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Steps for Applying For Financial Aid
1) Apply for admission as well as financial aid a. Before a student’s chances for aid can be determined, many colleges require both an application for admission and for financial aid. Since application deadlines vary from institution to institution, you may want to develop a calendar of important dates, in any case, it’s wise to apply as early as you can.
2) Submit required financial aid forms a. File all forms for financial aid consideration at the college’(s) you are contemplating. This includes the correct year’s FAFSA. Note: students should only file one FAFSA regardless of how many colleges they are considering. The FAFSA includes a section for the student to list the colleges to which they want their information sent. b. During your senior year, complete the FAFSA as soon after January 1 as possible. c. The FAFSA collects demographic and financial information from students and parents to be used to determine a Expected Family Contribution (EFC) --- the figure used to determine a student’s eligibility for Federal Pell grants, other federal financial aid programs, and many state programs. The EFC is determined according to formulas set periodically by the US Congress. d. Students should check with each individual college to determine if there are additional forms the college requires them to file. Be sure to file all forms in time to meet the colleges financial aid application deadlines. Note: Admissions and financial aid deadlines are often different; be sure to meet each requirement.
3) Apply for scholarships and grants a. Besides aid offered directly by a college and aid which your need analysis form is an automatic application (for example, a Federal Pell grant), be sure to inquire about state scholarship, grant, and loan programs. Ask about institutional, community, foundation, and corporation programs as well.
4) Keep track of progress a. Monitor all the information you receive from individual college business offices regarding fees, payment schedules, etc. Include this information in your college planning.
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