Student Financial Aid and Scholarships (2024)

FAQs

Can you get financial aid and a scholarship at the same time? ›

Can you get a scholarship and financial aid at the same time? Yes, since scholarships are just another form of financial aid, you can receive one (or several) alongside other types of aid like work-study, grants, and student loans.

If you don't tell your school about the scholarship, you may have to pay back the "overaward" since your financial aid package will exceed your need. This is true even if the scholarship you get is an independent scholarship and applies to every year you're in college and receiving financial aid.

The FAFSA^® form allows students to request federal grants, work-study funds, and loans, all in one application. The FAFSA^® form allows students to request federal grants, work-study funds, and loans, all in one application.

So, the answer to the question is the FAFSA required for scholarships is no– not necessarily. It does open the door to more scholarship opportunities but is not a prerequisite to getting all types of aid.

Most students are not required to report student aid on their Free Application for Federal Student Aid (FAFSA^®) form. However, if you filed taxes, you may see an optional question asking you to enter the taxable amount of college grants, scholarships, or AmeriCorps benefits included as income on your U.S. tax return.

However, financial aid and scholarships can assist to help higher education costs. Financial aid is typically based on financial need and may need repaid. Scholarships are often awarded based on merit or achievement and do not need to be repaid.

If you earned scholarships and grants that add up to more than your total cost of attendance, your school may send you a refund of the leftover scholarship money. Keep in mind, you may have to pay taxes on that amount.

The FAFSA is your application for federal financial aid. Some types of aid you receive through the FAFSA, like grants or scholarships, do not need to be repaid. However, federal student loans received through your FAFSA do have to be repaid with interest after you graduate or leave school.

Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) all could be considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year.

To be considered for federal student aid for the 2023–24 award year, you can complete a Free Application for Federal Student Aid (FAFSA^®) form between Oct. 1, 2022, and 11:59 p.m. Central time (CT) on June 30, 2024. Any FAFSA corrections or updates must be submitted by 11:59 p.m. CT on Sept. 14, 2024.

How much does a FAFSA preparer cost? ›

Starting with the 2024–25 FAFSA form, preparers cannot charge fees to fill out the FAFSA form on the student's behalf. A preparer logs in with their own FSA ID (account username and password). Preparers must log in using the “Preparer” role instead of “Student” or “Contributor.”

If your parents are married (not separated), both of your parents' information must be included on the FAFSA form, regardless of whether your parents are of the same or opposite sex. If your parents didn't file taxes jointly, then both of your parents are contributors.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

Getting an outside, or private, scholarship can actually reduce the amount of financial aid you get from your college. But that doesn't mean you'll have to pay a bigger share of your college costs. It just means that the scholarship dollars replace financial-aid-package dollars.

What happens to leftover scholarship money. If you earned scholarships and grants that add up to more than your total cost of attendance, your school may send you a refund of the leftover scholarship money. Keep in mind, you may have to pay taxes on that amount.

It's important to note that many scholarships are offered every year, so be on the lookout for any emerging opportunities. Always remember that you can receive multiple scholarships at once, so apply to as many opportunities as you can.

Yes, it's possible to receive financial aid for a second bachelor's degree, which can include federal student aid like federal grants, work-study, and federal student loans. We'll detail the definitions of these types of federal student aid below when we explain how adult learners pay for college.

You must apply for federal student aid for every school year you attend. To reapply, you should submit a FAFSA form. If you submitted a FAFSA form last year and are eligible to complete a FAFSA renewal, you may choose to have most of the questions prefilled with the information you previously provided.