Federal Financial Aid 101: What You Need to Know About FAFSA and Title IV Schools
Pursuing higher education is one of the most rewarding investments you can make in your future, but it often comes with financial challenges. Fortunately, federal financial aid can help make college more accessible and affordable. If you’re considering applying to Hawai‘i Medical College or another institution, understanding the basics of the Free Application for Federal Student Aid (FAFSA) and Title IV schools is essential. Here’s what you need to know to get started.
What Is FAFSA?
The Free Application for Federal Student Aid, or FAFSA, is the gateway to federal financial aid. Completing the FAFSA allows students to access a variety of financial aid options, including grants, loans, and work-study programs. These funds can help cover tuition, fees, books, and even living expenses while you’re in school.
FAFSA is free to complete, and eligibility is based on a combination of factors, including your financial need, enrollment status, and the cost of attendance at your chosen school. Even if you think you might not qualify, it’s always worth submitting the application, as many students are surprised by the aid they receive.
What Are Title IV Schools?
Title IV of the Higher Education Act of 1965 governs federal financial aid programs. Schools that participate in these programs are referred to as “Title IV schools.” These institutions have been approved by the U.S. Department of Education to disburse federal financial aid to eligible students.
Hawai‘i Medical College is a Title IV school, which means our students can take advantage of federal financial aid programs to help fund their education. This ensures that you’re attending a school that meets the quality and accountability standards set by the federal government.
Types of Federal Financial Aid
When you complete the FAFSA, you may qualify for several types of financial aid, including:
- Grants
Grants are need-based financial aid that you don’t have to repay, making them an excellent option for students with limited financial resources. Examples include the Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG).
- Loans
Federal student loans are borrowed funds that must be repaid with interest. They often offer lower interest rates and more flexible repayment terms than private loans. Common types include Direct Subsidized Loans, Direct Unsubsidized Loans, and PLUS Loans for parents or graduate students.
- Work-Study Programs
The Federal Work-Study program provides part-time jobs for students with financial need, allowing them to earn money to help pay for educational expenses while gaining valuable work experience.
How to Complete the FAFSA
Filling out the FAFSA might seem overwhelming, but the process is straightforward. Here’s a step-by-step guide to help you get started:
- Gather Your Documents Before you begin, collect important documents such as your Social Security number, tax returns, W-2 forms, and bank statements. Dependent students will also need their parents’ financial information.
- Create an FSA ID Your Federal Student Aid (FSA) ID is your online signature for the FAFSA. Both students and parents (if applicable) will need to create separate IDs.
- Complete the Application Visit FAFSA.gov to fill out the application. Be sure to enter Hawai‘i Medical College’s school code (041822) to ensure your information is sent to us.
- Submit and Monitor Your Application After submitting your FAFSA, you’ll receive a Student Aid Report (SAR) summarizing your financial aid eligibility. Review it for accuracy and follow up with Hawai‘i Medical College’s Financial Aid Office if needed.
Why Federal Aid Matters
Federal financial aid makes education accessible to millions of students who might not otherwise afford college. By choosing a Title IV school like Hawai‘i Medical College, you gain access to these resources and can pursue your career goals with less financial strain.
Ready to Get Started?
Hawai‘i Medical College is committed to helping students navigate the financial aid process. Our dedicated Financial Aid Office is here to answer your questions and guide you every step of the way—from completing your FAFSA to understanding your award package.
Take the first step toward your future today. Visit HMI.edu to learn more about our programs and financial aid options. Let us help you turn your career aspirations into reality!
