.
Such organisations like the Coca-Cola Scholars Program, Al Ghurair Foundation, Gates Millennium Scholarship, Mastercard Foundation Scholars Program, and Australia Awards Scholarships, exist globally.
How Financial Aid is Calculated? Financial aid is typically calculated based on a student's demonstrated financial need. This is determined using information provided on the application which includes the student's and their family's income, assets, and benefits.
Universities then use this information to calculate the Expected Family Contribution (EFC), which is the minimum amount the student and their family are expected to contribute towards the cost of their education. The lower the EFC, the greater the financial aid you will receive. The difference between the cost of attendance (COA) at a school and your EFC determines your financial need, which in turn determines your financial aid.
For example, If the university you’re enrolling in costs $65,000 in tuition a year (COA) and all you can afford is $30,000 (EFC), the difference between them is $35,000, and that's the potential financial aid you're going to get, as it's considered sufficient to complete the university cost.
Making The Most from Financial Aid All ways that financial aid and scholarships you can get and how to translate them for your sake. Here is a list of the important actions and tips to take.
Apply Early Applying your financial aid early is great to increase your aid chances because they are favoured for those who apply first. October 1 2024 is the earliest date to apply for financial aid, yet only for this year’s 2024-2025 applications it started in late December of 2023 and will resume the normal date the following year. Applying early is also important for international students to start researching and applying for scholarships as early as possible, as competition can be fierce and deadlines can vary.
Complete Taxes Early Expenses and income taxes indicate a family's needs, applicants are required to showcase their financial responsibilities and your transactions will reflect so. The best practice is to organise all your bank statements and taxes in advance. In case of any delays, submitting the previous year's taxes is now an option to finalise them early. Take this opportunity to complete your previous year and submit it as early as possible to ensure the best outcome for financial aid.
Find All the Hidden Scholarships Scholarships are not all merit or need-related. Many institutions offer unique scholarships that take into account extracurricular activities or online certifications, sibling discounts, or even referrals to the university. Remember, you can always ask your institution's admissions office. Keep in mind that you may be able to stack scholarships on top of the ones you've already obtained.
Aid from the Outside World Financial aid isn't the full picture. There are foundations and businesses that you can find in your local community and larger national organisations that offer financial aid and stipends.
Coca-Cola Scholars Programs, Al Ghurair Foundation, Gates Millennium Scholarship, Mastercard Foundation Scholars Program, and Australia Awards Scholarships are all organisations in different parts of the world that can aid in pursuing higher education. Whether they are in your local groups or international, they could be based on specific fields of life such as hobbies, religion, disabilities, community service, addiction survivors, and more.
In Conclusion Overall, this is a guide for financial aid and scholarships, highlighting all you need to know to financially support your higher education journey. Remember to always apply for financial aid and keep your head up in case of any rejections. Your opportunities might be even greater than you think, as everyone can be eligible to earn a source of financial aid.
Frequently Asked Questions Can I Apply for Intuitional Financial Aid and FAFSA at the Same Time? Yes, in fact, all universities require you to submit your FAFSA application in order to qualify for institutional financial aid. Afterwards, if the institution recognises your application and provides you with grants while FAFSA provides you with loans, you get to choose which financial aid best works for you. International students are only required to submit a CSS profile to qualify for Institutional financial aid.
Is it Possible to get 100% Scholarship in the USA? Yes, although it's very competitive, most universities grant full scholarships depending on three things: how much you're in need, how strong your application is, and how suitable the university is for you. Your application strength is based on your merit achievements, for example: academic performance, and athletics try-outs. Your suitability is how you present yourself to the university.
How to get a Scholarship for a Masters Degree in USA? Start by identifying potential university programs that align with your field of study and personal circumstances. Graduate schools now look at your resume (CV), job experience, and volunteering activities. The rest of the scholarship application is similar to the undergraduate application and depends on your financial need, merit achievements, and the way you present yourself.
Can I get a Scholarship in Canada? Yes, the University of Alberta and other Canadian universities provide scholarships for international students. The amount of scholarship you receive depends on your academic performance, extracurricular activities, athletic performance, and financial need. All athletic sports, with the exception of hockey, are less popular and competitive in Canada than in the USA, yet both countries participate in the same sports leagues.
What is a Work-Study Program? Work-study programs are another form of financial aid where students are given part-time employment opportunities on or off campus. This allows them to earn money to help pay for education expenses. They provide a passive income from jobs taken within the university, such as a tutor or fitness center employee, or from other organisations.
