Financial Aid Steps

Follow these steps to begin the financial aid process:

1. Complete the Free Application for Federal Student Aid (FAFSA) and Apply for a PIN

The FAFSA must be completed each year a student wishes to receive financial aid. Students and parents of dependent students need to complete the form to be considered for federal aid and many types of state and institutional aid. The FAFSA results can be sent automatically to up to six colleges or universities.

When completing the FAFSA for the first time, students and their parents must complete the FAFSA online. A paper FAFSA is available upon request by calling the Federal Student Aid Information Center (FSAIC) at (800) 4-FED-AID [(800) 433-3243].

A Federal Student Aid Personal Identification Number (PIN) can make the financial aid process quicker by allowing applicants to electronically sign the FAFSA. A PIN also makes it possible to make changes and check the status of the FAFSA online, and can be used to electronically sign for federal loans. Students and parents must each get a separate PIN, as it is an electronic signature for the individual and can't be shared.

2. Receive the Results of the FAFSA

The Student Aid Report (SAR) is sent to financial aid applicants and colleges/universities within about two to four weeks after the FAFSA is submitted. The SAR is a summary of all the information submitted on the FAFSA, and it is sent electronically to the colleges or universities listed on the form.

The SAR identifies the EFC (Expected Family Contribution), which the college or university uses to determine financial aid eligibility. Students and parents must review the SAR carefully to make sure the information is correct.

Verification

The government chooses one out of every three FAFSA applications for verification. If your application is chosen, don't panic. You simply need to send in the paperwork that the school asks for (usually copies of signed tax returns, completed verification worksheets and additional documentation). Do it as soon as possible so your financial aid can be processed. No aid can be disbursed until verification is complete.

3. Review the Award Letter

An award letter will be sent to students from each school. It will explain the various types of financial aid available to the student at that college or university. Financial aid can include grants, scholarships, work and loans.

Students and parents should review the award letter thoroughly to understand each type of aid offered. Read any instructions carefully, as it may be necessary to sign and return portions of the form by a certain deadline to accept all or part of the aid offered.