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How To Apply For Financial Aid

Article on How To Apply For Financial Aid

Students planning to go to college are likely to be confronted with numerous options for financial aid in the forms of loans, both federal and private, grants, and bursaries. Of utmost importance before settling on a school is determining how much financial aid the government is likely to offer the student. This can be attained by applying for financial aid. Below is a step by step guide on how to do this.

Step 1: The Free Application for Federal Student Aid (FAFSA)

This is the first step to receiving financial aid and is available to complete online at http://www.fafsa.ed.gov. The FAFSA determines eligibility for federal grants including the Pell grant (which is non-repayable unlike student loans). This application process includes declarations of the student’s family finances unless they are considered independent of their parents.

Step 2: Information Needed for the FAFSA

To fill out the FAFSA the student will need numerous pieces of information including their Social Security Number, Driver’s License, records of previous year’s earnings for both the student and their family (parents or spouse), the previous year’s tax return including any foreign tax returns and details of any untaxed income including benefits received. In addition they may ask for current bank statements, business and mortgage information if relevant and permanent residency details if applicable.

Step 3: The Expected Family Contribution (EFC)

After filling out the FAFSA and dependency status the amount the student’s family is expected to contribute is assessed. A set formula is used to calculate this EFC and does not depend on which school the student wishes to attend. The student will receive a Student Aid Report detailing this EFC and as every college has its own attendance fees this will affect the financial aid a student is assessed as needing.

Step 4: Verification and Notification

Upon receiving the Student Aid Report for a student the college may ask for verification of the information contained therein. This can require submitting copies of tax returns and other financial documents. Not all students are chosen to have their information verified in this way, but it is obviously vitally important to report finances accurately in order to receive the correct financial aid.

Step 5: The Cost of Attendance

Each college outlines its own cost of attendance based on housing costs, tuition fees, books, and so on. After assessing the cost of attendance for the student’s chosen school and subtracting the EFC the student is given a determination of how much financial aid they will receive based on their need. This will include details of grants and student loans as relevant.

Step 6: The Award Letter

After this process is completed, with the analysis of need, family finances, EFC, and cost of attendance taken into consideration, the student will receive an Award Letter detailing the amount of financial aid they will receive for the program and the school chosen.

It is important that the student and their family are prepared and start the application process for financial aid in good time, allowing considered decisions to be made over which college they can afford and how any shortfalls in funding may be made up.