How Do You Apply for Financial Aid? |
This section explains how to apply for financial assistance. Since the process may differ from school to school, you should also get information about applying for aid from the college's latest catalog, from your high school counselor, or by writing, calling, or visiting the college's financial aid office.
What Is the Free Application for Federal Student Aid (FAFSA)?
When Should You Apply for Financial Aid?
What Are the Steps to Apply for Financial Aid?
What Should You Know About Financial Aid Consultants and Search Services?
The information needed to estimate your family's ability to contribute toward your educational costs is collected on a form called the Free Application for Federal Student Aid (FAFSA). If you are applying for any of the federal student aid programs [Federal Pell Grant, FSEOG, FWS, Federal Perkins Loan, Federal Family Education Loan (FFEL) Program, and/or the William D. Ford Federal Direct Loan Program ], this is the only form that may be used to calculate your expected family contribution. You may obtain a FAFSA from your high school guidance office, a local library, or you may request one from the school to which you are applying. In addition, you can call 1-800-4FEDAID to request a FAFSA. As the name implies, there is no fee for using the Free Application for Federal Student Aid to apply for federal aid.
The FAFSA is available in two formats: paper and electronic. If you complete a paper FAFSA, you will mail it directly to the application processor listed on the FAFSA. The processor transmits your application information to a central computer that analyzes the information, calculates an Expected Family Contribution (EFC), and matches information reported on your FAFSA to data contained in numerous federal databases, such as the Social Security Administration. The results of the analysis are forwarded to both you and the schools to which you are applying.
If the school you plan to attend participates in the Department of Education's electronic application system, you can give your FAFSA directly to the school rather than mailing it to the application processor. Usually, the school enters your FAFSA information into its computer system and electronically transmits the data for you, although some schools may allow you to enter your own information.
You can also apply electronically for federal student aid by using FAFSA on the Web. To apply for aid using FAFSA on the Web, students must complete the application right on the Web site. There is no software to download or install, and the on-line application can be accessed by both PC and Macintosh systems. FAFSA on the Web requires the use of the domestic version of Netscape Navigator software. If you don't have it, you can download it free of charge.
The information you and your parents provide on the FAFSA is then analyzed using the need analysis formula described in the section "How Is Your Financial Aid Calculated."
Some schools may ask you to complete a supplemental form in addition to the FAFSA. The school may require supplemental information to determine your eligibility for institutional aid. In some cases you must complete an additional supplemental form to be considered for state aid. Even though filing a FAFSA is free, you may be required to pay a fee for having a supplemental form processed. While the fee can be significant, if you wish to be considered for state and/or institutional aid, it is usually in your best interest to submit the additional forms and pay the extra cost. To be considered for all types of aid a school can offer, you need to find out from a qualified financial aid administrator what specific forms are required.
Applying for admission to a school based on your academic ability and applying for student aid based on your financial need are usually two different procedures. Never assume when you apply for admission that the school will automatically consider you for financial aid. This is almost never the case.
Financial aid applications often must be completed six to eight months before you expect to begin school. Even though financial aid awards are usually made only after the admissions office grants acceptance, you should not wait to apply for financial aid until you have been admitted to the school. Some schools will offer financial aid at the same time, or shortly after, they notify you of your acceptance. By completing the application process early, you often stand a better chance of getting the best aid package possible.
Schools usually have priority filing deadlines for applying for aid. A "priority deadline" means students who submit all required forms by the deadline receive first consideration for aid. Students who miss the deadline risk not receiving aid or receiving less aid from the school, because the school may have used up all of its money on students who met the deadline.
Financial aid application deadlines for fall enrollment may be as early as the preceding February and can usually be found in the school's catalog. The same deadline may also apply to students who are not planning to enroll until the spring term.
Many schools will ask you to accept their offer of admission by a certain date, and at the same time, most will also ask you to pay a deposit to reserve a space for you in the class. Nonetheless, most schools recognize financial aid is an important part of your decision when selecting the right school for you. If you have met the school's deadline for financial aid consideration, you'll probably receive a reply to your aid application before you have to let the school know whether you actually plan to attend. The school's reply might be an offer of aid, a notice that you don't qualify for aid, or a notice you are on a waiting list. If, shortly before the date by which you must give your decision about attending the school, you have not yet received any notification of aid, you should contact the school's financial aid office. Ask why you have not received an aid offer, when you might expect one, and if an extension beyond the admissions reply deadline is possible so that you have a reasonable amount of time to evaluate whether you can afford to attend the school.
The school may also ask you to accept or decline its offer of aid by a certain date. If you do not accept the aid offer by this date the school may assume you do not want the aid or you have decided to attend another school. If the school doesn't hear from you, your aid offer will, in all likelihood, be canceled and offered to another needy student.
One final note about deadlines: the 2003-2004 FAFSA has a deadline date of June 30, 2004, which refers to the last day the FAFSA processor will accept the form for processing. The 2004-2005 FAFSA has a deadline date of June 30, 2005. The date the school needs the results of the FAFSA may be many months before the date shown on the form. Be sure to meet the school's deadline date.
Applying for financial aid generally includes several steps. You may be asked to do any or all of the following tasks.
The FAFSA collects financial information about you, your parents, and your family. Income received in the most recently completed calendar year, including untaxed income and benefits, will have to be reported, as will certain expenses. You may also be asked to provide the current value of any assets you or your parents own as well as the amount owed on those assets.
When applying for financial aid, you must provide a valid Social Security Number. If you do not have one, you should get one as soon as possible.
Applying for financial aid can be difficult. Completing the FAFSA may seem complicated, but don't let that discourage you. Take one question at a time, read the instructions carefully, and consult your high school counselor or the school's financial aid administrator if you need help. Be sure you understand what the form is asking. Making errors can cause delays in your application.
Before you send the FAFSA to the processor (either by mail or electronically), make a copy of the form for your records. This will make it easier to double-check the information you submitted when you get the results back.
Once you are beyond your first year, the application process may be simplified through the use of a Renewal Application. The Renewal Application can be used only if you applied for financial aid in the previous year. If you completed the FAFSA last year and want to use the Renewal Application to apply for aid for the upcoming year, you should be able to do so with out any difficulty. In most cases, if you applied for federal financial aid a Renewal Application will be mailed to you by the school or the application processor the following year. Just be sure you meet all applicable deadlines as if you were completing the regular FAFSA.
Be sure to find out if any additional forms are required. A school may have its own institutional aid application or require a supplemental form from a processor or both. Generally, these forms must be completed before you will be considered for institutional aid programs or aid administered by your state. There may also be different forms for special scholarship programs sponsored by the school or by the specific academic department representing your intended major. If so, be sure you get any separate forms needed and complete them by the applicable deadline date.
If you have attended other colleges, even if only for one or two courses, the new school may require a financial aid transcript (FAT) from that school. This document provides information that is needed to monitor certain aspects of your eligibility for federal aid. In the recent past, the paper FAT was required, however your new school may be able to access your financial aid history through the National Student Loan Data System (NSLDS). Please check with your school to determine whether a paper FAT is required.
If the school asks for a copy of your or your parents' U.S. tax returns from the previous year, send them promptly. Schools have the right to request tax forms to verify the information you provided on the FAFSA, and sometimes they are required to do so by the federal government. This review process is called verification. If your application is selected for verification, you will also have to submit signed statements confirming certain information you furnished on the FAFSA when you initially filed it, such as the number of people in your household.
Follow all of the school's instructions. If the school requests additional forms, supply them promptly. Your application might not be considered complete until you do. Remember that follow-up deadlines are as important as initial application deadlines.
Some of the loan programs require additional application forms. All of them require a promissory note, which is a legal document you sign promising you will repay the loan. If the school suggests one of these loans, and you decide to borrow the funds, you will need to complete the necessary forms. Some schools participate in an electronic loan application process. Contact the school for information and directions to apply for loans.
As your aid application is evaluated within a financial aid office, more information or documents may be requested. For example, you may need to certify you are registered with the Selective Service or not required to be registered. If you are not a U.S. citizen, you may be asked to document your status with the U.S. Citizenship and Immigration Service, or USCIS (formerly the Immigration and Naturalization Service, or INS). If the aid administrator thinks you might have special financial circumstances, he or she may ask for a more detailed explanation. Keep track of what you submit and when. Again, reply to all requests promptly!
If the school requires you to indicate whether you want the aid it has offered you, be sure to do so by the date specified. Even if you do not want the aid, or have decided not to attend the school, let the aid office know as a courtesy to other aid applicants who are still awaiting funding.
In response to filing a Free Application for Federal Student Aid (FAFSA), you will receive a document called a Student Aid Report (SAR). The SAR summarizes the information you provided on the FAFSA. You must review the information on the SAR to confirm whether or not it is accurate. If not, you should make corrections to the SAR and return it to the FAFSA processor.
Most schools will not ask you to submit your SAR to them; however, some schools may need it to make an offer of financial assistance to you. Check with your school to confirm whether or not you will need to submit your SAR.
If your school does not need your SAR--and most do not--you should place it in your files for safekeeping. You may need it later, particularly if you decide to transfer to another school at any point during the academic year.
If you filed your FAFSA electronically through a college, you will receive a one-page SAR Information Acknowledgment. If corrections need to be made to the information on this form you must send the SAR Information Acknowledgment to the school rather than to the FAFSA processor. The school will make the corrections and transmit the changes directly to the application processor. You will then receive a new SAR Information Acknowledgment.
State agencies also offer financial assistance. These agencies may require a separate state application to determine eligibility. In some states the FAFSA is all that is necessary. Your high school counselor can help you determine which forms you will need to complete to be considered for state aid.
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National Association of Student Financial Aid Administrators
Opening Doors of Educational Opportunity
Copyright © 2004 by the National Association of Student Financial Aid Administrators.
All rights reserved.
Updated April 2004.
