Do I qualify for financial aid?

Who is eligible for financial aid?

Almost all students are eligible for some type of financial aid. If your family can’t afford your school’s cost out of pocket, you can probably qualify for need-based aid. And if you have good grades or a special talent — say you’re a star athlete or play the violin — you might qualify for merit-based aid. Almost all students can qualify for a private student loan — if you have a cosigner.

What are the requirements for federal aid?

Federal student aid comes with a few requirements based on factors like your legal status and academics. You can qualify if you meet the following criteria:

• US citizen or eligible noncitizen
• Valid Social Security number
• Registered with Selective Service — if applicable
• Enrolled or accepted to an eligible program
• Maintain satisfactory academic progress
• No defaults on federal student loans
• Proof of qualification

US citizen or eligible noncitizen

If you’re not a US citizen, you can still qualify if you fall into one of the following categories:

• Permanent resident
• US national, including natives of American Samoa and Swains Island
• Refugee
• Asylum grantee
• Cuban-Haitian entrant, with at least a pending status
• Human-trafficking victim
• Parolee in the US for more than a year with the ability to demonstrate you intend to become a US citizen or permanent resident
• Conditional entrant (only for visas issued before April 1, 1980)
• T-visa holder
• Battered immigrant-qualified alien

Valid Social Security number

You must have a Social Security number unless you’re from one of the following US territories:

• The Republic of the Marshall Islands
• Federated States of Micronesia
• The Republic of Palau

Registered with Selective Service

Male citizens and permanent residents must register with Selective Service if they’re between the ages of 18 and 25. This means your name will be included in the draft lottery if the US has a military draft again. You’re legally required to register with Selective Service within 30 days of your 18th birthday, though it’s still possible to register up until you turn 26.

Enrolled or accepted as a regular student for an eligible degree or certificate program

A regular student means you’re on track to receive a degree or certificate at the end of the program. Federal aid is available at Title IV schools and programs only — in other words, an institution that processes federal loans.

To be eligible for a Direct Loan, you must be enrolled at least half time — as defined by your school. Federal student loans aren’t available at some community colleges and for-profit institutions.

Satisfactory academic progress

You must meet your school’s requirements for satisfactory academic progress. Most often, this means you must maintain a 2.0 GPA or C average, pass at least 67% of the credits you attempt and graduate within 150% of the normal timeframe for your program.

No defaults on federal student loans

If you already have a federal student loan, you can’t be behind on your payments to qualify for more funds. You also can’t owe money on federal student grants.

Proof of qualification

You must prove you’re qualified to go to college or a career school with either:

• A high school diploma
• A GED or other equivalent of a high school diploma
• Certificate that you completed high school in a homeschool setting
• Enrollment in an eligible career pathway program

Can I qualify for need-based aid?

You typically need to demonstrate financial need to qualify for need-based aid. Schools usually calculate this by subtracting the amount they expect your family to contribute — called your expected family contribution (EFC) — from your school’s total cost of attendance (COA) for that academic year.

The result is the amount of need-based aid you can qualify for. Schools often rely on the FAFSA or CSS Profile to come up with the EFC, which is why it’s important to fill out both.

How need-based aid works

Am I eligible for merit-based aid?

Merit-based aid generally varies depending on the program. Programs based on academic merit typically have a minimum SAT, ACT or GPA cutoff. Athletic programs usually require a recommendation from a high school coach. And talent-based programs might require an audition. You also might have to participate in community service, school events or take specific classes to qualify.

If a program’s requirements aren’t clear, reach out to a program administrator and ask.

Do I qualify for a private loan?

If you’ve run out of federal, need-based and merit-based aid — or you can’t qualify — you still might be able to get a private student loan. You generally need to meet the following types of requirements or apply with a cosigner who does:

• Good credit. Most private student loan providers have minimum credit score cutoffs, though the higher your score — the better deal you’ll get.
• Steady income. You or your cosigner typically need to make at least $25,000 a year to qualify for a private loan at a minimum.
• Eligible program. Private student loan providers often only work with Title IV schools that accept federal aid.
• Enrollment. Generally, you need to be enrolled at least half time to be eligible with most lenders.

Compare private student loans

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Name	Product	APR	Min. Credit Score	Loan amount	Loan Term
EDvestinU Private Student Loans		4.092% to 8.609% with autopay	675	$1,000 - $200,000	7 to 20 years	Straightforward student loans for undergraduate and graduate students.	Get started More Info	Compare	loading Fetching your data...
CommonBond Private Student Loans		3.74% to 10.74%	700	$5,000 - $500,000	5 to 15 years	Finance your college education through this lender with a strong social mission and terms that fit your budget.	Get started More Info	Compare	loading Fetching your data...
Edvisors Private Student Loan Marketplace		Varies by lender	Varies by lender	Varies by lender	Varies by lender	Quickly compare private lenders for your school and apply for the right student loan.	Get started More Info	Compare	loading Fetching your data...
Credible Labs Inc. (Student Loan Platform)		Starting at 0.99% with autopay	Good to excellent credit	Starting at $1,000	5 to 20 years	Get prequalified rates from private lenders offering student loans with no origination or prepayment fees.	Get started More Info	Compare	loading Fetching your data...

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5 tips to get the most aid you’re eligible for

Here are a few pointers to get your hands on the most aid — and reduce the amount of student debt you graduate with:

• Consider all free options first. Look into all grants, scholarships and other free opportunities available to you before applying for student loans. You might have to do a bit of legwork, but you’ll graduate with less debt.
• Apply for aid ASAP. Many programs offer aid on a first-come, first-served basis. The sooner you submit your application — the more funds you might get.
• Submit the FAFSA and CSS Profile. You might not be considered for all of the types of aid that you qualify for if you don’t complete both applications.
• Stay on top of your grades. Having good grades can open you up to merit-based scholarship programs — and keep you eligible for federal aid.
• Look locally. Your state, city and even neighborhood might offer scholarships that you can qualify for with less demand.

Bottom line

Even if you can’t qualify for federal student aid, there are likely other options out there with requirements you can meet. Ask your school’s financial aid office if you aren’t sure where to get started. Or check out our guide to student loans to learn more about how to pay for school.

Frequently asked questions

• What counts as half-time enrollment?

  That depends on your school and program, though usually you must be enrolled in around six to eight credit hours.

• What is the maximum income to qualify for financial aid?

  There is no maximum income to receive financial aid. However, you might have trouble qualifying for programs that consider need if your family brings in over $250,000 a year.

• How much federal aid am I eligible to receive?

  That depends on factors like your family’s income and your school’s costs. You can get an estimate of how much you might receive through all the federal programs you qualify for by using the FAFSA4caster tool on StudentLoans.gov.