A Step By Step Guide
- Start search as early as possible
- Search for a college.
- Search for "free money."
- Apply as early as possible.
Ideally, your search for a college should begin as early as your sophomore year. In the fall of your senior year, you should start applying to your top choices. At the same time, actively search for scholarships and grants.
- After applying for admission, file your forms
- Get the forms and know the deadlines. Different colleges may have different deadlines.
- File the Free Application for Federal Student Aid (FAFSA) after January 1.
- Complete any supplemental aid application or institutional aid application that the college requires.
- File any other applicable forms, such as a housing application, by the deadlines.
Don't wait to find out where you've been accepted to apply for financial aid. Schools may have different deadlines for admissions and financial aid. Be sure to contact the college financial aid office for forms and deadlines.
The FAFSA is the one form every student applying for financial aid must file with the federal government. File it as soon as possible after January 1. You can obtain a copy of the FAFSA form from your high school, local college, or online at www.fafsa.ed.gov.
Four to six weeks after filing your FAFSA, you (and each school you designate on the form) will receive a Student Aid Report (SAR). Schools that accept you for admission will use this report to create financial aid award packages. The award package information will be sent to you in the mail.
A note about Expected Family Contribution (EFC): EFC is calculated by the federal government using your FAFSA form. EFC helps determine the amount of financial aid needed and is an indicator of your ability to pay for college. It is an eligibility index, and the EFC amount is not necessarily the amount that a family will pay. Depending on the financial aid package offered by the college, sometimes families pay more than the calculated EFC, and sometimes they pay less.
- You've been accepted — it's time to make a decision
The award packages from each school will vary, yet each will provide information on how much federal, institutional, and state aid you are eligible for. Take the time with your parents to compare the packages and follow up with the individual financial aid offices if you have any questions.
The moment has come. Choose the school you want to attend and accept in writing. Decline all other offers, in writing.
- Don't forget to follow through
- Accept your award package.
- Choose your student loan lender.
- Submit your student loan applications.
If you are eligible for student loans and have decided to borrow, you must accept, in writing, the Stafford Loan (subsidized or unsubsidized) first. Choose your lender and submit your applications.
Also remember, parents of dependent undergraduates can also apply for a Federal PLUS Loan
- You're on your way
- Attend your entrance interview.
- Sign for the money (if required).
When you borrow for the first time, you must attend an entrance interview before money is disbursed. Your financial aid advisor can give you details.
The money will be sent to your school electronically or by check. Some schools apply the money to your tuition bill automatically. Others will request you sign for the money. The ball is now in your court. Keep good records and get a great education!
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Grants & Scholarships
