Student Financial Aid Resources Guide
Navigate the complex world of financial aid for college and university. Learn about grants, scholarships, loans, work-study, and how to maximize funding for education in the United States and Canada.
Start Here: Complete FAFSA (US) or provincial student aid applications (Canada) as early as possible. Many aid programs are first-come, first-served!
Types of Financial Aid
1. Grants & Scholarships (Free Money - Don't Repay)
Grants: Need-based awards from federal/state government, colleges
Scholarships: Merit-based or specific criteria (academic, athletic, demographic, major, etc.)
2. Work-Study (Earn While You Learn)
Part-time jobs (on or off campus) for students with financial need. Wages help pay education expenses.
3. Student Loans (Must Repay with Interest)
Federal/Provincial loans: Lower interest rates, flexible repayment, income-driven plans
Private loans: Higher interest, less flexible - use as last resort
Federal Student Aid (United States)
FAFSA - Free Application for Federal Student Aid
Complete the FAFSA at StudentAid.gov to access federal aid, most state aid, and institutional aid.
FAFSA Key Facts:
- • Opens: October 1 each year for following academic year
- • Deadline: June 30, but complete ASAP (state/college deadlines earlier)
- • Required: Student and parent FSA ID (create at StudentAid.gov)
- • Documents needed: Tax returns, W-2s, bank statements, investment records
- • Renew annually: Must complete each year of college
- • Free: Never pay to file FAFSA (.gov only, beware .com scams)
Federal Grant Programs
Pell Grant
Amount: Up to $7,395/year (2024-25)
Eligibility: Exceptional financial need, undergraduate only
No repayment required
Federal Supplemental Educational Opportunity Grant (FSEOG)
Amount: $100-$4,000/year
Eligibility: Exceptional financial need, Pell Grant recipients prioritized
Limited funds - apply early
TEACH Grant
Amount: Up to $4,000/year
Eligibility: Education majors who commit to teaching in high-need fields/low-income areas
Becomes loan if service obligation not met
Federal Student Loans
Direct Subsidized Loans
Amount: Up to $3,500-$5,500/year (depending on year in school)
Eligibility: Financial need, undergraduate only
Interest: Government pays interest while in school and 6-month grace period
Rate: Fixed, currently 5.50% (2024-25)
Direct Unsubsidized Loans
Amount: Up to $5,500-$20,500/year (undergrad), up to $20,500 (grad)
Eligibility: Not need-based, all students
Interest: You pay all interest (can defer while in school, but accrues)
Rate: Fixed, 5.50% undergrad, 7.05% grad (2024-25)
Direct PLUS Loans (Parent or Grad Student)
Amount: Up to cost of attendance minus other aid
Eligibility: Credit check required, for parents or graduate students
Rate: Fixed, 8.05% (2024-25)
Student Aid (Canada)
Provincial Student Assistance Programs
Each province/territory administers student financial aid. Apply through your province's program:
British Columbia: StudentAid BC
Alberta: Alberta Student Aid
Quebec: Aide financière aux études (AFE)
Other provinces: Search "[Province] student aid" for your program
Canada Student Loans & Grants
Federal government provides additional support through Canada Student Financial Assistance.
Canada Student Grant
Need-based grants that do not need to be repaid. Amounts vary by family income and student situation (low-income, middle-income, students with dependents, students with disabilities).
Canada Student Loan
Amount: Based on need, combined with provincial loan
Interest: 0% interest while in school full-time
Repayment: Begins 6 months after graduation
Repayment Assistance: Available if low income after graduation
Scholarships - Free Money You Don't Repay
Where to Find Scholarships
United States
- College Board Scholarship Search - 8,000+ scholarships
- Federal Student Aid Scholarship Info
- Your college's financial aid office - Institutional scholarships
- Local organizations - Community foundations, Rotary Club, chambers of commerce
- Your employer or parents' employers - Many offer employee/dependent scholarships
- Professional associations - Related to your intended major/career
- Your high school guidance office - Local scholarship opportunities
Canada
- ScholarshipsCanada.com - Free scholarship database
- University websites - Entrance scholarships and ongoing awards
- Provincial scholarship programs
- Community organizations and foundations
Scholarship Scam Warning:
- • Never pay to apply for scholarships
- • Be skeptical of "guaranteed" scholarships
- • Legitimate scholarships don't require credit card or bank info upfront
- • Use free scholarship search tools only
Scholarship Application Tips
- • Start early - junior year of high school
- • Apply to many - even small scholarships add up
- • Focus on local - less competition than national scholarships
- • Tailor applications - customize essays for each scholarship
- • Meet deadlines - late applications not accepted
- • Follow instructions exactly - missing requirements disqualify you
- • Proofread everything - typos hurt chances
- • Get strong recommendations - ask teachers who know you well
- • Apply every year - many scholarships renewable or new ones available
Institutional Aid (From Your College)
Many colleges offer their own grants and scholarships. Some require separate applications, others award automatically based on FAFSA/admissions application.
Types of Institutional Aid
- Need-based grants: Based on FAFSA/financial need
- Merit scholarships: Based on GPA, test scores, talents
- Athletic scholarships: For recruited student-athletes (Division I, II in US)
- Departmental scholarships: For specific majors
- Diversity scholarships: For underrepresented students
CSS Profile: Some private colleges require CSS Profile in addition to FAFSA for institutional aid. Check each college's requirements.
Work-Study Programs
United States - Federal Work-Study
Part-time jobs for students with financial need. Earned wages help pay educational expenses.
- Award amount in financial aid package (e.g., $3,000 work-study)
- Find job through campus career center once enrolled
- Typical jobs: library, dining hall, administrative offices, research assistant
- Usually 10-20 hours per week during school, more during breaks
- Paid at least minimum wage, often higher
- Wages not counted as income on next year's FAFSA
Canada - On-Campus Work
Canadian universities offer on-campus employment opportunities. International students can work on-campus without work permit.
Understanding Your Financial Aid Package
Your financial aid offer shows:
- • Cost of Attendance (COA): Tuition, fees, room, board, books, transportation, personal expenses
- • Expected Family Contribution (EFC): What you're expected to pay (from FAFSA)
- • Financial Need: COA - EFC = Need
- • Aid Awarded: Breakdown by type (grants, loans, work-study)
Comparing Offers
Don't just look at total aid amount. Calculate your NET COST (what you actually pay):
Net Cost Formula:
Cost of Attendance
- Grants & Scholarships (free money)
= Net Cost
(You'll pay this through savings, work-study earnings, or loans)
Tool: Use FAFSA4caster to estimate aid eligibility before applying.
Loan Repayment (Plan Ahead)
United States - Federal Loan Repayment
- Grace period: 6 months after graduation before payments start
- Standard plan: 10 years, fixed monthly payment
- Income-Driven Repayment: 10-20% of discretionary income, forgiveness after 20-25 years
- Public Service Loan Forgiveness: Forgiveness after 10 years working in qualifying public service jobs
- Loan Simulator - Estimate monthly payments and compare repayment plans
Canada - Student Loan Repayment
- Grace period: 6 months after leaving school before payments start
- No interest charged during grace period (as of 2023)
- Repayment Assistance Plan if experiencing financial difficulty
- Loan forgiveness programs for family doctors, nurses in underserved areas
Official Financial Aid Resources
United States
- Federal Student Aid (StudentAid.gov) - Official source for FAFSA, federal loans, grants, repayment
- CFPB Paying for College - Tools to compare financial aid offers, understand loans
- College Board - Pay for College - Scholarship search, financial aid info, calculators
Canada
- Canada Student Financial Assistance - Federal student loans and grants
- Provincial student aid websites (OSAP, StudentAid BC, Alberta Student Aid, etc.)
- Individual university financial aid offices
Make College Affordable
Financial aid makes college accessible to students from all economic backgrounds. Apply early, explore all options, and don't let cost alone determine where you apply - many expensive schools offer generous aid that makes them more affordable than cheaper alternatives. Our AI Education Advisor can help you navigate financial aid options.
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