Financial Aid
Student financial aid consists of any source of funds available to students and their families to pay for the cost of ANY post-secondary education.
Main types of aid:
The main sources of financial aid are:
- Federal Government
- State Government
- Institutions (colleges & universities)
- Private Sources (associations, foundations, employers, unions)
Financial Aid Calculator
Net price calculators are available on a college’s or university’s website and allow prospective students to enter information about themselves to find out what students like them paid to attend the institution in the previous year, after taking grants and scholarship aid into account.
Net Price
Net Price is the amount that a student pays to attend an institution in a single academic year AFTER subtracting scholarships and grants the student receives. Scholarships and grants are forms of financial aid that a student does not have to pay back.
Search for a school's calculator at collegecost.ed.gov
Free Application for Federal Student Aid (FAFSA)
Most financial aid programs require a student to file the FAFSA annually. This is done electronically, via the link below, between October 1 and March 1 (to meet the State deadline).
Financial aid funding can be:
- Merit-based: Designed to assist students who show merit in areas such as: academics,sports, leadership, music, art, dance, etc.
- Need-based: Determined by completing the FAFSA. Students who demonstrate financial need based on the results of the FAFSA may be eligible to receive an award.
FAFSA First Steps
Federal Student Aid (FSA) ID
Prior to completeing the FAFSA, the student and at least one parent, must obtain a Federal Student Aid ID (FSA ID). This serves as a legal signature and confirms your identity.
Gather Information
You can start the FAFSA, save it and come back later to finish it...but eventually, you will need the information below.
- Social Security Number
- Driver's license number (if applicable)
- Alien Registration Number
- Federal Tax Information or Tax Returns
- Records of untaxed information (child support, interest, veteran benefits, etc)
- Record of assets (cash, savings, checking, stocks, bonds, real estate)
- Up to 10 schools you are interested in attending
Follow the link here for questions about dependency?
Complete the FAFSA
Submit the FAFSA, paying attention to deadlines, by:
- Electronic Form
- myStudentAid mobile app (Apple or Google Play)
- Mail-in PDF application
- Electric submission by your college or career school
Get free assistance and answers at fafsa.gov or 1-800-4-FED-AID.
FAFSA Next Steps
MiSSG
After completing the FAFSA, you should:
1. Create a MiSSG Student Portal account to complete aid program applications and monitor your eligibility status.
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Their office awards the first college/university listed on your FAFSA. If you decide to attend a different institution, please update this in the MiSSG Student Portal or call 1-888-447-2687.
2. IF you scored 1200 or higher on the SAT, you may qualify for the Michigan Competitive Scholarship.
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Confirm that your Social Security Number is in their system (Student Services can help you with that).
3. IF you are a Senior, eligible for the Tuition Incentive Program (TIP), you must complete your application by August 31, 2021.
- To check your TIP eligibility and complete an application, log into the MiSSG Student Portal or call 1-888-447-2687.
Award Letter
You’ll receive an aid offer from each college or career school you applied to and listed on your FAFSA, stating the amount of aid you could receive at the school.
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Review and compare your offers
- Decide which school to attend based on the school’s net cost and how well the school suits your needs
Everything You Need to Know About Financial Aid Letters
Resources
Ed.Gov
- 7 Things You'll Need Before You Fill Out the FAFSA
- 8 Steps to Filling Out the FAFSA Form
- The Parent's Guide to Completing the FAFSA Form
- 11 Common FAFSA Mistakes
Michigan Student Aid
Federal Student Aid
- Federal Student Aid Youtube Channel - videos covering Types of Aid, the FSA ID, the FAFSA and more!
Misc
20-21 FAFSA Deadlines
COLLEGE DEADLINE
Check with the college(s) you are interested in attending. You may also want to ask your college about its definition of an application deadline - whether it is the date the college receives your FAFSA, or the date your FAFSA is processed.
FAFSA | STATE DEADLINE
Michigan - March 1, 2021
FAFSA | FEDERAL DEADLINE
Online applications must be submitted by June 30, 2022.