Tips on Applying for Financial Aid
September 27, 2007
Tip 1: Secure the necessary forms. The FAFSA becomes available January 1st of each year. Pick one up at the counseling office, college admissions office, library, or apply from the Internet at www.fafsa.ed.gov.
Tip 2: Submit the FAFSA whether or not you think you qualify for aid. Sometimes being rejected for federal aid is a prerequisite for receiving private awards.
Tip 3: Proofread and update. Figures on the financial aid application should agree with your federal tax return and bank statements. If you need to estimate, be as accurate as possible by using prior year tax returns and current year earnings. Your eligibility can change from year to year, depending on your family's circumstances.
Tip 4: Apply ASAP (As Soon As Possible) after January 1st. Early completion maximizes your chance of receiving financial aid. Also, do not wait until you have a letter of admission before applying for aid. Some schools have deadlines as early as February 1st.
Tip 5: Ask Questions! Contact your prospective college financial aid office for additional information. Do you meet full financial need or only a certain percentage or dollar amount? How is the award likely to change from year to year? Does the school have any special financing options for parents? Does the school require any forms besides the FAFSA?
Tip 6: Make copies. Always keep your worksheets, and make copies of your finished application. (Online they will summarize this for you and request that you print a copy.)
Tip 7: Read your Student Aid Report (SAR) carefully. You and your prospective college will each receive copies of your SAR for up to six weeks after you submit your FAFSA. The SAR is your official record that the federal processor received your FAFSA. If you find any errors on your SAR or have updated information, you should report them to your prospective college's financial aid administrator to ask how you should make corrections.
Tip 8: Note Data Release Number (DRN). It's the four-digit number located at the upper right hand corner of your SAR. You will need it to apply to additional colleges or universities.
Tip 9: Check to see if your SAR has been selected for verification. Look under the date for the letters EFC followed by a series of numbers. If there is an asterisk (*) after your EFC, your SAR has been selected. In the verification process, your prospective college compares your SAR with documents that verify your financial status, including tax returns. About one-third of all SARs are selected for verification. Send requested information to your prospective college's financial aid office immediately so your aid is not delayed.
Tip 10: Read your mail. Generally a financial aid announcement will contain other information such as loan applications, instructions for applying for state and federal aid, an explanation of the award offered, or a list of who to contact for other related areas like work-study and housing.
