Each semester, students are required to submit either am FAFSA or PROFILE application. The FAFSA, or Free Application for Federal Student Aid is required in order to receive government aid. Students who miss the scheduled deadline for FAFSA and PROFILE applications typically receive a reduced aid package as funds are given on a first-come, first-served basis. Application deadlines are posted annually on the FAFSA and PROFILE websites.
The federal government offers both need-based grants and loans. If you have financial need, you may qualify to receive the Pell Grant. As of 2011, the maximum Pell Grant award is $5,550. The amount you receive is based on your level of need, the amount of your existing financial aid, and tuition costs. Need-based education loans are also available at low interest rates.
Once your aid options are exhausted through your school and the federal government, consider a private loan to supplement your tuition costs. Private education loans are plentiful; however, you or a co-borrower must have established credit history in order to apply. Unlike federal loans, private loan interest rates are not always modest. With a mediocre credit score, your interest rate could be two or three times higher than that of a federal loan.
When you apply to a university, you generally receive a notice of acceptance or denial. Your application may also come with a scholarship offer based on your personal or academic background. University scholarships can also be obtained from corporations and private foundations based on a range of factors such as gender, grade point average, major, and ethnic background.
Financial aid packages are often final. However, if you believe an error has been made in your financial aid award, you can submit a request for a Professional Judgment Review, a formal hearing where financial aid administrators review your appeal and make a final judgment on your case. Whatever decision is made during your hearing is final and cannot be overturned by outside sources.