Applying for Financial Aid

The Process

The FAFSA Worksheet

Start by filling out the FAFSA Worksheet, which will set you up to fill out the FAFSA form much more easily. While this worksheet is updated every January 1st, you can start with last year’s to get familiar with the questions.

If it is after January 1st of the year the student will be attending college, you can use the worksheet to begin filling out the FAFSA form at www.fafsa.ed.gov.

The SAR

The result of the FAFSA form is the Student Aid Report (SAR), which is the document sent to the colleges detailing your EFC. Since you can indicate on the FAFSA which colleges you want your SAR sent to, you don’t have to worry about communicating with each college about financial aid.

Financial Aid Award Letters

Around March or April, colleges begin sending out financial aid award letters that detail what grants, scholarships and loans have been awarded by the federal government and the college.

Maximizing Your Award

Not happy with your financial aid award? You can always ask for more from the financial aid office. If your financial situation has changed since you filled out the FAFSA, or just feel like you need more financial aid, you can communicate that directly to the financial aid department and ask for further consideration.

FAFSA

What is the FAFSA?

The FAFSA, or Free Application for Federal Student Aid, is the gateway to financial aid. Every student must complete the FAFSA each year to be eligible to receive federal financial aid. Even if there are multiple students attending college from your family, each student must fill out the FAFSA individually. You can start filling out the FAFSA after January 1st of the year that the student will be attending college. The EFC, or Expected Family Contribution, which is generated from the FAFSA, is used by colleges to determine if you are eligible for institution-specific grants or need-based scholarships.

What do I need to fill out the FAFSA?

To fill out the FAFSA correctly, you will need to assemble some personal financial documents for both the student and their parents before you begin.

1. Tax returns for the previous year
2. W-2 forms for the previous year
3. Most recent bank statements
4. Records of your investments.

Keep in mind that you can file the FAFSA even if you have not finished your taxes. You can estimate the income and tax levels either using your W-2 or your most recently completed tax return. You will just need to adjust it once your taxes are complete. If the student’s parents are divorced, only the custodial parent and their spouse will need to provide their financial information.

Important Deadlines

• FAFSA: THERE IS NO DEADLINE FOR FILLING OUT THE FAFSA. You can start filling it out as early as January 1st of the year the student will attend college. The important financial aid deadline is with the specific college or university and your state. In most cases the state deadlines begin in March.
• EVERYONE SHOULD APPLY FOR FINANCIAL AID. Applying is FREE and you never know what kind of assistance you might be eligible for.
• AWARD LETTERS: The colleges that you chose on your FAFSA form will send you an award letter detailing your financial aid award sometime in March or April. Normally, the deadline for accepting the financial aid award and paying a deposit to a college is May 1st. Double check with the university about these deadlines.