An Ultimate Guide to Understanding College Financial Aid

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The first step - No matter what, the first step is to file the FAFSA (Free Application for Federal Student Aid). It's available on Oct. 1 every year, and if you file before Nov. 1 you'll get an automatic $750 award from Augustana for filing early.

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Reading an award letter - Here are some examples from Augustana's financial aid award letter. These funds don't have to be repaid unless you fail to meet certain terms (like GPA requirements or specific deadlines).

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Determining your cost - Next, Augustana gives all students a comprehensive cost/payment worksheet so you and your family can have a better understanding of your total out-of-pocket costs.

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Paying out of pocket - Finding a job One way you can pay for indirect costs can be with money you make as a student employee. Nearly half the students at Augustana work on campus

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What is Financial Aid? - In short, financial aid is money to help you pay for college. It can come in a variety of forms, such as grants, scholarships, work-study, and federal and private loans. All these types of aid can also come from a range of sources.

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What is the FAFSA? - Now let’s dive into the holy grail of all financial aid forms—the FAFSA (Free Application for Federal Student Aid). The FAFSA is used primarily to determine the financial aid you’re eligible to receive from the federal government

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University-Based Aid- Many schools also use the FAFSA to determine how much financial aid to award their students. As part of this, they take three factors into account: enrollment status (part-time or full-time), cost of attendance, and the EFC.

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Other Items to Keep in Mind with University-Based Aid - It is also important to check if you qualify for completely tuition-free admittance to a school. Some of the top schools in the country such as Dartmouth now guarantee free tuition if your family makes under $100,000 in total income.

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