Get Started Now!
A Step-by-Step Guide
There's no time to waste, because before you know it, college will be upon you.- It's the fall of your senior year - start searching:
- Search for a college.
- Search for "free money."
- Apply as early as possible.
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- After applying for admission, file your forms:
- Get the forms, know the deadlines.
- File the Free Application for Federal Student Aid (FAFSA) after January 1.
- 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. You can obtain a copy of the FAFSA form from your high school, local college, or online at www.fafsa.ed.gov.
After filing your FAFSA, you and each school you designate on the form will receive a Student Aid Report (SAR). The SAR contains your Expected Family Contribution (EFC). Schools that accept you for admission will use this report and the EFC to calculate a financial aid award package. The award package information will usually be sent to you electronically or in the mail by the school.
A note about Expected Family Contribution (EFC): This is the amount your family is expected to pay toward college, as determined by the information you provided in the FAFSA. No matter what school you attend, your EFC remains the same. Your EFC helps determine the amount of financial aid needed.
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- You've been accepted - it's time to make a decision:
- Compare the financial aid award packages carefully.
- Follow up with the college financial aid office.
- Choose the college that's right for you.
From the institution(s) to which you applied, you will receive official notification of the financial aid you are being offered. It is likely there will be included at least one student loan. 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.
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- Don't forget to follow through on your financial aid:
- 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. If you are wondering how much to borrow, refer to Financial Survival 101 for a description of costs to attend college, and use the interactive budget to figure out your personal college expenses.
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- Choose a Partner Lender.
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- You're on your way:
- Complete your loan entrance counseling.
- 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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