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Applying for aid doesn't have to be complicated - just make sure you cover each step to avoid surprises later.
Module Transcript
First, you fill out the Free Application for Federal Student Aid, and any school-specific form required by the school you are applying to. These forms help schools determine your financial need.
Next, you'll want to seek out and apply for scholarships and grants. Start looking for these awards as soon as possible and ideally before your senior year.
Finally, determine where additional money for school will come from - parents, part-time and summer jobs, work-study, service programs or student loans.
Introducing the FAFSA
Administered by the U.S. Department of Education, the Free Application for Federal Student Aid provides the federal and state governments and financial aid offices with crucial information about the financial status of your family. This form is required by all colleges.
Based on government calculations, you will be given an Expected Family Contribution that will help schools determine your eligibility for grants, subsidized loans, and college-sponsored aid. The report you receive after filling out the form is called the Student Aid Report (SAR).
The FAFSA can be filed for free on line or by paper through the Department of Education. With dozens of detailed financial questions, it can be easy to feel overwhelmed with the FAFSA process. If you need personalized assistance with the form, free help may be available through your school or through a program such as College Goal Sunday. If you are confused or unsure about the FAFSA, we urge you to seek help - mistakes will delay the aid process or even cause you to receive the wrong amount of aid. PNC recommends you apply online as it will guide you through the process, check your math, and be processed quicker.
You should complete the FAFSA as soon as possible AFTER January 1st in the calendar year you hope to receive aid - in other words, fill out the form in the same year you'll be starting college. You must complete the FAFSA as early as possible keeping a close eye on your school and state filing deadlines. Many sources of aid are given out on a first come first served bases so it is extremely important not to miss a deadline. If you will be delayed in filing taxes for the prior year, go ahead and complete the FAFSA using estimates. You'll have an opportunity to make updates later.
What Happens Next?
After submitting the form, you will receive your Student Aid Report in a few days or weeks. The results will also be sent to the schools you listed on your form.
The first thing you should do when the Student Aid Report comes is to check it for errors. If an error was made, it may be more difficult to qualify for aid. On the other hand, if the errors are in your favor, you could be penalized later for not correcting them.
School-Specific Financial Aid Forms
Some schools - especially schools with access to significant institutional or private aid - will require a separate form. Be sure to check with your school's financial aid office.
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