Institutional financial aid is money provided directly by the college or university you attend, as opposed to federal or state aid. It is one of the largest sources of financial aid and can include need-based grants, merit scholarships, talent-based awards, and institutional loans or work-study programs.
10 steps across 1 sections
1. Steps Process
- Research each college's institutional aid offerings. Before applying, investigate:
- What types of institutional aid each school offers (need-based, merit-based, or both)
- Average financial aid packages and percentage of students receiving aid
- Net price calculator on the school's website (provides an estimated cost after aid)
- Complete required applications. Different schools require different forms:
- FAFSA: Required by virtually all schools for any financial aid
- CSS Profile: Required by many private and selective institutions for institutional aid
- Institutional aid application: Some schools have their own additional financial aid forms
- Scholarship applications: Some institutional scholarships require separate applications, essays, or auditions
- Submit all forms by priority deadlines. Institutional aid deadlines are often earlier than federal deadlines and may align with admissions deadlines:
Common Mistakes
- Not applying because you assume you will not qualify
- Missing institutional deadlines
- Confusing institutional grants with loans
- Not completing all required forms
- Failing to use the net price calculator
Pro Tips
- Apply to schools where you are in the top of the applicant pool
- Leverage competing offers
- Ask about endowed scholarships
- Check if aid meets full demonstrated need
- Negotiate before the deposit deadline