You must apply early to ensure you receive all the financial
aid for which you are eligible. You will have to meet the
following deadlines:
Campus-
Based Aid Deadline
Contact the financial aid office at the school(s)
you are planning to attend and get their deadlines as soon
as possible following January 1 of each year. You should
also ask for a listing of all the campus-based grant and
scholarship programs available. If the financial aid office
on a particular campus does not have a listing, request
specific information about the department that does and
how you can obtain an application. Be advised, most colleges
will require completion of the admissions application before
any financial aid applications will be processed.
State
Aid Deadline
The application process for state aid varies by state.
You should be able to obtain an application and the deadline
from a high school counselor, the state's higher education
department, or a college financial aid office. Begin this
process as soon as possible following January 1 of each
year.
Free
Application for Federal Student Aid (FAFSA) Deadline
The FAFSA form is usually available after November
1 of each year online at http://www.fafsa.ed.gov/
(this is usually the quickest way to apply), or it may be obtained from a high
school counselor or a college financial aid officer. The
FAFSA
application will have the due date on it, but do
not wait for the FAFSA deadline to apply because it will
likely be beyond the campus and state deadlines for application.
Please take the time to read though the application in its entirety,
it is the most important part of the financial aid application
process.
Be advised
that the FAFSA
is a comprehensive and detailed form. It is important to
fill in all blanks, indicate all the schools you have applied
to or are considering attending, and remember to sign it.
Failure to complete any of these steps can create unnecessary
delays.
To expedite
the application process, you should consider obtaining a
FASFA PIN number. This PIN number is required to complete
the online application. Go to http://pin.ed.gov/
to obtain a FAFSA PIN number. It can take up to two weeks
to receive your FAFSA PIN number, but go ahead and request
one while you are gathering the following information needed
to complete your FAFSA.
Selective
Service Registration
All male residents in the United States born after January
1, 1960, that are between the ages of 18 and 25, have to
be registered with the Selective Service to apply for federal
student aid. Men, do not get delayed by not being registered
with the Selective Service. You can register at https://www4.sss.gov/regver/register1.asp
or your local post office if you are between the ages of
18 and 25 and have not yet done so.
Social
Security Number
You will need the Social Security Number of the student,
parents (if you are a dependent)
and spouse (if applicable). If the student does not have
a Social Security Number, you will need to contact the Social
Security Administration at http://www.ssa.gov/
for instructions on how to apply for a Social Security Card.
Driver's
License
The driver's license of the student, if any, will be required.
Wages
Earned
You will need any W-2 Forms and any other records of money
earned by the student.
Federal
Income Tax Return
You will need your most current Federal Income Tax Return
(if you have one), your parents (if you are a dependent),
or your spouse's (if you are married). For example, if you
are planning to apply for financial aid for the fall of
2007, you will need to submit information from your 2006
completed tax return. This means you must complete your
tax return as soon as possible in the year you are applying
to ensure you meet all your financial aid deadlines.
Untaxed
Income Records
You must report all untaxed income such as Social Security,
Temporary Assistance to Needy Families, welfare or veterans
benefits records.
Bank
Statements
You may be asked to reference information from any banking
accounts you have.
Investments
You must report business and investment mortgage information,
business and farm records, stocks, bonds, and any other
investment records.
Alien
Registration
If you are not a U.S. citizen you will be required to have
your alien registration card available.
Once
the federal government has processed your FAFSA application
you will be sent a Student Financial Aid Report (SAR), this
usually takes about four weeks. The SAR will contain a summary
of details from your FAFSA application and will outline the amount
of funds the student and his or her family is expected to
contribute to the Cost
of Attendance (COA), this is called the Expected
Family Contribution (EFC). The difference between your EFC
and the COA
for the school you have chosen is your amount of eligible
financial aid, including student loans. Check your SAR for
accuracy and return any corrections or changes right away.
A copy
of your SAR has also been sent by the federal government
to the schools listed on your form.
The financial aid office at the school, with the information
provided on your SAR, will begin to put together a financial
aid package for you. Remember most schools will not put
together a financial aid package for you if you have not
completed the admissions application process. However, if
you have applied, you may receive an award letter regardless
of your admissions application status.
Your
award letter may contain a variety of financial aid sources
that might include a Pell
Grant, SEOG,
Work Study,
and Federal Education
Loans. This is called your awards package. Check
your award letter for accuracy and follow the instructions
outlined in the letter. If there is a deadline for the return,
honor it; if you miss the deadline you could miss out on
financial assistance for the year.
Note:
Loan disbursements are sent directly to the school. Each
school sets its own disbursement dates. Questions about
how and when you will receive your loan funds should be
directed to your school's financial aid office.
You
will repeat this process every year in which you are applying
for financial aid. - Good Luck!
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