Key Takeaways:
- 87% of first-year, full-time students receive some form of financial aid.
- On average, students received $16,360 per year in financial aid for the 2023-24 academic year.
- Completing the FAFSA and state financial aid applications are critical to receiving the maximum amount of aid.
Although college can be expensive, there are many financial aid opportunities available that can make higher education more affordable. From grants to student loans, financial aid can help with the cost of a college degree.
Most first-year, full-time college students receive some form of aid. But, your financial aid package will likely cover only some of your total cost of attendance. You can maximize your eligibility for financial aid by taking some steps before submitting your application.
5 Ways to Qualify for the Maximum Amount of Financial Aid
To get the maximum amount of financial aid you’re eligible for, follow these steps:
1. Fill out the FAFSA early
The Free Application for Federal Student Aid (FAFSA) is what the federal government, states, and schools use to determine your eligibility for financial aid, including work-study programs, grants, and student loans.
Some aid is awarded on a first-come, first-served basis, so it’s important to complete and submit the FAFSA as soon as possible. The FAFSA for the 2026-2027 academic year is available now, so fill it out as soon as you can. You can complete it online at FAFSA.gov.
2. Complete other financial aid forms
Besides the FAFSA, you may also need to complete other forms, such as the CSS Profile or state-specific applications.
For example, Tennessee residents may qualify for aid like the Tennessee Promise Scholarship or the Helping Heroes Grant. However, students must create a Tennessee Student Assistance Corporation (TSAC) portal account and submit an application for each program.
Visit your state education agency to learn about potential state-specific financial aid options and application requirements.
3. Search for additional aid on your own
Financial aid can come from other sources beyond your school or the federal or state government. You may also qualify for grants or scholarships from non-profit organizations or private companies. You can search for and apply for scholarships on platforms like FastWeb, Scholarships.com, and The College Board’s Scholarship Search tool.
If the financial aid office can’t help you and your family with more money, you may want to consider taking out additional federal student loans. If your parents are willing to take out loans in their names, another option is federal Parent PLUS Loans. Parent PLUS loans have higher maximums than some other loan types and can be borrowed up to the school-certified cost of attendance, minus any financial aid. However, Parent PLUS Loans have much higher interest rates than other federal student loans.
4. Stay organized
Keep track of what financial aid opportunities you find and apply for as you go. It can be a simple spreadsheet or document that outlines the name of the opportunity, the application deadline, and the status of your application. Staying organized will help you meet aid deadlines and plan ahead.
5. Appeal your aid package
If you find that your financial aid package isn’t enough to cover your costs, you may be eligible for additional aid if you appeal your aid package. Appeals can be effective if your circumstances have changed. For example, if your parent lost their job or had a reduction in hours, had a child, or if there was a major medical expense in the family, those details may not be reflected in the FAFSA, and you may qualify for added aid.
Contact your school’s financial aid office to inquire about the appeals process.
If You Need Additional Aid for College…
If you follow the above steps and still don’t have enough aid to cover your costs, these steps may help:
Ask About Payment Plans – Some colleges and universities have tuition payment plans that spread out the cost (often at no interest) over several months. A payment plan can make the cost more manageable rather than paying the total upfront.
Explore Employer Tuition Assistance – Some companies offer tuition assistance programs for employees; if you work part-time or full-time, you may be able to get some help with the cost of your education.
Consider Private Student Loans – Private student loans can help cover the costs that federal, state, or institutional aid does not. Private loans allow you to borrow up to 100% of the total cost of attendance, and you can have up to 15 years to repay the loan.
You can use ELFI’s Check My Rate tool to view your loan options without affecting your credit score.
FAQs
What is the highest amount FAFSA will give you?
The maximum amount of aid depends on your dependency status, year in school, and type of aid. The highest amount cannot exceed the total cost of attendance, but the annual maximums for federal aid are as follows:
| Pell Grant | Direct Subsidized Loan | Direct Unsubsidized Loan | Parent PLUS | |
| Maximum Annual Amount | $7,395 | $3,500 | $5,500 | $20,000 |
| *Maximum aid for a dependent, first-year, full-time undergraduate student for the 2026-2027 academic year | ||||
Is there a way to get more money from financial aid?
If your financial situation changed from the information you submitted on the FAFSA, you may be able to appeal your school’s financial aid eligibility. You may qualify for additional grants or student loans by submitting an appeal.
How can I maximize my financial aid eligibility?
Maximize your financial aid eligibility by filling out the FAFSA and other financial aid applications early, searching for independent grants and scholarships, and appealing the college’s aid decisions.
