How do I apply for financial aid?
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You should complete the Free
Application for Federal Student Aid (FAFSA) as soon as possible after
January 1 of your senior year in high school. By completing this application
you have applied for funds awarded by most federal and state agencies.
- Applications are processed and results are sent to the colleges you listed
on the FAFSA.
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Your Student Aid Report (SAR) will be provided to you to confirm data
(two to three weeks after submitting your application). If you file your FAFSA
electronically, processing can take seven days.
- Your school will then provide you with an award letter outlining types
of aid for which you are eligible. Further instructions will be included in
the letter.
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If the financial aid office has determined that you will need a loan,
contact the financial aid administrator regarding the procedures to apply
for federal loans.
- Apply for other scholarships and grants for which you may be eligible
outside of the college or university. For more information, talk with your
high school counselor.
When her daughter was applying to colleges, Mary Crippen says that
the financial aid offices provided excellent materials and online instructions
about the aid process.
"I was able to complete the entire process online
using the instructions without assistance from the financial aid office or
paid outside consultants," Crippen says. "It did take some time to read through
the instructions and go through the steps, though. The first hurdle was to
finalize our taxes by the first week in February, because that information
was necessary to complete the FAFSA and financial aid forms, so I remember
that week being pretty stressful. Once you have your tax information, though,
[it's] pretty straightforward."
Crippen recommends keeping the family
financial records organized for easy tax preparation. She also says it's important
to keep track of deadlines for certain parts of the process.
While having
taxes completed makes the process easier, it is important to note that families
can estimate their income if it isn't possible to file tax returns prior to
a FAFSA deadline. The FAFSA can be updated with information from a completed
tax return at a later date.
As of January 2010, students applying for
the spring semester are able to get their tax information from the IRS as
they complete the FAFSA online. The IRS and Department of Education are working
to expand this option to all students.