Hacks for Getting the Most Financial Aid

Last updated on January 12, 2023 / By 

There are several strategies you can use to maximize your chances of receiving financial aid for college:

  1. Fill out the FAFSA: The Free Application for Federal Student Aid (FAFSA) is the primary application used to determine your eligibility for federal financial aid. Make sure to fill it out as soon as possible, as some financial aid is awarded on a first-come, first-served basis.

  2. Attend a college that meets your full financial need: Some colleges have a policy of meeting the full financial need of their students, which means they will provide enough financial aid to cover the difference between the cost of attendance and the amount the student and their family can contribute. Attending a college that meets your full financial need can help you avoid taking on student loans.

  3. Apply for scholarships: Scholarships are a great way to pay for college because they don’t have to be repaid. There are many different types of scholarships available, so be sure to do your research and apply for as many as possible.

  4. Consider attending a community college for your first two years: Community colleges often have lower tuition costs than four-year colleges, which can help you save money on your education. After completing your first two years at a community college, you can transfer to a four-year college to complete your degree.

  5. Take advantage of tax credits and deductions: The American Opportunity Tax Credit and the Lifetime Learning Credit are two tax credits that can help you pay for college. There are also several deductions that you may be eligible for, such as the tuition and fees deduction and the student loan interest deduction.

Overall, the key to getting the most financial aid is to start the process early and be proactive in seeking out and applying for financial aid opportunities.