In short, everyone qualifies for some form of financial aid as long as the applicant meets some basic requirements such as being:

• U.S. citizen or qualified legal resident
• In good standing on any previous federal loans
• A student at an eligible school in an eligible program

The term "financial aid" can be confusing as people generally only associate free money as financial aid. In fact, financial aid refers to any funds that come from the government or the college.

Even if an applicant is denied grants or work-study, he or she will still qualify for federal student loans which have below-market interest rates and deferred and extended repayment options and are still considered a form of financial aid.

How Much Do I Qualify For?
Borrowers should go through the application process early to ensure that all of their information is received and processed by the time the student begins school. By going through the financial aid application process, the school is able to determine a student's financial aid need, which it then attempts to meet though grants, loans, and work-study programs.