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.

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.

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.