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Applying for Student Financial Aid
How and Why To Apply for Financial Aid
Applying For Financial Aid
Even if you think that you make too much money to receive federal or state financial aid, it is definitely in your best interest to complete an application for financial student aid. Many students are surprised to find themselves eligible for some type of federal or state aid of which they were otherwise unaware.
The first step is to complete the Free Application for Federal Student Aid (FAFSA). This can be done in several ways:
- - Online through the U.S. Department of Education's FAFSA website
- - By picking up a hard-copy application at your high school counselor's office
- - By contacting the Financial Aid Officer at the college or university that you plan to attend
The Purpose of the FAFSA
The FAFSA is simply an analysis of your financial strength and determination of how much financial assistance is available to you from both state and federal programs. This assistance may come in the form of grants, work study, and/or low interest loans.
Deadlines for Application Submission
In addition to federal student aid, the FAFSA will help to determine your eligibility for many grants and scholarships offered in various states. Most state grants and scholarships have a priority filing deadline, after which funds cannot be guaranteed for new applicants. Check with your state's Department of Education for more information on state financial aid and priority filing deadlines.
The Student Aid Report (SAR)
All of the colleges and universities that you indicate on your FAFSA will receive an electronic report (ISIR). You will receive a Student Aid Report (SAR) for your own records. Once you receive your Student Aid Report, you will need to contact your college or university's Financial Aid Office should you need to make any corrections.
Completing the Financial Aid Application Process
After completing the admissions application process, your Admissions Representative will likely make arrangements for you to complete an interview with the Financial Aid Office, during which your FAFSA results will be reviewed and explained to you. Make sure to ask any questions that you might have, as this can be a confusing process, even for your Financial Aid Counselor.
When meeting with Admissions Representatives and/or Financial Aid Counselors, make sure to get the institutions Title IV School Code. You will have to enter this code on your FAFSA before submitting. Should you later wish to add another school, you will merely need to make a correction to your completed and processed FAFSA, resubmit it, and allow approximately 72 hours for the updated information to be processed by the U.S. Department of Education.
Internal Grant and Scholarship Opportunities
When meeting with your Admissions Representative and Financial Aid Counselors, make sure to ask about institutional financial aid. Many colleges and universities offer additional aid to students based on program of study, academic or civic achievement, and financial need. These opportunities are there for students to take advantage of, so don't be embarrassed to ask.
External Scholarship Sources
Many students think that completing the FAFSA is the only means of receiving financial aid. Aside from the institutional aid mentioned above, there are also numerous external soucres for grants and scholarships. These range greatly in both award and eligiblity requirements, but are definitely worth investigating. Remember that you should never pay for a scholarship search, opportunity, or submission - legitimate scholarships are intended to help students afford the significant cost of an education, and charging a fee for their service would be completely contradictory to the scholarship's purpose. Several common and popular scholarship search websites include: Sallie Mae, Scholarships.com, Fast Web, and FindTuition.com.



