What is Last Dollar Aid?

Understanding "Last Dollar" Aid

“Last Dollar” aid is a type of financial aid used to help cover the remaining cost of tuition and fees after other major forms of aid have been applied. It’s designed to fill in any financial gaps so that eligible students can afford their education without needing to take out loans or pay out of pocket. This type of aid is often connected to specific grants or special funding programs.

When Is It Applied?

Last Dollar aid is used after and before specific types of other funding:

• After you've applied for federal financial aid (FAFSA) and received awards like Pell Grants

• Before state-specific programs like Michigan Reconnect or other state-funded aid are applied

This order helps make sure all free or guaranteed sources of aid are used first, and that grant funds are spent efficiently.

Who Gets It?

To be considered for Last Dollar aid, you usually need to:

• Have completed a FAFSA

• Be eligible for federal aid

• Still have unmet tuition needs after federal aid is applied

A meeting with a financial aid advisor or grant staff member may be needed to confirm eligibility and complete the steps.

Why It Matters

If you qualify, Last Dollar aid can make the difference between being able to stay enrolled or not. It helps prevent situations where small remaining balances lead to dropped classes or financial holds.