Wondering how to apply for financial aid for college? These steps can help you get started.
It is critical that you understand how your family's income and financial assets might impact your financial aid awards. For example, savings in your name will reduce your eligibility for aid much more than assets owned by your parents.
Start by getting to know the Free Application for Federal Student Aid (FAFSA) which all colleges use to determine federal aid. If you plan to apply to private colleges, review the CSS/Financial Aid Profile as well. And be sure to find out how to apply for aid offered by your state.
Your Student Aid Index, or SAI is an official estimate of your family's ability to contribute to your college education. Your SAI may or may not seem fair to you, but it is based on a strict formula. The sooner you know your SAI, the sooner your family can take steps to reduce it.
Do you have an outstanding skill, a strong connection to an ethnic heritage, a specific career interest, or stellar academic performance? Your personal achievements and qualities may make you eligible for scholarships. Use the Scholarship Finder to research scholarships that match your unique qualifications and review their requirements.
Colleges have different deadlines for the FAFSA, CSS Profile, scholarships, and state financial aid. You can look up financial aid deadlines in the college profiles on CollegeData and on each college's website. Develop a system for keeping track of these deadlines so you do not miss them.
Filing early puts you near the front of the line to receive aid. Most colleges calculate financial aid awards using information from your FAFSA, so plan to complete it as soon as possible after it becomes available on October 1. If a college also requires the CSS/Profile, you should file it at the same time as the FAFSA. For some tips on completing the FAFSA early, see 5 Ways to Prepare for the FAFSA.
Some colleges require students to complete additional forms or may request more information after you've submitted your FAFSA. For example, they may ask how much equity your parents have in their home, the amount of assets held by a divorced parent, and how much college money is held by your grandparents. And their deadlines may be different than the FAFSA deadline.
Applying for financial aid, especially the first time around, can feel daunting. Breaking the process down into smaller steps can make it feel more manageable. Start early, find out what's required from each college, and don't be afraid to ask for help if you need it. Your parents, counselors, and college financial aid offices can be helpful resources. Good luck!