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You generally don't have to pay back grants, scholarships, and work-study, but you must repay all student loans (federal, state, private) with interest, though you may need to return some funds if you withdraw early or change enrollment status, as aid is earned over time. Grants (like Pell Grants) and scholarships are "gift aid," while loans are borrowed money, so check your award letter to see what's what.

The highest amount of financial aid you can get depends on a combination of factors, including your calculated financial need, your cost of attendance, and your eligibility for different programs. Federal aid limits can vary, with the maximum annual Federal Pell Grant being $7,395 for the 2025-26 award year. For federal student loans, undergraduate annual maximums range from $5,500 to $12,500 depending on the year and dependency status, while graduate students can borrow up to $20,500 in direct unsubsidized loans annually. Some private loans and institutional aid can have higher limits.

Certain factors can impact financial aid eligibility, such as citizenship status, education history, and demonstrated need. Always complete the FAFSA even if you don't qualify for federal assistance as schools often use the form to determine institutional aid.

It depends on what costs are already covered. On average, college students spend $3,016 per month on living expenses, including housing, food, and other personal costs. If housing is already covered, $500 may be enough to cover food (off a meal plan), but you may be limited in how often you can eat out.

If you won't have enough money for the upcoming semester, contact your school's financial aid office. The financial aid office may be able to help you find alternative funding options to pay for school. Some options might include: School-based loans.

Financial aid can vary depending on the type that you receive—grants, scholarships, and federal student loans have different average amounts. In the 2022-23 academic year, College Board reported that full-time equivalent (FTE) undergraduate students received financial aid packages averaging $15,480 per student.

For Federal Student Loans, you generally don't need a specific credit score, as eligibility is based on financial need via the FAFSA; for Private Student Loans, scores typically need to be in the mid-600s (e.g., 640+) for the borrower or a strong 670+ for a co-signer, though some lenders have higher or lower requirements, or even alternative options.

You can be disqualified for student loans if you don't meet enrollment requirements, citizenship requirements, or, in the case of private loans, if you don't meet the lender's credit and income requirements.

A 4.0 is not only a high GPA, but it's also an impressive GPA that's sure to catch the eyes of many scholarship providers. Since the minimum GPA for a full-ride scholarship is usually set at 3.0, a 4.0 is sure to always be above and beyond what's required.