January: You should begin to compile financial records
to help complete your financial aid applications (earnings
statements, bank statements and reports of interest earned,
etc.). While not a
requirement, completing financial aid applications is easier
after you've completed your federal income tax return.
February: You should complete and mail (or electronically file) your
financial aid applications. Filing the FAFSA will automatically
generate a report for the schools you list in the
"School Section". Be on the lookout
for a "Student Aid Report" (SAR). This
report is a confirmation of the data you submitted on the
FAFSA. If you need to make changes, follow the
instructions or contact the school's financial aid office. You can also call 1-800-4FedAid for assistance.
Check
the schools listed on the "School Section" of the
SAR to ensure the correct schools were recorded on your
application. You can always submit it to additional
schools at a later date.
March:
Many schools begin making awards in March. You should receive a package of
information from the school's financial aid office that
details the financial aid programs and dollar amounts of
your financial aid award.
Follow the instructions
and be sure to meet any deadlines for
accepting your financial aid award.
Remember,
financial aid rarely meets all the costs of tuition and
fees, you should compare the amounts of financial aid to the
costs you will incur. Contact the financial aid office
(or your school's student accounts/Bursar's office) to
discuss the costs.
May: Make sure you have provided all required documentation to
your school and that nothing is outstanding (verification
worksheets, income tax returns, etc.).
Calculate
(as close as possible) your "cost less aid" and develop a
strategy to meet this amount. Do you have sufficient
cash to pay this amount? Does your school offer a
monthly payment plan? Will you need to consider
alternative/private loans? See our section on meeting
costs for more information.
June
- August: Begin to tie up the loose ends. First time Stafford
Loan borrowers often have to fulfill an Entrance Counseling
session - and many schools provide these sessions over the
Internet. Check with your school.
Double
check on any outside financial aid or scholarships you may
be receiving.
Make
sure any loans you're applying for are in progress and
moving towards disbursement to your school. Keep in
touch with your financial aid office to verify that your
award package is in place.
Save
- put as much money away as possible before starting your
program. It will be easier to do now than it will be
at any other time in your life!!!
Federal Financial Aid
Programs
