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Financial Aid for College

Student Financial Aid & Scholarships

Bowling Green State University

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Topics

How to apply for financial aid

Types of Financial Aid

Financial Aid Offers

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Financial Aid Basics

The federal government looks to BOTH the student and the family to cover educational costs
Financial aid is designed to assist all families regardless of financial situation

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What to Apply for

Different schools require different applications, check with the Financial Aid Office and Admissions Office at each school.

Some standard applications are:

Admissions Application
Free Application for Federal Student Aid (FAFSA)
Other institutions application documents
Scholarship applications

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What is the FAFSA

FREE Application for Federal Student Aid
Studentaid.gov
Opens October 1st
2026-2027 FAFSA will use 2024 tax information
Federal application used to determine eligibility for financial aid

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Creating an FSA ID (For the FAFSA)

Studentaid.gov
Studentaid.gov account is your FAFSA username and password
Parents and students will create separate studentaid.gov accounts to log in
One account per email, phone number and Social Security Number (SSN is required)
Make sure to include your legal name and the correct DOB
Students should not use a high school email as it is likely to be disabled after graduation

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Recommendation: students and contributors all together creating accounts and doing the FAFSA

- Create account before the FAFSA opens

-Studentaid.gov account is what they will use if they need to make FAFSA corrections, sign MPN, complete Entrance Counseling, etc.

-Make sure they enter their SSN, Name and DOB correctly. Get out your SSN card and enter exactly as shown on card. The FAFSA will do a match with the Social Security Administration (this is immediate starting in 26-27). If they enter their SSN incorrectly, they will need to file a new FAFSA. Schools cannot update Personally Identifiable Information (PII) on the FAFSA – so double check DOB.

-They will use this studentaid.gov account for the duration of their academic career and beyond (use to get information on any loans/servicers)

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Creating a studentaid.gov account��

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Start a New Form once the FAFSA opens in October!��

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��The Student logs in with their Username and Password��

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After logging in, the student can select “Student” as their applicable role��

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��Onboarding process has 4 pages��

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By providing consent, the student’s federal tax information is transferred directly into the FAFSA form from the IRS. ��

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Circumstances that Determine Contributors

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If you answer YES to at least one of the dependency questions: Independent, provide information about student and spouse (if married)

If NO to all dependency questions: Dependent, must provide information about Student and Parent

Born before 1/1/2003
Married
Working on Master’s or Doctorate program
Serving active duty in US Armed Forces (not for training)
Veteran of US Armed Forces
Provides over 50% for other dependent that lives with student

Provides over 50% support for child
At age 13 or older, both parents were deceased, were in foster care, or dependent/ward of court
Emancipated minor as determined by court (not same as emancipated minor in divorce decree)
In legal guardianship as determined by court
On or after 7/1/2025, determined to be an unaccompanied youth who was homeless or at risk of being homeless

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Who is considered a contributor?

Student’s legal parents

Both live in the same house = both income info

Separated/Divorced

Parent who provided more financial support in the last 12 months
Include step-parent info if parent is remarried and lives in the same household

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How to invite contributors to complete the FAFSA

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Parent can access the form by accepting the invite or the student can share the invitation link and invitation code directly with the parent.

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Contributor (Parent) receives an email invitation, then “Logs in”

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��The Contributor logs in with their Username and Password��

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�After logging in, the parent is taken to the “Accept 2026-27 FAFSA Invitation” page. The invitation code from the parent’s email automatically fills in the text box if the parent used the link from the email.�

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By providing consent, the contributor’s federal tax information is transferred directly into the FAFSA form from the IRS. ��

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Contributors will be asked about their tax filing status. ��“Did or will the parent file a 2024 joint tax return with their current spouse?”��

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This page asks the parent if their family size has changed. ��

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Additional FAFSA Questions��

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Some Demographic questions

Race/Ethnicity not shared with college/universities, just data collection

High School Information

Up to 20 colleges/universities can be listed

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Assets/Investments – student and parent��

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Assets/Investments Included:

Savings/Checking
Child Support Received
Investments / Business / Farm Value

Current/market value minus debt = Net Worth
Only include businesses that have more than 100 employees & aren’t family owned.
Only include farms where the family does not reside.

Real estate (not home you live in) meaning rental properties, vacation homes, cottages, etc.
Trust funds, money market and mutual funds, CD’s, stocks, bonds
Education benefits/savings accounts (Coverdell, 529, refund value of prepaid tuition plans)

Asset of the parent not student

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Assets/Investments – student and parent��

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Assets/Investments NOT included

Cash
Family owned businesses with 100 or fewer employees
Family farms where the family resides
Family owned commercial fishing businesses
Value of primary residence you live in
Traditional Retirement Plans (401k, pension funds, annuities, non-education IRAs, Keogh plans)

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2026-2027 Updates:

These changes are due to the "One Big Beautiful Bill Act," which revises the asset calculations for the Student Aid Index (SAI).
Cash has been removed
You no longer need to report the net worth of the following assets on the FAFSA:

Family-owned businesses with 100 or fewer employees: This exclusion applies to both small family businesses and farms where the family resides.
Family farms where the family resides: only include net value of income-producing farm/land, this will be used in SAI; do not include resident farm property
Family-owned commercial fishing businesses: The value of these businesses and related expenses, if they are owned and controlled by a family, will also be excluded.

“Enter the net worth of the parent’s business and income-producing farms. Net worth is the value of the businesses and farms minus any debts owed against them. Don’t include a family business with 100 of fewer full time employees, farms where the family resides, or a commercial fishing business and related expenses.”

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If parents are unwilling to provide information, then students can apply for a Federal Direct Unsubsidized Loan��

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Student Aid Index (SAI)

Creates levels of financial need
Federal poverty level thresholds will be used for eligibility
Allows for negative SAI as low as -$1500
Students will receive a FAFSA Submission Summary once the FAFSA is submitted

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Common Errors and Tips

Make sure SSN number and name are exactly the same as SS card for the FSA ID creation
Make sure to complete the 2026-2027 FAFSA form – 2025-2026 will still be available
Manually enter the Family Size – don’t leave this blank
Make sure you know whether you filed a 2024 federal tax return
Strongly recommend student start the FAFSA

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Cost of Attendance

Tuition and Fees
The cost of housing and food (living expenses)
Cost of books, supplies, transportation, etc.
Loan fees and miscellaneous expenses

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Types of Financial Aid

Scholarships – Free money awarded based on the student’s achievements
Grants – Free money awarded based on need
Loans – Borrowed monies repaid typically after graduation
Work – Money earned through employment

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Scholarships

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Search locally:

High School Counselors
Chamber of Commerce
Public Library

At every college you want to attend:

University Website
Financial Aid Office
Admissions Office

Personal Affiliations:

Churches
Fraternal Organizations
Employers (student and parent)

Free, national searches:

fastweb.com
Scholarships.com

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Applying for Scholarships

Start early and search year round
Complete each application carefully
Be aware of deadlines (submitted by, received by)
If an essay is required or even optional, do it!
Apply even if you think it’s a long-shot
Spend the time, not money. If it sounds too good to be true, it probably is!

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Grants

Federal Pell Grant | 2025-26 academic year

Award amount up to $7,395
Determined by Adjusted Gross Income and Poverty Levels or SAI

Supplemental Educational Opportunity Grant (SEOG)

$100-$4,000 for eligible students

Ohio College Opportunity Grant | 2025-26 academic year

$4,000 for Ohio residents at most public university main campuses

TEACH Grant

Up to $3,772 per year, specific majors are eligible

Institution specific

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2026-2027 Updates

Limitations on Pell Grant eligibility

Student is not eligible for the Pell Grant if:

SAI exceeds twice the maximum Pell Grant amount; or
Student’s nonfederal grants and scholarships cover entire COA (even if otherwise eligible)

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Federal Work Study (FWS)

Does not reduce bill owed to college
Employment may be on or off campus
Not counted as income on future FAFSA
Each school has their own priority deadline
Your student will receive a normal paycheck and earn the same amount as other students on campus

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Federal Direct Student Loans

Direct Subsidized Loan – No interest accrues while in school
Direct Unsubsidized Loan – Student pays interest while in school or allows it to accrue
6-month grace period before repayment
Interest Rates

6.39% for the 25-26 aid year

Can reduce or decline these loans

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Federal Direct Student Loans

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Parent Plus Loan	Vs.	Private Loan
Parent is the borrower	Borrower	Student is the borrower
Required	Credit Check	Required – May need a co-signer
Fixed (8.94% for 25-26 aid year)	Interest Rates	Variable or fixed interest rates
60 days after loan fully disbursed	Repayment	Varies
Requires application by parent at studentaid.gov	How to Apply	Varies by lender/school

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2026-2027 Updates

Parent Plus Loans:

New borrowers on or after July 1, 2026:

Annual loan limit: $20,000 per dependent student
Aggregate loan limit: $65,000 per dependent student

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Other Funding Options

Job while in school
Graduation money
529 plan
College/University payment plan
Military

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Financial Aid Offers

Timing will vary on when students will receive these
Compare offers:

Amount of aid vs. cost of attendance
Gift money vs. borrowed money
Types of loans

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Questions

Recommend contacting school student plans to attend