Financial Aid
Financial Aid is a collection of resources designed to help pay for education and training that supports career, personal, and economic goals. These funds can be used not only for tuition and fees, but also for books, supplies, required equipment, transportation, and some types of living expenses. For adults returning to complete their education or starting a new program, this can assist in reducing financial barriers.
Types of Financial Aid
A financial aid package provides information about the specific types and amounts of aid you are eligible to receive. Financial aid comes in several forms, each with different eligibility requirements and repayment expectations. Because financial aid packages can vary by school or program, it’s important to check what financial support can be offered by each school or program you are considering. Begin exploring financial aid options as soon as you have decided to return to school, as some deadlines may occur before you plan to enroll in classes.
Different Kinds of Aid
Need-based Aid: Assistance awarded to students who demonstrate financial need, based on income and household information
Merit-based Aid: Awarded based on academic achievement, skills, experience or other personal information or accomplishments
Gift-Aid: Money that does not need to be repaid
Loans: Borrowed funds that must be repaid, usually with interest
Sources of Financial Aid
Federal: The largest source of financial assistance for adult learners and available to eligible U.S. citizens and certain non-citizens, determined via the Free Application for Federal Student Aid on studentaid.gov
State: Provided by the State of Michigan to help eligible residents pay for education and training, especially for continued study related to in-demand occupations or local economic needs
Institutional: Colleges and Universities may offer their own grants, scholarships, tuitions, or discounts, often based on financial need, academic goals, programs of study, or student status
Private: Offered by foundations, nonprofits, community organizations or professional organizations with applications requirements and deadlines determined by the awarding organization
Workforce and Job-Training: Provided for short-term training, certifications,apprenticeships, or industry credentials, typically administered through workforce agencies or other partnerships
Employer Benefits: Some organizations assist employees with tuition assistance or reimbursement for continued education
Military Benefits: Assists veterans, military-affiliated, and eligible dependents with funding that can be used in combination with traditional financial aid sources
Work Study: Provides opportunity for part-time employment, often on campus or with an approved community partner
Essential Steps and Considerations
Complete the FAFSA each year. Most federal, state, and institutional aid programs require students to complete a FAFSA for each academic year they plan to use aid. The FAFSA form will allow students to indicate which schools they would like to have their financial information sent to. Most adult students file as independent, which means parental information is not required.
Check school- and program-specific deadlines. Deadlines may vary by institution and specific opportunity, so staying organized and completing applications or requirements in a timely manner ensure you are considered for any available aid. Some aid is awarded on a first-come, first-serve basis.
Understand your financial aid package. The Financial Aid Office or your advisor can ensure you understand the different types of aid available to you, how to accept awarded aid and how the funds will be applied to your student bill.
Be aware of renewal criteria. Some types of aid can be awarded the following term oryear. For any renewable rewards, review any requirements that must be met in order tocontinue to receive funding (such as minimum GPA or enrollment).
Track loan limits and repayment obligations. If you choose to use aid that must be repaid, borrow only the amount you need. Ensure you keep careful records related to your loan servicer, the repayment terms, and how to access information about your account.
Report changes to your school’s Financial Aid Office. Adjustment to your enrollment or financial system can affect eligibility. If you experience a significant change in your household’s financial situation that impacts your ability to afford continuing your education, the Financial Aid Office can discuss whether your financial aid package will be impacted and make any appropriate adjustments, if necessary.
Regularly review your aid and personal finance budget together. Find tools or systems that help you stay organized, plan ahead, and avoid surprises. Many schools offer resources or support to assist with personal finance and financial literacy skills.