Apply even if you think you are ineligible to receive it. Submit the application as soon as possible after January 1 st in the year in which you will be a collage freshman. The SAR itemizes the financial information you and your parents reported. Once a school obtains your SAR, they can begin to put a financial package together for you. Each school is different.
Financial aid is often on a first come-first serve basis so apply as soon as possible.
Types of Federal Financial Aid Grants Like scholarships, grants are outright gifts of money that do not have to be repaid. Unlike scholarships, they are generally based on financial need. Two federally funded grants are the Pell Grant and the Federal Supplement Educational Opportunity Grant. These are financial awards to help undergraduates pay for education after high school. These loans are low interests that are funded by the federal government.