If you’re wondering how to make sure you get your share of financial aid, this guide will show you what to do step by step. For an easier way to manage the process, tools like Orbit AI can save you time, reduce stress, and help you secure more funding.
Types of Financial Aid Explained
The more you understand your options, the better you can plan to minimize debt.
Grants
Grants are free money based on financial need. The Federal Pell Grant is one of the most common. Many states and schools also offer their own grants.
Scholarships
Scholarships are awarded for merit, leadership, talent, or other criteria and don't require repayment. Examples include scholarships for women in STEM and scholarships for underrepresented groups.
Orbit AI’s Scholarship Search Engine connects you with the right opportunities, saving you hours of searching. Discover scholarships with Orbit AI.
Work-Study
A federal program allowing eligible students to work part-time to help cover day-to-day expenses.
Student Loans
Federal student loans must be repaid with interest. Always prioritize grants and scholarships first.
How to Apply for Financial Aid: The 6 Key Steps
- Gather Your Documents: You'll need your Social Security number, 2023 tax returns, records of untaxed income, bank statements, and a list of your target colleges.
- Submit the FAFSA: Completing the Free Application for Federal Student Aid (FAFSA) is your #1 priority. The 2025–2026 FAFSA opens October 1, 2024. Submitting early is critical, as many programs are first-come, first-served.
- Search and Apply for Scholarships: Scholarships can add thousands to your aid package. Use the Orbit AI Scholarship Search Engine to get personalized matches and track deadlines.
- Explore State and Institutional Aid: Don’t assume FAFSA covers everything. Check your state’s higher education website and contact your college’s financial aid office. See our guide to the Best Colleges for Financial Aid.
- Review and Compare Offers: Each college will send a financial aid award letter. You are NOT required to accept all parts. Maximize grants and scholarships; minimize loans.
- Accept Your Aid: Formally accept your aid and track any renewal requirements for scholarships or state grants.
What Happens After You Submit the FAFSA?
After you hit submit, FAFSA processes in 3-5 business days online. You will receive a Student Aid Report (SAR). Check this for accuracy, as colleges use it to prepare your financial aid package. Check your email regularly for updates.
Complete your FAFSA with fewer errors. Start your FAFSA with Orbit AI. It’s fast, free, and ensures you don’t miss key deadlines.
Common Mistakes to Avoid
- Missing federal or state FAFSA deadlines.
- Using the wrong year's tax information.
- Forgetting to list all your colleges on the FAFSA.
- Skipping scholarships because of "low GPA" worries.
- Submitting applications with errors. See our guide on Common Scholarship Application Errors.
Top Questions About Financial Aid
Do I have to fill out the FAFSA every year?
Yes, the FAFSA must be submitted each academic year to qualify for federal, state, and institutional aid.
How long does FAFSA processing take?
Typically 3–5 business days if submitted online, but it can take longer if your application is flagged for verification.
Is there an income limit for FAFSA?
No. FAFSA eligibility is based on multiple factors, including family size, number of students in college, and assets, not just income.
Do I have to accept all loans offered?
No, you can choose to accept all, part, or none of the federal loans offered to you.
You shouldn’t have to figure this out alone. Orbit AI helps you complete your FAFSA quickly and our Scholarship Search Engine connects you with real opportunities. Discover more scholarships with Orbit AI's personalized matches.
By Devansh Dubey (Last updated: June 22, 2025)
devanshdubey.nitd.cse@gmail.com
December 27, 2025
An experienced writer and researcher focused on college admissions, this author simplifies the complex journey of applying to universities. They create practical, student-friendly content on entrance exams, application strategies, essays, and admission planning. With a strong emphasis on clarity and real-world guidance, their work helps students and parents make informed decisions, avoid common mistakes, and confidently navigate competitive admissions processes to find the right academic fit.
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