| Step |
Action |
| 1 |
Determine your need. See more about this step. |
| |
a |
Use information provided by the schools you would like to attend (or information from their websites) to determine how much your education will cost. |
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b |
Decide how much in savings, earnings and gifts you will be able to use to offset college costs. |
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Hide details. |
| 2 |
Apply for a personal identification number (PIN) at www.pin.ed.gov to make the financial aid process quicker. See more about this step. |
| |
a |
You'll use your PIN to electronically sign the FAFSA (step 3), make changes and check the status of your FAFSA online, and electronically sign for federal loans. |
| |
b |
Students and parents must each get a separate PIN because it is an electronic signature for each individual and cannot be shared. |
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Hide details. |
| 3 |
Complete the Free Application for Federal Student Aid (FAFSA). See more about this step. |
| |
a |
The FAFSA must be completed each year a student wishes to receive financial aid. Students and parents of dependent students need to complete the form to be considered for federal aid and many types of state and institutional aid. The FAFSA results can be sent automatically to up to six colleges or universities. |
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b |
The FAFSA and EZ FAFSA are free forms that may be completed without professional assistance via the paper or electronic forms provided by the U.S. Department of Education. Visit www.fafsa.gov for an online application or call (800) 4-FED-AID, or (800) 433-3243, for a paper form. |
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Hide details. |
| 4 |
Receive the FAFSA results. See more about this step. |
| |
a |
The Student Aid Report (SAR) is sent to financial aid applicants and colleges/universities about two to four weeks after the FAFSA is submitted. The SAR is a summary of all the information submitted on the FAFSA, and it is sent electronically to the colleges or universities listed on the form. |
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b |
The SAR identifies the EFC (Expected Family Contribution), which colleges and universities use to determine financial aid eligibility. Students and parents should review the SAR carefully to make sure the information is correct. |
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c |
The government chooses one out of every three FAFSA applications for verification. If your application is chosen, don't panic. You simply need to send in the paperwork that the school asks for (usually copies of signed tax returns, completed verification worksheets and additional documentation). Do it as soon as possible so your financial aid can be processed. No aid can be disbursed until verification is complete. |
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| 5 |
Review your award letter. See more about this step. |
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a |
Each school the student listed on the FAFSA will send the student an award letter if the student has been accepted for admission and completed the necessary financial aid paperwork. It will explain the various types of financial aid available to the student at that college or university. Financial aid can include grants, scholarships, work-study and loans. |
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b |
Students and parents should review the award letter thoroughly to understand each type of aid offered. Read any instructions carefully, as it may be necessary to sign and return portions of the form by a certain deadline to accept all or part of the aid offered. |
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Hide details. |
