Financial Aid
Make a Plan to Pay for Education
Education and training after high school is an investment in your future, but understanding how you'll pay for it is an important part of choosing the right path.
Financial aid—including scholarships, grants, work-study, and student loans—can help make education more affordable. Start by understanding what your education may cost, what resources are available to you, and the steps you'll need to take to apply for aid.
A good financial plan doesn't begin with how much you can borrow. It begins with understanding what you can afford and finding an education or training option that fits both your career goals and your budget.
Financial Aid at Every Stage
| Life Stage | What to Focus On |
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| 👧Elementary | Begin building healthy money habits and, when possible, start saving for future education and training. |
| 🎒Middle School | Learn the basics of budgeting, saving, and paying for education while beginning conversations about future costs. |
| 🎓High School |
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| 🎓College Students |
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| 👨👩👧Parents & Guardians |
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Your Financial Aid Roadmap
Planning for life after high school involves many decisions, but you don't have to make them all at once. Follow these five steps to prepare, explore your options, make informed decisions, and stay on track for success.
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Plan
Know What You Can Afford
Your financial aid plan should begin before you complete the FAFSA or receive an offer from a college. Start by understanding education costs, identifying resources you already have available, and determining what you can reasonably afford.
Understand the Cost
The published price of a college or training program doesn't necessarily tell you what you'll actually pay. Consider tuition and fees along with housing, food, books and supplies, transportation, and other personal expenses.
Compare costs across the programs you're considering and use available net price information to estimate what your actual cost might be.
Build Your Education Budget
Connect the amount you spend on education to your larger career and financial goals. Consider savings, family contributions, earnings, scholarships, financial aid, and the amount you may need to borrow.
Your future starting salary should also be part of the conversation when deciding how much education debt you can reasonably manage.
Explore Budgeting & College Costs →
Start Saving
Saving early can reduce the amount students and families need to pay or borrow later. Even if college is approaching quickly, understanding what resources are available can help you build a more complete financial plan.
Apply
Access Financial Aid Opportunities
Financial aid can come from the federal government, states, colleges and universities, private organizations, employers, and other sources. Applying for aid is an important part of understanding what education may ultimately cost you.
Understand Your Financial Aid Options
Financial aid generally includes:
Grants — Aid that typically does not need to be repaid.
Scholarships — Aid awarded based on criteria such as academics, talents, activities, financial need, career interests, or other qualifications.
Work-Study — An opportunity for eligible students to earn money through employment while attending college.
Student Loans — Money borrowed for education that must be repaid, generally with interest.
Explore Types of Financial Aid →
Create Your StudentAid.gov Account
A StudentAid.gov account is used to access and complete federal student aid processes, including the FAFSA. Students and other required contributors should create their own accounts and keep their login information secure.
Create Your StudentAid.gov Account →
Complete the FAFSA
The Free Application for Federal Student Aid (FAFSA) is used to determine eligibility for federal student aid and may also be used by states, colleges, and other programs to award financial assistance.
Complete the FAFSA each year you're enrolled and pay attention to financial aid priority dates.
Search for Scholarships & Grants
Don't wait until you've completed the FAFSA to begin searching for scholarships. Explore opportunities from colleges, community organizations, employers, foundations, and other sources throughout the year.
Compare
Look Beyond the Amount of Aid Offered
Once colleges send financial aid offers, don't simply compare the total dollar amount of each package.
A larger financial aid offer does not necessarily mean a school will cost you less.
The important question is:
What will this education actually cost me after grants and scholarships, and how will I cover what's left?
Understand Your Financial Aid Offer
Review each offer carefully and separate:
- Scholarships and grants
- Work-study
- Federal student loans
- Other loans or financing options
- Remaining costs your family will need to cover
Understand Financial Aid Offers →
Compare Your Options
Compare offers side by side using the same information for each school or program.
Consider:
Total Cost - What is the complete cost of attendance?
Gift Aid - How much will scholarships and grants reduce the cost?
Remaining Cost - What will you and your family actually need to cover?
Borrowing - How much would you need to borrow each year—and over the entire program?
Future Earnings - Is the amount you're considering borrowing reasonable based on the career you're preparing to enter?
Understand Financial Aid Offers →
Build Your Plan
Decide How You'll Cover the Cost
After scholarships, grants, and other financial aid are applied, determine how you'll cover any remaining balance. Start with resources that don't have to be repaid and consider borrowing only after you've explored your other options.
Build your plan using a combination of resources that may include:
Savings & Family Contributions
Determine what the student and family can realistically contribute from savings, income, or other resources.
Scholarships & Grants
Continue searching for scholarships and make sure you've completed all requirements for grants and institutional aid.
Student Earnings
Consider income from summer employment, part-time work, work-study, or other employment while enrolled.
Payment Plans
Ask whether the college offers a tuition payment plan that allows your family to spread remaining costs across the semester or academic year.
Student Loans
If a gap remains, student loans may help cover costs that can't reasonably be paid through other resources. Understand your options and borrow only what you need.
Explore Student Loan Options →
Look at the Entire Education Plan
Don't solve the financial equation for freshman year only.
Consider:
- Will these resources be available every year?
- Are scholarships renewable?
- Could tuition or living expenses increase?
- How much can your family realistically contribute each year?
- How much would you need to borrow over the entire degree or program?
- Is that total borrowing reasonable compared with your expected starting salary?
That last point is especially important because it connects Financial Aid back to the Build Your Financial Plan stage of Career Planning.
ICAN TIP:
Borrow Last
Student loans can be a useful tool for covering an affordable gap, but they should come after scholarships, grants, savings, earnings, family contributions, and other available resources. If you need to borrow, understand the terms and borrow only what you need.
Manage
Stay in Control of Your Finances
Financial planning doesn't end when you enroll. Continue monitoring your costs, financial aid, borrowing, and everyday spending throughout your education.
Renew Your Financial Aid
The FAFSA isn't a one-time application. Complete it for each year you want to be considered for federal student aid and meet any additional requirements established by your state, college, or program.
Maintain Financial Aid Eligibility
Academic progress and enrollment decisions can affect financial aid. Understand your school's requirements and talk with the financial aid office before dropping classes, withdrawing, changing enrollment, or making other decisions that could affect your eligibility.
Manage Your Money
Create a spending plan, track expenses, use credit carefully, and make adjustments when your financial situation changes.
Prepare for Loan Repayment
If you borrow student loans, understand what you've borrowed before leaving school. Know who services your loans, when repayment begins, what your monthly payments may be, and what repayment options are available to you.
Explore Student Loan Repayment →
Get Help With Financial Aid
You Don't Have to Navigate Financial Aid Alone
Understanding financial aid can be challenging, and every family's financial situation is different. ICAN provides free assistance to help students and families understand the process and make informed decisions.
Complete the FAFSA
Meet with an ICAN advisor for free assistance completing the FAFSA.
Schedule a FAFSA Appointment →
Compare Financial Aid Offers
Bring your financial aid offers to ICAN and work with an advisor to understand your options and determine how each school fits your budget.
Schedule a FAFSA Appointment →
Attend a Financial Aid Event
Attend an ICAN webinar, presentation, or FAFSA completion event for additional information and assistance.
