D3 Financial Aid 101
Let's get back to the basics
If you are going through the D3 college sports recruiting process you will more than likely have to deal with financial aid at some point.
While many view this as a scary proposition and would rather find a D1 or D2 athletics scholarship to make things smoother - we’re here to tell you not to worry.
Today, we’re getting back to the basics and sharing key definitions and terms you will want to know as you navigate D3 Financial Aid.
D3 Financial Aid 101
In case you are just starting your D3 college financial aid process, here are a few key definitions that will help you better understand concepts and offerings discussed later in the post:
Fellowship – a scholarship or grant awarded to a graduate student in a college or university. This does not need to be paid back in most cases, but could have GPA or outcome dependencies (like working in a particular field for some time after graduating).
Scholarship – financial aid that usually is awarded for merit or academic achievement. A scholarship considered gift aid and does not have to be paid back. NOTE: D3 schools cannot offer scholarships tied to athletic performance.
While we’re on the topic of D3 Scholarships, we posted a video on our Youtube channel - check it out and let us know what topic you’d like to see covered next.
Grant – a gift aid that does not have to be paid back.
Loan – money which must be repaid. Loan programs have varying repayment provisions. There are numerous types of loans and some have been rolled back recently. To stay up to date on the latest developments, check out the NASFAA’s tracker.
Work Study – this program provides jobs that enable students to earn a portion of school costs through employment at the institution. This is a common practice at D3’s that allows student-athletes to make money to chip away at their cost of college. Many athletes will work other team’s sporting events on campus.
Don’t want to read about D3 financial aid? Listen to the Student Athlete Sessions Podcast to get insights about funding a college education directly from former D3 student athletes!
Need – the term “need,” as used in financial aid, usually refers to the difference between the resources available to the student (from parent’s, student savings and summer jobs, etc.) and the cost of attending the student’s selected postsecondary institution. The process of determining “need” is often referred to as a “need analysis.”
Student Aid Index (SAI) is the new metric used to determine federal student aid eligibility (replaced EFC or Expected Family Contribution). SAI was created to make the financial aid process more straightforward and transparent.
“Your SAI is an index number used by financial aid professionals when creating an aid offer. Your SAI is calculated using information that you (and other contributors, if required) provide on the FAFSA.” (source)
Free Application for Federal Student Aid (FAFSA) – a free form distributed by the U.S. Department of Education to collect information used to determine a student’s need for federal financial aid.
Conversion scholarship/loan – A scholarship that requires you to provide certain services, such as teaching or nursing, for a certain length of time. If the services are not provided, the scholarship becomes a loan which must be paid back with interest.
Waiver – An agreement that allows attendance at a school without having to pay tuition or other costs if certain eligibility requirements are met.
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