February is Financial Aid Awareness Month

February is a short month full of notable events and celebrations. But did you know that February is also Financial Aid Awareness Month?

What is Financial Aid Awareness Month?

Counselors, educators, and financial aid advisors use the month of February to educate students on the resources they can use to help them pay for school. High school seniors, current college students, and parents find the below financial aid articles the most helpful:

What's the FAFSA?

The Free Application for Federal Student Aid (FAFSA) is the starting point students use to help them pay for school. Completing this necessary form is the key to gaining federal and state grants, such as the Pell Grant. Like scholarships, grants do not have to be paid back. It's free money to help you pay for college! Typically, high school seniors and their parents apply for the FAFSA on October 1, before the start of the fall semester. This year, the 2025-26 FAFSA opening timeline was different, with an open date of December 2024. The 2026-27 FAFSA will open on October 1, 2025. According to Whiteboard Advisors, recent legislation has mandated the 2026-2027 FAFSA open date for high school juniors and parents. There are three FAFSA deadlines: College Schools set their priority deadline for the FAFSA. State Each state has its own FAFSA deadline. These funds are given on a first-come, first-served basis. Federal This is the final deadline. It occurs on June 30 of the school year you're applying for. Colleges will then use your FAFSA form to create a financial aid award package. This package includes all forms of financial aid. Determining what works best for your financial situation is up to you. You can appeal for your financial aid award package. Colleges also use individual FAFSA results to determine financial aid award packages for each student. College students should renew their FAFSA yearly. Learn more about the form and how to start the FAFSA process: 2025-26 Financial Aid and FAFSA State Deadlines Why Parents Should Fill Out the FAFSA Next Steps: You've Submitted Your FAFSA States Pass Laws Requiring FAFSA Completion

How Financial Aid Works

Students should apply for financial aid every year. To do so, they need to submit or renew their FAFSA.

The Four Types of Financial Aid

1. Scholarships In most cases, you don't need to complete your FAFSA to receive scholarship money. 24 Scholarships to Apply for in 2024
2. Federal, State, and Institutional Grants You must complete or renew your FAFSA to receive this financial aid. What’s the Pell Grant? What’s the TEACH Grant? Federal Work-Study You must complete your FAFSA to qualify for any federal work-study program. What’s Work Study?
3. Federal and Private Student Loans If you need to borrow money to pay for college, Federal student loans should be your first choice. Private student loans should be your final option. There are, however, student loan options available that offer reasonable terms. How Do Most Families Pay for School?

   Filling Out Your FAFSA

   Find what you need to fill out the FAFSA and other helpful financial aid tools: FAFSA Checklist 10 FAFSA Mistakes that Affect Financial Aid

   Financial Aid 101

   Understand what standard terms you may encounter when working with all types of financial aid. Learn the best tools to help you understand how it all works: FAFSA Submission Summary: Everything You Need to Know About the Financial Aid Document 15 Questions to Ask Your Financial Aid Office Questions to Ask About Your Financial Aid Package Dropping Out Means Paying Back Financial Aid

   Financial Aid Resources

   When paying for school, things do not always go as planned. Below are some common concerns and student or family circumstances related to financial aid: How Do I Become Independent on the FAFSA If I Am Under Age 24? Does Filing a FAFSA Obligate You in Any Way?
   Are Parents Responsible for Repaying a Child's Student Loans? Financial Aid without Filing the FAFSA?

   Scholarship Resources

   Scholarships are forms of aid, too. Discover everything about scholarships, from how to fill out better applications to maximizing your opportunities to win more. Scholarship Application Checklist Helping Your Child Apply for Scholarships: A Parent's Guide to Success Are Financial Aid and Scholarships the Same Thing? Fastweb's Scholarship Directory Scholarship Scam Red Flags

   Student Loan Resources

   Sometimes, you must take out loans to pay for school. Start your student loan journey informed with the help of these articles: Loan Comparison Calculator College Cost Projector Calculator Borrowing for College: How Much is Too Much?