Jessica Ancajas

Tips for the FAFSA

The FAFSA can unlock grants, scholarships, and student loans to pay for college. Here are useful tips for the FAFSA to maximize your financial aid. 

8 important tips for the FAFSA to get the most money

Financial Aid for Virginia Commonwealth University

VCU Financial Aid

Read all about financial aid at Virginia Commonwealth University, including scholarships, loans, and grants.

Virginia Commonwealth University financial aid: a complete guide

CSUN Aid Header

Read all about financial aid at California State University, Northridge University, including scholarships, loans, and grants.

California State University, Northridge financial aid: a complete guide

California State University, Northridge financial aid guide

John Fitton

Student considering loans vs scholarships

Student Loans vs. Scholarships

Student loans and scholarships are 2 of the most popular financial aid types. Learn the pros and cons of each and how they fit into your aid package.

How is a student loan different from a scholarship?

Student loans vs. scholarships

HEROES Act 

The government passed several aid bills during the pandemic. Learn more about the HEROES Act and other forms of government student loan assistance.


What is the HEROES Act, and how does it impact student loans?

What Is the HEROES Act, and How Does It Impact Student Loans?

The government passed several aid bills during the pandemic. Learn more about the HEROES Act and other forms of government student loan assistance.

Student Loan Wage Garnishment

Learn what student loan wage garnishment is, why it happens, and how you can stop (and prevent) your wages from being garnished.

Student loan wage garnishment: what it is and how to protect yourself

What is Student Loan Wage Garnishment? (And How to Protect Yourself)

How to Stop (& Prevent) Student Loan Wage Garnishment

Make sure to evaluate the pros and cons of student loans before borrowing.


The Pros and Cons of Student Loans

The responsible use of student loans can help you cover the gap between the cost of tuition and free financial aid.

What are the pros and cons of student loans?

What are the Pros and Cons of Student Loans?

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What is a Master Promissory Note?

Check out this guide from Mos to find out everything you need to know about an MPN.

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Student loan rehabilitation

Are you at risk of a student loan default? Read this guide from Mos explaining how student loan rehabilitation can save the day.

Student loan rehabilitation: what it is and how it can work for you

Student Loan Rehabilitation: What it Is and How it Can Work for You

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Goodwill letter

Made a late student loan payment? Check out this guide from Mos to find out how you can send a goodwill letter.

Goodwill letter for student loans: what it is and a template to get started

What is a goodwill letter for student loans (plus a template to get started)?

What is a goodwill letter for student loans?

Learn about alternatives to private student loan forgiveness and how Mos can help you avoid private loans entirely.

 6 Smart Alternatives to Private Student Loan Forgiveness

Learn about alternatives to private student loan forgiveness and how Mos can help you avoid private loans entirely. 


Private student loan forgiveness: a walkthrough and leading alternatives

Private student loan forgiveness: A walkthrough and leading alternatives

Learn about alternatives to private student loan forgiveness and how Mos can help you avoid private loans entirely. 

6 Smart Alternatives to Private Student Loan Forgiveness

Joseph Arning

How to Cancel Student Loan Debt

Got a lot of student loans? In certain situations, you can get your loans erased. Learn how to cancel student loan debt and reduce your debt burden.

How to cancel student loan debt

Thurgood Marshall Scholarship

The Thurgood Marshall Scholarship offers many opportunities to the Black college community.

Complete guide to the Thurgood Marshall Scholarship

Complete Guide to the Thurgood Marshall Scholarship

The Thurgood Marshall Scholarship

How to pay for college without loans 

Here are our absolute favorite big-money and largest scholarships, hand selected from tens of thousands, to help you pay for college without loans.

Top big money scholarships

Top Big Money Scholarships

Want to pay for college without student loans? Check out this Mos guide to find out how.

How to pay for college without loans

Megan Ranegar

Personal Finance For College Students Header

Personal Finance For College Students 

Learn about the importance of student personal finance and explore 10 pillars of personal finance for college students that’ll shape your financial future.

A guide to personal finance for college students

A Guide to Personal Finance for College Students

Student With Pell Grant

Tuition’s rising, so you need every free college dollar you can get. Read about the Pell Grant and eligibility, plus other ways to help pay for college.

Your complete guide to the Federal Pell Grant

Your Complete guide to the Federal Pell Grant

Complete guide to the federal Pell Grant

Emerson Financial Aid

Read all about financial aid at Emerson, including scholarships, loans, and grants.

Emerson financial aid: a complete guide

Emerson Financial Aid: A Complete Guide

University of Texas

Read all about financial aid at the University of Texas, including scholarships, loans, and grants.

University of Texas financial aid: a complete guide

University of Texas Financial Aid: A Complete Guide

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How to prepare for college

Considering heading off to college? Read this guide from Mos to learn how you can prepare for school.

How to prepare for college: a step-by-step guide

New York University

Read all about financial aid at New York University, including scholarships, loans, and grants.

New York University financial aid: a complete guide

New York University Financial Aid: A Complete Guide

Stanford Financial Aid

Read all about financial aid at Stanford University, including scholarships, loans, and grants.

Stanford financial aid: a complete guide

Stanford Financial Aid: A Complete Guide

State financial aid programs in the US

Want to know if you have access to grants and scholarships beyond what’s available on a federal level? Check out our complete state aid directory.


 State financial aid directory for all U.S. states and territories

State Aid Directory for All U.S. States and Territories

Want to know if you have access to grants and scholarships beyond what’s available on a federal level? Check out our complete state aid directory.

ASU Financial Aid 

Considering going to Arizona State University? Read this guide on ASU financial aid from Mos.


ASU financial aid: a complete guide

ASU Financial Aid: A Complete Guide

Read all about financial aid at ASU, including scholarships, loans, and grants.

Purdue University

Read all about financial aid at Purdue University, including scholarships, loans, and grants.

Purdue financial aid: a complete guide

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Do you have to pay back a Pell Grant

Wondering whether you'll need to repay your Pell Grant award? Check out this guide from Mos to find out.

Do you have to pay back a Pell Grant?

New York TAP Program

New York has many great colleges, but they can be pricey. Learn about the NYS TAP financial aid program and see if you qualify for this New York aid program.

The complete guide to the NYS Tuition Assistance Program (TAP)

The complete guide to TAP financial aid for NYS students

FAFSA Status

The FAFSA takes days to process and occasionally runs into issues. Learn how to check your FAFSA status so you can fix problems and keep track of your aid.

How to check your FAFSA status

Independent student FAFSA

Check out this guide from Mos to find out what your FAFSA dependency status is and how it affects financial aid.

What's my FAFSA dependency and why does it matter?

What is my FAFSA dependency and why does it matter?

What is my FAFSA Dependency and why does it matter?

Apex Hosting

The Minecraft Scholarship offers a quick application process and awards $2,000 to a student who understands how technology can influence education.

Complete guide to the Minecraft Scholarship

The Minecraft Scholarship

Shawn Carter Scholarship

Learn more about the Shawn Carter Scholarship, including eligibility requirements and how to apply.

Complete guide to the Shawn Carter Scholarship

The Shawn Carter Scholarship

Complete guide to the Shawn Carter Scholarship-guide

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Best ways to save for college

Looking for ways to pay for college? Check out this guide from Mos.com on the best way to save for college.

The 4 best ways to save for college

The 5 Best Ways to Save For College

The 5 best ways to save for college

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How to save money as a teenager

Learn how to fatten your bank account with these 10 simple money-saving tips for teens.

How to save money as a teenager (and pay for higher education)

How to save money as a teenager (& never go broke again)

Passive Income for College Students

Passive income lets you earn money without much active time invested. Here are passive income ideas for college students.

Passive income for college students

How Much to Save for College

Check out this guide from Mos to find out how much you need to save for college (and how you can do it).

How much to save for college (and programs that can help)

Financial Literacy for College Students

Financial literacy involves learning basic money skills to manage your personal finances. Here’s everything college students need to know about money.

Financial literacy for college students

Recurring Expenses

Some expenses last a long time, or even for life. These are recurring expenses. Discover how recurring expenses work and learn the major types.

A college student’s guide to recurring expenses

A student’s guide to recurring expenses

Discretionary income

Discretionary income refers to the amount of money you have left over after paying for essentials, like rent and food. Here’s what students need to know.



What's discretionary income?

Discretionary income refers to the amount of money you have left over after paying for essentials, like rent and food. Here’s what students need to know.

What is discretionary income?

Can I invest student loans

Investing student loans is technically possible, but it comes with a whole lot of risks. Get the scoop on investing your loan money right here.

Investing student loans: is it possible, and should you do it?

Investing Student Loans: Is It Possible, And Should You Do It?

Investing Student Loans: Can You, and Should You?

How to invest as a college student

Investing doesn’t need to be complicated. Here’s how to invest as a college student, even if you only have a few bucks to get started.

Personal Budget

Taking your college finances into your own hands? Here are some personal budget categories to help you create your budget.

Making a budget? Here are some personal budget categories to consider

 Personal budget categories to include in your budget

 Illustration of student using mobile phone with piggy bank on screen


Best Budgeting Apps for College Students

Want to get control of your finances? Check out this Mos guide on the top budgeting apps for college students.

4 best budgeting apps for college students for 2022

Mehdi Habbechi

Illustration of student completing form on clipboard with piggy bank behind them

Does FAFSA Cover Graduate School?

Need funding for grad school? Check out this Mos guide to find out how you can use the FAFSA to get aid.


Does FAFSA cover graduate school?

Need funding for grad school? Check out this Mos guide to find out how you can use the FAFSA to get aid.

Duke Financial Aid

Read all about financial aid at Duke University, including scholarships, loans, and grants.


Duke financial aid: a complete guide

 Read all about financial aid at Duke University, including scholarships, loans, and grants.

You did it. You’ve sent your FAFSA, and you’re waiting for the government to tell you how much money you qualify for. But days pass, and you hear nothing back. Your ability to pay for school hangs in the balance, and you’re becoming anxious. Don’t worry. FAFSA takes a little while to process, and you can check your FAFSA status easily.  This article will explain what happens after you submit the FAFSA to help you understand why it takes a bit of time to process. Then, we’ll explain how to check your FAFSA status and what each status type means before closing with some FAQs. What is the FAFSA? The Free Application for Federal Student Aid, or FAFSA, is a form you fill out to qualify for most types of federal financial aid, including student loans, Pell Grants, and work-study.  Some state-based, school-based, and private aid programs also use part or all of your FAFSA to decide how much aid to give you. You have to complete and submit the FAFSA every year to qualify for federal aid and other aid sources that use it. But don’t worry, because it costs nothing more than a bit of your time to complete. And you can often submit it much faster after your first time because it saves much of your info. The FAFSA is due on June 30 of the year you want aid for. For example, the FAFSA for the 2022–2023 academic year is due on June 30, 2023. It’s hard to miss that deadline, but you generally want to fill the FAFSA out much earlier than that because your application can run into issues as you'll learn below. What happens after I submit my FAFSA? After you submit your FAFSA, the federal government processes it. Nearly 18 million students submit the FAFSA each year, so you won’t hear back right away. You’ll just have to wait until it either goes through successfully or runs into issues. If you submit your FAFSA online, it’ll take 3–5 days to process. Submitting it by mail will increase the processing time to 7–10 days. Once your FAFSA is processed successfully, you’ll get a Student Aid Report online or in the snail mail, depending on which delivery method you chose to submit your FAFSA. On that SAR will be several key pieces of information: Expected family contribution: Your EFC is a number the government uses to estimate your or your family’s ability to contribute to your education. Schools use this and their cost of attendance to determine your aid package. This will soon change to the Student Aid Index or SAI. Data release number: A unique number you can provide to FAFSA customer service agents to make certain changes to your FAFSA. Verification: An asterisk next to your EFC means you were selected for verification. You’ll need to provide more information to Federal Student Aid. More on this in our FAQ section. Loan summary: Any outstanding federal student loans. Where do I check my FAFSA status? You can check your FAFSA status online at FAFSA.gov or by phone. To check online, go to FAFSA.gov or open the myStudentAid mobile app and use your FSA ID and password to log in to your FAFSA. You’ll be taken to the FAFSA portal. Click on “My FAFSA” to land on the My FAFSA page. You’ll find your FAFSA status there. To check your financial aid status by phone, call the Federal Student Aid Information Center by dialing 1-800-4-FED-AID (1-800-433-3243). What does my FAFSA status mean? The Department of Education has several categories for your FAFSA processing status. Processing The “Processing” status means Federal Student Aid received your form but has not yet processed it. Since the FAFSA can take several days to process, don’t be surprised if your form remains “Processing” for a while. There’s nothing you need to do here but wait and check periodically for your FAFSA status to change. Processed Successfully The “Processed Successfully” status means that your FAFSA went through successfully. You don’t need to do anything else unless you want to make FAFSA corrections later. Once your FAFSA is processed successfully, you will get your SAR in a few days, as we mentioned earlier. Missing Signatures The “Missing Signatures” status means you or your parents have forgotten to provide signatures in 1 or more locations. You’ll simply need to log in to your FAFSA online account to add the missing signatures. If you submitted a paper FAFSA, you can add the signatures to a printed copy of your SAR and mail it to the FAFSA processor. Action Required The “Action Required” status means there are other errors besides missing signatures that you need to fix. You’ll need to contact any schools that received your FAFSA to find out the issue and determine how to fix it. FAFSA status FAQs Have more questions about filing the FAFSA, checking your FAFSA status, or getting the aid you need?  Check out our FAFSA status FAQs below. How long does it take to process my FAFSA? FAFSA processing time varies according to your submission method: Online: 3–5 days Paper: 7–10 days You’ll know your FAFSA is done if you check online and see a “Processed Successfully” status or receive your SAR in the mail. You can also check whether your FAFSA’s been processed by calling the Federal Student Aid Information Center. Is there any way to speed up FAFSA processing? The government processes millions of FAFSA forms every year. Unfortunately, there’s no way to speed up your FAFSA processing. But you can make the rest of the process faster by minimizing mistakes along the way. Here are some ways to knock out the FAFSA as quickly as possible: Gather the documents you need ahead of time, and store them together in a safe place Take your time filling out the FAFSA, and triple-check it before submitting it Use the IRS tool to pull in tax information Use last year’s FAFSA information, if possible I’ve been selected for verification. What does that mean? If you see an asterisk next to your EFC on your SAR, your FAFSA was selected for verification. This means the ED picked your FAFSA to check to ensure that the info you provided is correct. Don’t worry—this doesn’t mean you’re in trouble. The ED randomly picks a sample of FAFSA each year just to ensure things are running smoothly. However, you’ll want to cooperate earnestly and provide all the documents the ED asks for to the best of your ability. Waiting too long can delay your financial aid. You might have to do verification for several schools, and some may give it another name, like “missing documents.” You’ll need to send the necessary documents to each of these schools separately. If something turns out to be incorrect, you still may not get in any trouble. As long as you make a good-faith effort to fix errors on your FAFSA, the ED shouldn’t mind. Can I make corrections to my FAFSA if it’s already been processed? Yes, you can make corrections to your FAFSA application even if it’s already been processed, such as adding more schools or fixing incorrect information. You can make these corrections online, by phone, or by mail. The process differs for each of these methods. FAFSA corrections are generally due 3 months after the regular due date of June 30. That means September 10 or 11 of the year you’re attending school—in 2022, for instance, the deadline was September 11, 2022. Don’t wait until the deadline, though. The faster you make the corrections, the faster you’ll know what your aid package looks like so that you can plan accordingly. Plus, some FAFSA aid sources, such as work-study, are first-come, first-serve. Wait too long, and you could miss out on certain aid opportunities. How long will my FAFSA aid take to direct deposit? The time it takes to direct deposit depends on the financial institution. That said, it generally shouldn’t take more than 2 weeks. If you’re still waiting for aid you believe you’re owed, contact your school’s student accounts or financial aid office. My FAFSA was processed successfully. How can I check on the status of my aid? Once your FAFSA is processed and you accept your financial aid, you simply have to wait a little while before you officially receive your aid. You can check on the status of that money by reaching out to your school’s financial aid office. When will I get my financial aid award letter? Schools generally mail out financial aid award letters shortly after they send admissions letters. This means you can expect yours by mid-March to late April of the year you plan to attend school.  That said, schools can vary in how long they take to put together your aid package and send your letter. Once you get these letters, don’t rush to accept them. Weigh your and your parents’ finances against which school you want to attend and how much aid they offer before moving forward. How long does non-FAFSA aid take to process? There’s no universal answer here—it depends on the type of aid and the organization handing it out. For example, a massive scholarship competition like the Dr. Pepper Tuition Giveaway has a schedule that runs for several months over multiple stages and is handed out once per year.  Meanwhile, smaller or ongoing scholarships, like the Courage to Grow Scholarship, take only a few days to process since they run regularly and are quite simple. I didn’t get as much aid as I needed. Can I appeal the FAFSA financial aid decision? If you didn’t get as much aid as you needed, you can get your school to take another look at your situation by appealing your financial aid offer. This may be a good idea if your financial situation has changed significantly since you filed—for example if a parent lost their job or your family encountered a substantial unexpected expense. To appeal your FAFSA decision, you’ll need to: Contact your school and let them know you’d like to appeal your financial aid decision Gather documents relevant to the appeal decision. For example, if a parent loses a job, you may need some paperwork proving the loss of income. Write a financial aid appeal letter. In this letter, you’ll make your case for the school to reconsider your aid decision. Submit a letter and the relevant documents to your school’s financial aid office. Keep yourself updated on your FAFSA Several million fellow students apply for the FAFSA every year, so a response to your FAFSA won’t be immediate. Fortunately, the ED updates your FAFSA status online. If yours is flagged, handle the issue ASAP to ensure you get the needed aid.  
Otherwise, hang tight—there’s a good chance it’ll go through soon. In the meantime, check out our guide to the types of financial aid to better understand the aid available on your SAR and other types of aid you can look for.

This guide will cover everything you need to know about the Shawn Carter Scholarship, including eligibility requirements, how to apply, and how much financial support you can receive. We’ll also discuss some similar scholarships you might be eligible for. What is the Shawn Carter Scholarship? The Shawn Carter Foundation was founded in 2003 by Gloria Carter and her son, Shawn “JAY-Z” Carter. The foundation was founded with the belief that anyone with motivation should have the opportunity to pursue further education without worrying about the cost of attendance. The scholarship awards money to students from households making less than $75,000 per year. The program awards as much as $2,500 to recipients each year and continues to make awards for as long as the recipient remains in good standing as a student. How to apply for the Shawn Carter Scholarship In this section, we’ll cover what you need to know to apply for the Shawn Carter Scholarship. Eligibility requirements Before you apply for the Shawn Carter Scholarship, make sure you meet these requirements: Be pursuing your first undergraduate degree Be a US citizen or permanent resident Be 25 years old or younger Have a GPA of 2.0 or higher Have a household income not exceeding $75,000 The application The Shawn Carter Scholarship accepts applications through its website. We’ll break it down. Page 1. Describes the program and what it looks for in applicants. Page 2. Registration. You’ll provide your name, age, and contact info to create an account. Page 3. Prequalification. You’ll confirm that you meet the eligibility requirements. Page 4. The application. You can go through the following steps in any order: Applicant information Education information Honors and rewards, both academic and extracurricular Extracurricular activities, including which you participate in and how long you’ve participated Family information Financial information Personal statement and special circumstances Essay and photo Letter of recommendation It’s important to fill out the application as fully as possible. Also, make sure that you take the time to write a good personal statement and essay. These are your opportunities to let your personality shine through and to show why you want to pursue higher education.  The application doesn’t list a specific topic for the essay, so feel free to get creative and use the opportunity to make a good case for why you deserve the scholarship. Important dates to remember If you’re applying for the Shawn Carter Scholarship, remember these important dates: Applications open: April 1 Application deadline: April 30 Award date: Not listed Other scholarships like the Shawn Carter Scholarship The Shawn Carter Scholarship is aimed at students who need financial assistance with paying for college and who may not have perfect academic records. Instead, it focuses on other factors, including a determination to better oneself through education. Some similar awards include: The Ron Brown Scholarship The Courage to Grow Scholarship The College Bound Scholarship Mos can help you get started applying for both government financial aid and scholarships, like the Shawn Carter Scholarship. Join us now. 

When paying for goods or services, most people reach for one of two options (besides cash, of course): a debit card or a credit card. There are various schools of thought on the benefits of debit vs. credit cards.  Credit cards often offer rewards, but they can lead to costly credit card debt.  Debit cards don’t usually have rewards, but there’s no debt involved—and no effect on your credit score.  Is there a friendly middle ground that offers the benefits of each? Perhaps! The rare rewards debit card offers perks for your everyday spending activities while avoiding the pitfalls of credit card debt.  Here’s everything you need to know about debit card rewards.  Debit vs. credit basics The main difference between debit and credit cards is that debit cards allow you to spend your own money, while credit cards allow you to spend borrowed money.  When you pay using a debit card, the funds are immediately debited (removed) from your checking account. If you spend more than you have available, the transaction might be declined—or it may go through but leave you with a negative balance and an overdraft fee.  When you pay for something using a credit card, the transaction is added to your credit card account. The credit card issuer sends the actual cash to the merchant. You then pay off your credit card bill. If you pay it off in full before the due date, you won’t pay interest on your purchase—but if you carry a balance, you will pay interest.  With a debit card, there’s no interest cost, no effect on your credit score, and no possibility of going into debt. The downside is that debit cards don’t typically earn rewards.  Credit card use may affect your credit score. If you carry a balance, you can go into debt and end up paying a significant amount in interest. Many credit cards earn rewards, however, including airline miles and cash back.  Do debit cards offer rewards?  The vast majority of debit cards don’t offer any type of reward. However, there are a handful of rewards debit cards that do offer perks. The reason most debit cards don’t offer rewards is quite simple: debit cards just aren’t as profitable for banks!  When you make a purchase using a debit card, the bank may earn a very small fee (called an “interchange fee”). But they won’t charge you interest, which is the real money-maker for banks. On the other hand, when you use a credit card, the bank earns an interchange fee and can charge you interest. Interest rates on credit cards are above 20%, on average, so this can be extremely profitable for banks.  Because banks earn so much from credit cards, they can afford to offer rewards to customers. But with a debit card, there just isn’t as much of a profit margin to justify rewards.  Credit card rewards vs. debit card rewards  Even among the debit cards that do offer rewards, those rewards typically aren’t as lucrative as credit card rewards. Some debit cards also have other requirements in order to earn rewards, like keeping a certain amount of money in a checking account.  A typical rewards credit card system might look like this: For every $1 you spend, you could earn 1 airline mile or 1–2% cash back, depending on the card. For example, a $100 purchase might earn you 100 Delta airline miles or $1–2 in cash back.  Some credit cards have “tiered” reward systems, where spending in certain categories earns rewards at a higher rate. For instance, a card might earn 3% on restaurant purchases, 2% on gas, and 1% on all other purchases.  Debit card rewards are usually some sort of point system, which can later be redeemed for rewards like gift cards or cash back. Other debit cards might offer a different reward style, like an increased interest rate on your savings.  In general, the earning rate of debit card rewards is lower than that of credit card rewards. But remember, debit cards are typically free and don’t charge any interest. Credit cards offer better rewards but can end up costing you a lot of money depending on how you use them.  Types of debit card rewards There are a few different styles of debit card rewards. The specifics vary by program and bank.  Keep in mind that some programs might have additional requirements. For example, a bank may require that you make a direct deposit each month or that you keep a certain minimum balance in your bank accounts.  Here’s an overview of the various types of debit card rewards programs. Cash back Cash back debit cards offer cash rewards on every transaction you make. For example, a card might offer 1% cash back—meaning if you spend $100, you earn $1 in cash back rewards.  These cards are fairly rare, as banks don’t have much incentive to offer such lucrative rewards cards.  Points Points debit cards offer points rewards for every transaction you make. This might be a flat amount per transaction (e.g., 5 points per transaction), or it could be based on the dollar amount (e.g., 1 point per $1 you spend). These points are added to your account automatically. Eventually, you can redeem them for various rewards. These rewards vary depending on the bank and rewards program, but they might include things like gift cards, cash back, or travel perks. With these cards, you usually have to save up until you hit a certain threshold. For instance, you may need to accumulate 5,000 points in order to redeem them for a $50 gift card.  Relationship rewards Some banks offer “relationship rewards” for using a debit card. These rewards can look different from bank to bank and might include things like discounts on other banking products, exclusive access to certain products or services, or waived fees.  For example, a bank may offer to waive monthly service fees if you use their debit card X times per month. Or, they may enter you into a prize draw when you use your card. Again, these details vary significantly depending on the bank.  Higher APY on savings Some banks may offer to pay you a higher annual percentage yield (APY) on your checking or savings account when you use their debit card. APY refers to the amount of interest you earn over one year on a deposit account. For example, an account may pay 0.5% APY in interest by default. The bank may then offer to increase this APY to 1% if you use your debit card at least 10 times per month.  Other perks Banks and credit unions may offer various other perks for using your debit card. These could include waived ATM fees, bonus rewards, or prize drawings. You can find the details of a bank’s rewards programs in the fine print, which is often listed at the bottom of the bank’s website.  What debit cards offer rewards? Most debit cards don’t offer any rewards—but there are a handful that do. Here are some of the best options.  Mos student debit card If you’re a student, Mos might be the perfect solution for you.  Mos is a rewards debit card for students. But it’s much more than just that! Mos is a student-focused banking solution that offers dozens of juicy perks. It offers help with finding scholarships, easy cash advances for when you’re short on cash, access to side gigs, and much more. Plus, you can save when you spend with the Mos debit card. After picking your favorite spending category, you can earn points on every purchase you make in that category. You can then redeem those points for cash back rewards, which are deposited right into your account!  Mos members also enjoy exclusive deals and discounts specifically for students. You can even work with a private advisor to help you navigate how to pay for college and save as much money as possible!  Sign up today to see why Mos is trusted by more than 400,000 students nationwide.  Local banks and credit unions  Many smaller regional banks and credit unions offer rewards checking accounts and/or debit card rewards. The details vary by bank.  For instance, many credit unions participate in the Kasasa checking system. This program allows credit unions to offer perks to their members who use debit cards. With Kasasa, the rewards often kick in when you use your debit card at least 12 times per month. Depending on the bank, this might qualify you for perks like: Increased interest rates on your savings Refunds of ATM fees Cash back on your purchases And more Kasasa is a unique program because it’s independently run but has been adopted by various banks and credit unions throughout the nation. You can look at the websites of credit unions in your area to see which offer Kasasa Cash or Kasasa Cash Back accounts.  Axos Bank Cashback checking Axos Bank is an online bank that offers a cash back checking account. With it, you can earn up to 1% cash back on purchases you make using your debit card.  However, there are some significant restrictions. For one, cash back is only offered on transactions that require a signature. This means online and in-app purchases won’t qualify, but something like a restaurant meal will.  Also, certain categories are excluded. These include grocery stores, wholesale stores, supermarkets, and discount stores. These transactions won’t qualify for cash back, even if they require a signature.  To earn cash back rewards, Axos bank customers must maintain a checking account balance of $1,500 or more. If the balance drops below this threshold, the cash back rate is reduced to 0.5%. Discover Cashback checking  Discover Cashback Checking is a checking account and debit card that offers 1% cash back on eligible purchases. It’s not currently accepting new customers, although Discover plans to reopen applications “soon.” Check back later for more details.  Discover Cashback Checking offers 1% spending rewards on up to $3,000 in purchases per month. That means you can earn up to $30 per month in rewards just for making everyday purchases.  The account does exclude certain categories, like peer-to-peer payments (e.g., Venmo) and loan payments. But all standard purchases made directly with the merchant should qualify.  Bottom line Most debit cards don’t offer rewards, but the few that do are certainly worth exploring! And while credit card rewards might seem tempting, remember that they’re only worthwhile if you pay your balance off in full each month. If you carry a balance and pay interest, you’ll pay far more than the rewards you earn are worth.  If you’re a student, check out Mos. Mos is a banking service designed specifically for college students. Its debit card offers rewards, zero fees, and exclusive perks like help with finding scholarships, side gig opportunities, and much more. 

Most debit cards do not offer rewards, but a handful of rewards debit cards do offer some perks. Here’s how they work. 

Debit card rewards

Students often have access to exclusive products and services designed especially for them. For instance, student credit cards are meant to help college students build their credit history while enjoying perks like lower fees and even rewards. But do you have to be a student to get a student credit card? And who exactly do banks consider to be “students”?  Keep reading to learn more about student credit cards—what they are, if you need to be a student, how enrollment status is determined, and more. What are student credit cards?  Student credit cards function like normal credit cards, but they are designed specifically for college students.  One key difference is that they are easier to get approved for than standard credit cards. Students with limited to no credit history may still be able to open a student credit card.  For example, the Discover it Student Cash Back card specifically states that no credit score is required to apply.  Since students often don’t have much credit history, this benefit is huge! Getting approved for any sort of loan or credit card can be very difficult if you don’t have an adequate credit history—but a student card can make that easier. Many of these cards also offer other student-friendly perks, such as low annual fees. Some may even offer cash back rewards. And many have lower income requirements than traditional credit cards, making it easier for low-income students to apply.  Do you have to be a student to get a student credit card? In general, yes—you typically need to be a college student to open a student card. Most banks that offer student credit cards ask for enrollment information when you sign up. They will ask where you’re going to school, what year you’re in, etc. And many banks will take steps to verify your enrollment status when they process your application.  Some banks specifically note this fact. On the application form for the Chase Freedom Student credit card, for instance, Chase states: “This card is intended for students enrolled in college, university, career or trade school. We’ll verify the student’s enrollment status.” Other banks are less specific—but chances are, most will require you to be a student.  Banks may also have differing requirements for what is considered an eligible school. Most banks will include community colleges, universities, and state schools—but specialty schools and trade schools may be excluded in some cases.  Student credit cards also require applicants to be at least 18 years old and US citizens. Applicants will be asked to provide their full name, Social Security number (SSN), address, annual income, and other personal information. Some cards may require fair credit, while others are available for those with bad credit (or no credit history at all).  If you’re not currently enrolled in school, opting for a credit card for young adults may be a better option. We’ll go over other options for non-students below.  How is enrollment status verified?  Each bank uses its own process to run your application and verify your enrollment status.  Many banks use a third-party enrollment verification service. The bank will send the information on your application (name, address, school, etc.) to this third party, which will then check the information against a database of currently enrolled students at your school. This process typically takes place within just a few seconds.  Some banks may manually verify your enrollment by contacting the school that you listed. Others simply require the applicant to have a .edu email address. And others might not verify enrollment status at all!  The bottom line is this: You need to be a college student to qualify for a student credit card. If you try to get around this rule, the bank will likely deny your application.  Options for non-students  So what should you do if you’re not currently a student? Student credit cards will likely be off-limits, so how can you build credit from scratch?  Don’t worry—you have a few options!  Using a secured credit card  Secured credit cards are available to folks who don’t have much (or any) credit history. They’re a unique financial product specifically designed to help build credit. A normal credit card is unsecured, which means there’s no asset backing the credit limit you’re given. Instead, the bank takes a risk by lending you money—and relies on your credit history to determine how risky that loan might be.  If you don’t have much credit history, the bank can’t gauge your creditworthiness. This is where a secured credit card comes in handy. Secured cards are backed by an asset, which eliminates risk for the lending bank.  Here’s how secured credit cards work: You apply for a secured credit card with a low limit (like $500). You place a $500 deposit into a locked account (the deposit required will typically be the same as your credit limit). You get a credit card with a $500 limit. You can’t touch the $500 deposit until you close the account. You can use the credit card as needed, making purchases and paying down the balance repeatedly. Each on-time payment you make helps to build your credit history and boost your credit score. Secured credit cards essentially eliminate risk for the bank. The bank will be willing to give you a credit card because they can take the money in the locked account if you fail to make a payment. If the credit limit is the same as the required deposit, what’s the point? Why not just use a debit card? Well, from a credit reporting standpoint, secured credit cards are the same as standard credit cards. This means that using one can help you build credit.  Each time you make an on-time monthly payment, you’ll build a positive credit history. Payments will be reported to the major credit bureaus and contribute to your overall credit report.  Over time, this can help you establish credit and boost your credit score. Eventually, you’ll be able to apply for a standard credit card.  When you close the secured card (or convert it to a standard card), you’ll get your security deposit back. Becoming an authorized user  Another option for credit building is to become an authorized user on someone else’s credit card.  An authorized user is someone who shares access to an account. For example, a spouse may add their partner to their credit card account, or a parent might add their child.  Authorized users have equal access to an account’s credit limit. They will receive their own credit card to make purchases with.  And the account will be reported to the authorized user’s credit report. This means that a positive credit card account history can benefit the authorized user’s credit score! For a young adult with a limited credit history, this can be a huge benefit.  If someone who trusts you can add you as an authorized user, this can significantly boost your credit score. Consider asking a parent, sibling, or close family friend if they’d be willing to add you as an authorized user. Using a starter credit card  Starter credit cards are designed for people with a limited credit history. These cards usually have low credit limits, but they can be useful for building credit. Many banks offer credit cards for fair or bad credit—a.k.a. starter credit cards. Many of these cards have high fees and average percentage rates (APR), so they’re not the best for long-term use. But opening a starter card and using it regularly while making on-time payments each month can help build your credit history. Other financial products for students  Student credit cards aren’t the only specialized financial product that students have access to! Student loans, scholarships, and other forms of financial aid can help you pay for college. College savings accounts like 529 plans can help you save for college expenses. And specialized apps can help you manage your money while you’re still in school!  For the ultimate one-stop shop for student finances, check out Mos. Mos is a money app and debit card for college students that offers a host of student-friendly features.  Here are just a few of the perks offered by Mos: A zero-fee debit card Cash back rewards Access to advice on paying for school Access to side hustles and side gigs Help with navigating scholarships and financial aid And much more. Mos helps students manage every aspect of their personal finances all in one simple app. Get started today to learn why over 400,000 students are using Mos!  Bottom line You typically need to be a student to qualify for a student credit card. Most banks will take steps to verify your enrollment status. If you’re not a student, you can build credit with a secured credit card or by becoming an authorized user on someone else’s account.  Students can also benefit from a student debit card from Mos. Mos provides banking services for students—including a fee-free debit card, help finding scholarships and grants, and cash back rewards—all in its app. 

In most cases, you need to be enrolled in school to qualify for a student credit card. There are other options for non-students, though! 

Do you have to be a student to get a student credit card?

The Free Application for Federal Student Aid, or the FAFSA, is your ticket to all forms of financial aid. This includes federal student loans, grants, certain scholarships, and even work-study opportunities.  Filing the FAFSA is a must-do every year for students. While most students know that they need to file this application, many don’t understand (or even know) that they can optimize the amount of aid they receive.  In this guide, we’ll go over tips for the FAFSA that can help you get the most financial aid possible!  FAFSA basics  FAFSA stands for Free Application for Federal Student Aid. It’s one step all students should complete each and every academic year, as it’s their ticket to federal financial aid.  Filing the FAFSA is a requirement to receive the following: Federal student loans Federal grants Work-study opportunities Certain scholarships Having the FAFSA filed is also a prerequisite for applying for many third-party scholarships. The FAFSA needs to be completed every academic year. It uses information from you (the student) as well as from your parents, if you’re considered a dependent student.  The amount and type of aid you’ll receive depend on different factors. Most forms of federal financial aid are need-based, meaning that more aid is available to students from lower-income families.  Because of this, you can get more federal aid money by utilizing creative FAFSA tips, like minimizing base-year income (legally, of course!). The financial aid formula is complex, but it takes into account both the income of and assets owned by the student and their family. This information is used to calculate the “expected family contribution” (EFC), or the amount that the government assumes the family will be able to contribute toward a student’s education.  The financial aid formula is complex, but it considers the income and assets that you and your family own. This information is used to calculate the Expected Family Contribution (EFC)—the amount that the government assumes a family will be able to contribute toward a student’s education. Colleges also look at the EFC to determine how much financial aid they can offer. There are a few ways students and their families can minimize the EFC, thereby increasing a student’s financial aid eligibility. Tips for the FAFSA: How to get the most financial aid possible  Optimizing how and when you file the FAFSA can help you get more financial aid! Some tips are simple—filing early may get you first dibs on certain need-based grants. Other tips are a bit more complicated—by reducing the amount of reportable assets by either paying off debt or using other strategies, you might be able to qualify for more aid.  We’ll discuss all these tips for the FAFSA in greater detail below.  Here are 8 tips for filing the FAFSA. 1. File ASAP  First and foremost, make sure you file the FAFSA as soon as you can! The FAFSA is due on June 30 at the end of the academic year. However, some state deadlines fall earlier than this, with some as early as January or February. Plus, some schools also have deadlines to watch out for.  You definitely want to get your application in before any applicable due dates. If you miss the FAFSA deadline, you’re out of luck for any sort of financial aid for that academic year.  But it’s not just about getting in before the deadline—there are also benefits to filing early.  Many grants and scholarships are offered on a first-come, first-served basis. This means that once a state or school runs out of funds for a certain grant, they’ll no longer be able to offer students money—even if those students would normally qualify. For this reason, earlier applicants have a better chance of receiving more aid. This is particularly true of state-level and school-level grant opportunities.  And you don’t have to pay back grants, so it’s basically free money! Grants can provide a huge boost to your student finances. 2. Avoid common FAFSA mistakes  Avoiding mistakes that students commonly make on the FAFSA is another handy tip. Some of the most frequent mistakes include the following: Filing late (see above) Not filing at all Incorrectly reporting income (Use the IRS data retrieval tool to make this easier) Misunderstanding dependency status Using incorrect information or making simple typos Not reporting all required information Not listing all the colleges that you might attend Forgetting to digitally sign the FAFSA application  Read through this guide from StudentAid.gov for more on how to avoid these mistakes. If you do make a mistake, you might need to submit a corrected FAFSA form. You might also need to resubmit if you need to update something (e.g., a change in income) or add schools to the FAFSA.  3. Minimize base-year income  Many types of financial aid are need-based. This means that the government considers the student and their family’s ability to pay for the former’s college when calculating how much aid is available to them. Generally speaking, lower-income families will be eligible for more aid than higher-income families.  Income for FAFSA purposes is calculated using the “base year” income. This is generally the prior-prior year’s tax return. For instance, for the 2023/2024 academic year, the FAFSA will be due on June 30, 2024—and it will ask for income information for the 2022 tax year. You must accurately report your income—as well as that of your family if you’re a dependent student—on your FAFSA. Don’t lie or try to mislead the government on this report—after all, they have access to your tax returns! With that said, there are proactive steps that you can take to minimize reportable income in that base year. These could help you qualify for more aid.  Note: This is a proactive step that you must do in the base year. If it’s already 2023, you’re likely out of luck in optimizing this step for the 2022 tax year.  For instance, you or your parents could consider the following ways to reduce reportable income in the base year. Avoid realizing capital gains in the base year. For example, avoiding selling profitable investments in the base year could reduce reportable income. If you simply hold onto the investment instead of selling it in the base year, the gain will not be realized and will not be reportable as income.  Offset capital gains in the base year. If the student or their family has sold investments for a profit in the base year, they can partially offset these gains by selling other investments at a loss. For instance, consider an example where someone sells stocks for a $5,000 profit but currently holds another stock that’s showing a $3,000 loss. By also selling the stock at a loss (and rebuying something similar), they can lower their profit on paper to $2,000.  Avoid retirement plan distributions in the base year. This one is parent-specific: If your parents are retired, they could consider avoiding making retirement plan distributions in the FAFSA base year, relying on other savings instead. Distributions from retirement accounts are considered reportable income for FAFSA purposes. Delaying or reducing these distributions can significantly lower reportable income, which may help a student qualify for additional aid.  4. Reduce reportable assets by paying down debt  The FAFSA looks at both income and reportable assets when calculating financial aid eligibility. While income is the most important factor, the assets owned by a student and their family will also contribute to that student’s financial aid awards.  The FAFSA looks at investments, savings, checking account balances, and more when determining a family’s reportable assets.  For many households, there is a simple way to reduce reportable assets: Pay down debt!  For example, consider a scenario where a family has $20,000 in cash savings and $15,000 in credit card debt. By paying off the $15,000 debt, they can reduce their reportable assets by $15,000. This could result in the win-win of saving money on interest while also potentially qualifying the student for additional financial aid.  5. Save in the parent’s (rather than the student’s) name As mentioned, the FAFSA considers assets that the student and their parents own when calculating award amounts.  But savings owned by the student count for more than savings owned by the parent. Student-owned assets are assessed at 20%, while parent-owned assets are assessed at up to 5.64%.  What does this mean in simple terms? $10,000 owned by a student will reduce aid eligibility by $2,000. That same $10,000 owned by a parent will only reduce eligibility by up to $564. In other words, a situation in which a student has $10,000 in their bank account will negatively affect their financial aid eligibility more than a situation in which the parent has $10,000 in their bank account.  With this in mind, students and their families can plan ahead to optimize their savings strategy. Instead of a parent giving money to the child to save for college, for instance, it might make sense for the parent to save on their own and help make tuition payments directly when they are required.  6. Enroll siblings simultaneously  The FAFSA calculates the expected family contribution (EFC) and then divides that number by the number of students in the family currently enrolled in college. For this reason, having siblings enrolled at the same time can halve the EFC, potentially qualifying both students for more aid.  For instance, say the EFC is calculated at $20,000. If there’s 1 student enrolled, the reportable EFC will be $20,000. If 2 students are enrolled, the EFC will be cut in half to $10,000.  7. Optimize the American Opportunity Tax Credit (AOTC) Here’s a tip that’s separate from the FAFSA but equally important to optimizing financial assistance from the government. The American Opportunity Tax Credit (AOTC) is a generous tax credit that can result in up to $2,500 of tax credits per student. Essentially, it reimburses students or their parents for paying for certain education costs, like tuition.  Eligible taxpayers who qualify should ensure that they are utilizing this tax credit. And for best results, it’s important to balance this tax credit with other tax-advantaged strategies. For instance, many families pay for college using a 529 account, which offers tax perks for saving for college. However, IRS rules prevent double-dipping on 529 tax perks and the AOTC.  Essentially, if a family pays for a student’s education using a 529 account and takes advantage of the 529 tax deduction, they can’t also take the AOTC credit on the same contribution.  To maximize the AOTC credit, students and their families should aim to have $4,000 of qualified expenses paid for via cash (not from a 529 account) or via a student loan.  Confused yet? These rules can get pretty complex, so you may want to talk with a tax advisor to cover your bases. But for another straightforward explanation, let’s look at it this way: The AOTC is valuable credit that can be maximized by having at least $4,000 of qualified expenses paid for with cash or student loans. If you’re also using a 529 account, you can’t double-dip on the tax benefits of the 529 and the tax credit of the AOTC. For maximum tax benefits, students and their families should craft a payment plan that can utilize the benefits of both a 529 and the AOTC. 8. File the FAFSA—even if you don’t expect any financial aid  Students from wealthy families may not qualify for any grants or federal scholarships—but they should still file the FAFSA. In fact, every student should file the FAFSA, even if they don’t expect to qualify for any aid.  Here’s why: Filing the FAFSA is required for low-cost federal student loans. The majority of students use federal student loans to help pay for school. These are typically lower-cost than private loan options, and filing the FAFSA is required to qualify for federal loans.  Filing the FAFSA is a prerequisite for many scholarships. If you plan to apply for scholarships (which you should!), you’ll find that many opportunities require you to have already filed the FAFSA.  You might be surprised by what you qualify for. Finally, you may simply be pleasantly surprised by what financial aid options you qualify for. Plus, it typically takes less than an hour to file the FAFSA, so it’s well worth submitting even if you’re not sure what you’ll qualify for. Bottom line Financial aid amounts are based on a combination of factors, including income, assets, time of filing, and more. Students and their families can take various steps—like reducing their reportable assets—to maximize students’ financial aid.  Want more tips for maximizing your money in your college years? Check out the rest of the Mos blog for details on paying for college, budgeting as a student, and much more!  Better yet, sign up for Mos today to enjoy student-friendly features and perks. Mos is a free debit card and money app for students. It provides access to cash back rewards, side gig opportunities, expert advice on paying for school, and more.

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