Navigating financial aid can be a stressful process, but it’s an important step in making higher education affordable. Whether you’re a prospective student or already enrolled, maximizing your financial aid opportunities can significantly ease the financial burden. The Free Application for Federal Student Aid (FAFSA) and various scholarships are available for anyone to apply. Here are five tips to help you navigate FAFSA and scholarships effectively, ensuring you make the most of the available financial aid.

1) Start early and meet deadlines

One of the most critical steps in securing financial aid is to start the process early. The FAFSA application opens on Oct. 1 each year, and it’s important to submit your application as soon as possible to maximize your chances of receiving financial aid. Many scholarships also have early deadlines, so keep track of these dates and plan accordingly. Missing a deadline can mean missing out on valuable financial aid opportunities. For more information and to start your application, visit the FAFSA website or the Utah System of Higher Education Opportunity Scholarship.

2) Gather necessary documents

Before you begin filling out the FAFSA, gather all the necessary documents to make the process smoother. This includes your Social Security number, federal income tax returns, W-2s, and other records of money earned, bank statements, and investment records. Having these documents ready will make the application process much easier and help ensure that you provide accurate information. Accurate information is crucial for determining your eligibility for federal aid, grants, and scholarships.

3) Understand your financial aid package

Once you receive your financial aid package, take the time to understand each component. Your package may include grants, scholarships, work-study opportunities, and loans. Grants and scholarships are forms of aid that do not need to be repaid, making them highly desirable. Work-study provides part-time employment to help cover your expenses, while loans must be repaid with interest. Understanding the terms and conditions of each type of aid will help you make informed decisions about how to finance your education.

4) Explore university-specific scholarships

In addition to federal aid, many universities offer their own scholarships. Here at the David Eccles School of Business at the University of Utah, there are a variety of scholarships for incoming freshmen, transfer students, and current students. These scholarships can be based on merit, need, or specific criteria such as major or extracurricular involvement. Be sure to visit the David Eccles School of Business scholarship and the University of Utah’s scholarships to explore the options available and apply for any scholarships for which you are eligible.

5) Seek help when needed

If you find the financial aid process confusing or overwhelming, don’t hesitate to seek help. Many resources are available to assist you, including college financial aid offices and online resources. The FAFSA website offers a comprehensive guide and FAQs to help you through the application process. Additionally, the University of Utah’s financial aid office can provide personalized assistance and answer any questions you may have about scholarships and financial aid. You can visit the University Office of Scholarships and Financial Aid at the Student Services Building: 201 South 1460 East, Room 105. You can also contact them via email at financialaid@utah.edu or by phone at (801) 581-6211. Office hours are Monday, Wednesday, Thursday, and Friday from 8 a.m. to 5 p.m., and Tuesday from 10 a.m. to 5 p.m. For business students looking for more information on David Eccles of Business-related financial aid and scholarships, you can contact the Financial Aid & Scholarship Team. Current students are encouraged to email from their UMail account and have their FERPA PIN ready if contacting by phone or personal email.

Best of luck as you navigate the financial aid process! Remember, starting early and staying organized can make a big difference.

Xander Riessen is a junior studying Marketing at the University of Utah and is currently a marketing and communications intern at the David Eccles School of Business.