During your college research process, one of the first questions you may ask yourself is, “how much will it cost?” College can be affordable if you know where to start. Step one for most prospective and current college students is filling out the Free Application for Federal Student Aid, and this year, you can start that process three months earlier. As of October 1, the FAFSA is open to all students looking into two- and four-year college programs. To help you through this process, we’ve put together a quick guide to the FAFSA and financial aid.
What is financial aid?
Financial aid is funding available to individual students to help cover the cost of attending college. These costs can include things like tuition, fees, room and board, transportation, and books. Financial aid is based on the information you provide FAFSA.
What is the FAFSA?
FAFSA stands for “Free Application for Federal Student Aid.” Students who plan to attend college should fill out the FAFSA so they will be considered for financial aid to help pay for their college expenses. All (domestic) students should fill out the FAFSA.
Are there different types of financial aid?
VCU students can be awarded financial aid in the form of grants (which do not have to be paid back), loans (which need to be paid back, but usually at a low interest rate) and work-study (which is usually an on-campus job). These types of financial aid are awards from VCUs Office of Financial Aid and are “need-based,” meaning that they aware the aid base don’t he information you submit in the FAFSA.
VCU’s Office of Undergraduate Admissions awards scholarships, which are different from financial aid. Scholarships are “merit-based,” meaning they are based on your G.P.A., test scores, talent, etc. Scholarship awards are not based on your information in the FAFSA.
Who is eligible for financial aid?
Nearly every student is eligible for some form of financial aid. Even if you think you are not eligible for need-based aid, fill out the FAFSA because you may be eligible of a Stafford Loan.
Is the application process complicated?
It doesn’t have to be. Filling out the FAFSA is free and can be done online. Most people complete the FAFSA in 30 minutes. This website will walk you through filling out the FAFSA. Get organized by gathering your 2015 tax returns, if you filed, and ask your parents/guardians to do the same. VCU’s FAFSA code is 003735.
When should I prepare and submit the FAFSA?
You do not have to be admitted, or even have applied yet, to start working on your FAFSA. The applications opened October 1 and we encourage you to fill it out right away. Some types of financial aid are first-come-first-served, so the earlier you apply, the more likely you are to get the most possible aid.
I filled out my FAFSA. Now what?
If you haven’t applied for admissions to VCU yet, get that done! Students who apply to VCU by November 15 will be eligible for merit-based scholarships. After you filled out the FAFSA and applied to VCU, there are just a few more things to look out for. VCU’s Financial Aid website has a great checklist to keep handy.
To learn more about affordability at VCUarts, visit our website or reach out to one of our amazing admissions counselors at arts@vcu.edu.
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