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Five Steps to Take in Getting Financial AidRelated ArticlesApplying for financial aid can be stressful and it may seem like a neverending task but there are just 5 basic steps that you need to follow. If you stick with these 5 steps you should have no problem at all getting through the process.
Step One: Complete the FAFSA. You cannot be eligible for financial aid if you don’t fill out this application. You can fill out this form online on most financial aid websites. You will to have your Social Security Number, your tax and income information. If you have any investments you will need to provide that information. If you own a home then you will need to provide that information as well. If you can be claimed as a dependant on your parents’ tax return then you will need your parents tax information. Some tips on completing the application, you should complete the FAFSA after January 1st but no later than June 30th. If you need help filing out the application ask your parents for help. Step Two: Review your Student Aid Report (SAR). After you fill out your FAFSA you will receive a SAR, this report will show what your family can pay for college. The number that comes back in this report will be the number that financial aid will ask you to contribute. So make sure you can afford this number since the financial aid amount depends on it. You should make sure that all of the information on this report is correct. Everything on your FAFSA and the SAR information should be one and the same. Step Three: Compare Financial Aid Packages. Every College that you listed on your FAFSA will be sending you what they call an award letter, if they are going to be accepting you. In these letters is information that is offered is the cost of attendance for each school, your financial aid package and what you will be expected to contribute. It is very vital that you read all of the information listed on these forms. With these reports you will have to choose which school and which financial aid package can be beneficial to you. Make sure you read all of the information carefully so you can make a good choice. Step Four: Choose your lender, after reading all of the information provided from your SAR. You should base your decision on if the financial aid will be enough to cover your costs, if the better financial aid [package is from the school you want to attend. Take your time and weigh out all of your information. Step Five: Consider Other Sources of Financial Aid. If the numbers that you received from the SAR is not enough, try applying for supplemental grants and other types of grants. Try workstudy programs; exhaust all of your possibilities before settling on a decision. When it comes to financial aid you can never be too careful, you want to make sure that you have what you need for a successful College experience. |
