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Applying for Federal Aid is Like a Treasure Hunt
You never know what you will find, and you may be amazed at it's value
When applying for federal aid, the starting point is the FAFSA (Free Application for Federal Student Aid), the main application for financial aid. All federal programs; Pell Grants, Federal Supplemental Opportunity Grants, Federal Work Study Programs, and low-interest loans, all come under the federal aid umbrella and are covered by this application. Institutional aid is also determined in this annual application. You can apply for federal aid online. Directions for how to apply for federal aid online are clear and easy to follow.
There is no charge for filing the FAFSA when applying for federal aid. You must complete on FAFSA per student and you can list up to six schools per application. Each school listed will receive an electronic copy of the data analysis from the central processor. If you want to add more schools, you may do so after the initial application is processed. For this reason, students should list their top priority schools in the original FAFSA application. You should also check to see whether your state agency uses the FAFSA. If so, you should list an in-state school to trigger the state application program process.
When Applying for Federal Aid, Apply as Soon as Possible
When you are finding federal aid, applying for financial student aid or other needs-based programs, remember that the pot is not bottomless. These programs run on a first come, first served basis. This is not the time or place to be a procrastinator. As early as possible after January 1st of the senior year in high school, your FAFSA should be submitted. You may either do this electronically online or obtain a copy from your guidance office and mail it in.
Financial aid professionals strongly recommend that you submit it electronically as it is an easier and faster way to file this form. It is also a better way to ensure it is done directly. When applying for financial aid online go directly to the official site for obtaining FAFSA forms. Just remember that this cannot be submitted prior to January 1st. However, it is possible to download or obtain the application prior to that date and have it completely filled out, ready to submit as soon as possible. The earlier this is completed, the better your chances of finding federal aid.
The Online Process for Applying for Federal Aid
Before you can begin the online process, you must obtain a PIN number. This PIN is good forever and you need never obtain another one. Be sure and keep it in a safe place and remember where you put it. Both the student and one custodial parent must obtain a PIN.
Once submitted, the FAFSA for financial aid is scanned and processed by the central processor. Eligibility is verified for student aid by checking information against national data bases such as: social security, IRS, citizenship, etc. Once this is completed, the application will be checked for inconsistencies and from there your Expected Family Contribution (EFC) will be calculated. The lower your EFC, the more likely you will demonstrate need.
When Finding Financial Aid, This Is The Complete Application Process
- File the Application
- Application processed by central processor
- Results shared with colleges listed on FAFSA form
- College awards financial aid according to their guidelines
- Financial aid results mailed to student from March - May Student and parents review the packet. You may either accept, decline or ask for more information
- Comply with any requests from the Financial Aid Office without delay
Look here to learn more about Federal Student Aid Programs.
Go to The Financial Aid Information Page to learn more about applying for Federal Aid online
Return to Home Page from Applying for Federal Aid
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VIT
(Very Important Tip)
Both parents and student must apply for a PIN. Applying for a PIN is not an instant process. Application for a PIN number should be submitted in November/December of the student's senior year in high school. The PIN is used as an electronic signature when filing the application online. You can go to this site to obtain a PIN.
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