Financial Aid Information

The Financial Aid Process (Courtesy of Yahoo! Education)

Wondering about how to pay for college? Then checkout www.fafsa.ed.gov.

Once you've decided to apply for financial aid, the application process is easy. Just read on!

Your first step toward securing financial aid begins with the completion of your Free Application for Federal Student Aid (FAFSA). This is the only application form you must file with the federal government to apply for federal and state student grants, loans and work-study. You can apply for financial aid even before you hear if you've been accepted at the school of your choice. Contact the school's Financial Aid Office for forms and all deadlines for submitting federal and state applications. Be sure to file your FAFSA form as soon as possible after January 1, of each year.

Much of the information on the FAFSA is the same as what is required on your income tax returns. While you don't have to file your income tax return with the IRS before completing the FAFSA, it's a good idea to complete it first to have the information handy.

You may obtain a paper copy of the FAFSA at your high school guidance office, public library, or by calling 1-800-4-FED-AID (433-3243). You can also complete, submit and track your application online at FAFSA on the Web. When you complete the online version, your processing time may be reduced by one to two weeks and you reduce the chance of making an error, as the information is screened before processing.

Your Student Aid Report (SAR) should arrive four to six weeks after submitting your FAFSA. This report contains the information you provided on your FAFSA, and it is important to review the document for accuracy. If you find an error, follow the directions for making corrections and submit them as soon as possible. (Be sure to keep a copy for your records.)Your SAR will provide you with details on your federal and state aid eligibility and give you your Expected Family Contribution (EFC). This is the amount your family is expected to contribute toward your college costs.

Your SAR will be provided to the colleges you listed on your FAFSA. The school Financial Aid Offices will use the information contained in the SAR to determine your total aid package, including loan eligibility and federal work-study qualification.

Different schools have different ways of assessing need and awarding aid. You will receive a financial aid Award Letter outlining the aid for which you are eligible from each school where you are accepted. As you compare the financial aid packages offered, you may realize you still need additional funding to meet your college expenses.

Explore Your Options

If your total needs are not met by scholarships, grants and work-study programs, there are various loan programs to consider to help cover the cost of your education, including Federal Stafford, Perkins and PLUS Loans, and alternative loans. It is recommended that you speak to the Financial Aid Officer at the school of your choice to determine the best loan options to meet your specific needs. They can help direct you to preferred reputable loan providers.

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