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Financial Aid Checklist
September - October - November - December - January - February - March - April - May - June - Things to Remember
Very soon families with college-bound students will begin a new and unfamiliar process – applying for financial aid. While families often describe the year-long quest as intimidating, the financial aid process can be managed easily with a little guidance.
The following checklist provides helpful reminders that will guide families through their journey.
Compile List of Required Forms and Deadlines: In addition to the Free Application for Federal Student Aid (FAFSA) – which students must submit to be considered for federal aid programs – some colleges require additional forms such as the PROFILE or other institutional applications. To increase chances of receiving the maximum amount of aid, students should contact individual schools to learn what forms are required and the submission deadlines.
Explore Scholarships: Generally students should research private scholarship opportunities one year prior to enrolling in college; churches, civic groups employers of family members and community organizations are often good sources. If students seeking money for the next school year have not started investigating private scholarships, the first months of senior year are an opportune time to begin.
Obtain a FAFSA: Although students cannot submit the FAFSA before January 1, it is worthwhile for families to begin familarizing themselves with the four-page, approximately 100-question form. Students may obtain a copy from their high school guidance counselor, the financial aid office at local colleges or through the Internet at www.fafsa.ed.gov .
Begin Gathering Financial Information: To complete the FAFSA, families will need documents that provide income and asset information. Refer to the FAFSA for a list of documents, including W-2 forms and tax returns, that will be necessary.
Complete the FAFSA: Families should be familiar with the FAFSA and armed with most records needed to complete it. A previous-year tax return is helpful, but families may estimate their information to ensure they meet the earliest submission deadline. Also, remember to read all instructions carefully since most mistakes are made by misreading directions.
Photocopy the FAFSA and Submit Before Earliest Deadline: Don't forget to keep a copy of the completed FAFSA along with all other college financial aid documents; families sometimes need these records later in the process. Be sure to submit the FAFSA and other required forms before the earliest or "priority" deadline for individual colleges. This allows students to receive maximum consideration for aid and minimizes any risk of receiving less or no aid at all. Once submitted, all schools listed on the FAFSA will receive students' information electronically.
Notify Financial Aid Administrators (FAA) of Special Circumstances: While the FAFSA takes a snapshot of families' finances, there are circumstances the form may not reflect. Families should contact FAAs to alert them to any special financial circumstances, such as unusual medical expenses or unemployment, that may affect their ability to pay for college.
Review Student Aid Report (SAR): Four to six weeks after completing the FAFSA, students will receive a SAR, which summarizes data on the FAFSA and indicates the Expected Family Contribution (EFC). Families should make sure the SAR is correct; if not, they should make changes and return it to the address provided. Colleges will receive any changes electronically.
Submit Verification Materials: When students are selected for verification, they must submit federal tax returns and other requested information to confirm data provided on the FAFSA. Promptly submitting verification will prevent a delay in process students' financial aid applications.
Review Financial Aid Award Letters: Students will receive financial aid award notifications from colleges they listed on the FAFSA and that accepted them for admission. The information on each award letter may vary, but most colleges provide students the type and amount of aid, funding sources, and conditions of the award. Families should carefully review each letter to ake certain they understand all the terms and conditions of the award.
Talk to FAAs: If families are unclear about any information on the award letter or concerned about the financial aid offer, they should talk to college FAAs to discuss the award.
Decide Which College to Attend: After reviewing financial aid awards, families should decide which college best meets the student's academic goals and financial needs.
Accept or Decline Aid Offered: When students select a college, they sould review the award offered by that school and decide which type of financial aid they will use to fund their education. After accepting or declining aid offered, students should promptly return a copy of the award letter to the financial aid office.
Alert Financial Aid Office to Outside Funding: Schools require students to notify them if they receive any outside scholarships, grants or financial aid from private sources.
Notify Other Colleges of Student's Decision: Students should write to colleges that offered them admission and financial aid awards to notify them of their decision to attend another school. This will allow FAAs to redirect those funds to another deserving student.
Make Final Decisions on How to Pay for College: If there is a gap between the cost of attendance and the financial aid offered, families should research additional payment methods including 10-month payment plans offered by many colleges; Parent Loans for the Undergraduate Students (PLUS); or private loans offered by financial institutions.
Shop Around for a Student Loan Lender: Most financial aid awards include federal Stafford loans. Families should carefully select a lender that offers interest rate reductions, flexible repayment plans and top-notch customer service.
Complete and Submit Student Loan Application: Often times families must complete a separate application to receive education loan funds. On the application they should chose a lender offering the most cost-effective education loan programs.
Congratulations! Families have completed the year-long journey and achieved financial aid success.