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Financial aid overview

Know what is free, earned, borrowed, and still unpaid.

A financial aid offer can mix grants, scholarships, work-study, and loans. Separate each category before deciding what a school will really cost.

Complete the FAFSA Explore grants
Financial aid offer organized into grants, work-study, and loans

The four main types of financial aid

Usually not repaid

Grants

Federal, state, school, and private grants are generally based on financial need or program rules. Some grants can become repayable if requirements are not met.

Usually not repaid

Scholarships

Scholarships may be based on achievement, talent, service, background, field of study, financial need, or other criteria.

Earned through work

Work-study and employment

Federal Work-Study provides eligible students with part-time employment. The amount shown in an offer is not usually credited upfront like a grant.

Must be repaid

Student and parent loans

Loans are borrowed money plus interest. Review federal options before private loans and accept only the amount needed.

Calculate the remaining cost

Cost of attendance Tuition, fees, housing, food, books, transportation, and other allowed costs
−
Grants and scholarships Aid that generally does not need to be repaid
=
Net price The amount to cover through savings, income, work-study earnings, and borrowing

Do not subtract loans from the price when comparing affordability. Loans help finance the price; they do not reduce it.

What the Student Aid Index means

The Student Aid Index (SAI) is an index schools use when calculating eligibility for need-based federal aid. It is not a bill, not the amount your family must pay, and not a guarantee of aid. A lower or negative SAI generally indicates higher financial need.

Learn about the FAFSA Submission Summary and SAI

Compare aid offers line by line

Item What to verify
Cost of attendance Does the estimate reflect your housing, meal plan, transportation, and program costs?
Grants and scholarships Are they renewable, and what GPA, credit, or enrollment rules apply?
Work-study Is a job guaranteed? How and when are earnings paid?
Loans Who is the borrower, what are the rates and fees, and how much is offered each year?
Unmet need What remains after aid, and is that amount realistic for your family?

Ask for a review when circumstances change

Contact the school’s financial aid office if your FAFSA no longer reflects your situation—for example, after job loss, reduced income, divorce, death in the family, unusually high medical costs, or another major change. Schools may be able to review documented special circumstances under federal rules.

2026–27 facts

  • The 2026–27 FAFSA is available for attendance from July 1, 2026, through June 30, 2027.
  • The federal FAFSA deadline is June 30, 2027, but state and school deadlines can be much earlier.
  • The maximum Federal Pell Grant is $7,395 for the 2026–27 award year.