How To Apply For Financial Aid
1. Pick Your Colleges
Research colleges on the web to find info on admissions policies, deadlines, housing, etc. Talk to parents, friends, teachers, other people you trust about their college experience. Try to narrow your selection down to 1-6 schools.
2. Request applications from colleges
Make sure that you are filling out all required forms including admissions application packet, financial aid application packet, and housing application packet.
3. The Financial Aid Packet
Should include instructions on filling out the FAFSA form, deadline information for that college, and any additional forms that the college requires.
4. Complete the FAFSA (Free Application for Federal Student Aid)
You may do this anytime after January 1 and after you and your parents have completed your tax returns.
-Online: Request a PIN (personal identification number) at www.pin.ed.gov. Then fill out the FAFSA at www.fafsa.ed.gov. List 1-6 colleges to receive your information. Takes 2-3 weeks to process
-Paper version: The high school counselors’ office has the paper forms. List 1-6 colleges to receive your information. Takes 4-6 weeks to process.
5. The FAFSA is Processed
The information you and your parents provide on the FAFSA about your income, family size and number in college is used to calculate the amount your family can afford to spend on college. This is your Expected Family Contribution (EFC). Your EFC does not change from one school to the next.
6. You Get a Student Aid Report (SAR)
The SAR summarizes FAFSA info, allows you to make corrections, states your EFC, and states if you are eligible for a federal Pell grant.
7. Each College Calculates Your Need
The financial aid office of each college that received your FAFSA calculates your need using the formula:
Cost of Attendance at that College - Expected Family Contribution (EFC)=Financial Need
Cost of Attendance includes tuition and fees, books and supplies, room and board, transportation and personal expenses.
8. Each College Puts Together Your Aid Package
The financial aid office compares you to the eligibility requirements of all their aid programs and identifies the programs for you. It then tries to put together a package of different awards that will equal your need.
9. Each College Sends You an Award Letter
This letter lists the types and amount of aid the college can offer you. You may accept or decline any part of the award, but you must notify the college of your intent by signing and returning the letter by the stated deadline.
10.Types of Aid
Grants – not to be paid back – based on financial need, Scholarships – not to be paid back – based on merit, Loans – to be paid back with interest, College Work Study – on-campus part-time job funded by financial aid $
11.Funds are Disbursed
The college business office disburses financial aid funds either directly to student or as deposits towards the student’s account at the college. Most colleges require that tuition and fees be paid before they will release money to the student for personal expenses.