Attending college needs money, depending on each family’s financial situation, some family need to apply financial aid and/or scholarship to help students get college education. We believe that investing on education is always right thing to do. This article talks about Financial Aid For College Students.
In order to help parents and college applicants consider for all the various types of financial aid available, we have done some research and summarize the following steps for applying financial aid and scholarship.
Usually, Financial Aid Awards only cover the fall and spring semesters not including summer enrollment. Budgeting for summer session to cover summer expenses should be considered as well.
Junior Year – Senior Year
Scholarship
1. Research and apply for local and national scholarships, grants, and/or prizes, use the financial aid and scholarship website links.
• There are several thousand scholarships available each year. Some are given to students who exhibit certain talent, while others are given to students who belong to certain groups.
• Pay attention to deadlines and make sure to submit your scholarship applications on time.
• For more information on searching for scholarships, checkout Best Book for College Scholarship Guide.
Financial Aid
Senior Year (after January 1st)
2. Complete the Free Application for Federal Student Aid (FAFSA) online at http://www.fafsa.ed.gov/ as soon as possible after January 1st. A parent and college applicant can request a PIN at http://www.pin.ed.gov/. If you have questions about the PIN process, call 1-800-433-3243.
• Students and parents should prepare income tax forms for the previous year as soon as possible
• If not using a PIN when submitting the FAFSA online, sign and mail
the signature page
• To complete the FAFSA, the following information are needed:
o Social Security Number
o Alien Registration Card (if applicable)
o A current bank statement
o Most current income tax return information, W-2 forms, and 1099 forms
o Mortgage information (if applicable)
o Records of untaxed income, like Social Security, welfare, disability, and veterans’ benefits
o Records that describe any unusual family circumstances (e.g. medical and dental bills not covered by health insurance, loss of employment, etc.)
o Business and farm records (if applicable)
Federal government site for parents & students for student aid Student Fin Aid Guide is also a resource to refer to.
3. Complete CSS Profile (CollegeBoard) or other financial forms required by some colleges by the due date.
4. Research how to obtain student/parent loans, if needed.
All first time borrowers of a Federal Direct Stafford Loan must complete entrance counseling prior to signing a promissory note or receiving funds. A first time borrower can fulfill the entrance counseling requirement online at: www.dl.ed.gov. New students who have not applied for a Blazer ID will accept awards on Banner Self Service.
Parents of dependent undergraduate students who want to apply for a Federal Direct Parent Loan for Undergraduate Students (Federal Direct PLUS) should complete the appropriate worksheet at Direct Loan Servicing. You must also complete the Free Application for Federal Student Aid (FAFSA).
2 – 6 Weeks after the FAFSA is filed
5. Applicants will receive a Student Aid Report (SAR). This will reflect all of the Information you submitted on the FAFSA as well as include your official Expected Family Contribution (EFC).
6. Review the accuracy of your data and follow instructions on the SAR. If the SAR needs to be corrected, contact the college financial aid office for assistance.
March – May
7. Applicants will receive a financial aid award letter from each college applied, which outlines different programs and awards you are eligible to receive from that college, usually arrive by April.
8. Compare financial aid packages and other factors, weigh the pros and cons of each school, and choose the college you will attend.
9. Accept all or a part of the financial aid offered. If required, sign and return the award letter to the college in a timely manner.
Make sure that college applicants and parents track your college applications, decision deadlines, and important financial aid and scholarship deadlines. Make a decision about how you will pay and/or finance your Expected Family Contribution (EFC).
Hope the information on Financial Aid For College Students listed above is helpful. To your success in college!
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