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Financial aid is a common topic among home educators who issue their own diplomas/transcripts, so I thought this info might be helpful:

From HSLDA: "The Higher Education Act Amendments of 1998 prohibits colleges who receive federal funds from requiring an accredited diploma or GED in order for a student to be eligible for federal financial aid if 'the student has completed a secondary school education in a home school setting that is treated as a home school or private school under state law.' Instead, the U.S. Department of Education considers the homeschool transcripts and/or diploma as sufficient evidence of completion of a high school education for homeschool graduates. The Committee believes that college admissions should be determined based on academic ability of the student and not the accreditation status of the school in which he or she received a secondary education..Requiring additional testing [i.e. GED] only of students educated in these settings could reasonably be seen as discriminatory." -105th Congress, 2nd Session, House of Representatives, REPORT 105-481, Higher Education Amendments of 1998, April 17, 1998, p. 147.