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The Financial
Aid Process & How to Get a Student Loan
Student loans are one form of financial aid, so to
receive a loan, follow the financial aid process.
- Confirm you are eligible. Students must be
enrolled or accepted for enrollment on at least a
half-time basis in a program leading to a
certificate or degree at an eligible school.
- Apply for
financial aid by completing the FAFSA – Free Application
for Federal Student Aid.
- Review
your Student Aid Report (SAR) and verify the information
is accurate. The SAR summarizes the information from
your FAFSA and provides your financial aid eligibility.
The SAR is also forwarded to the financial aid office at
the school(s) you selected when completing your FAFSA.
- Provide additional information requested by the
school financial aid office, so they can determine your
eligibility and award you financial aid.
- Review your financial aid award package and
discuss student loan opportunities with financial aid
office staff.
1. Confirm you are eligible
To receive financial aid, you must meet the following
criteria:
- Be a U.S. citizen or eligible
non-citizen.
- Be enrolled or accepted for
enrollment on at least a half-time basis in a
program leading to a certificate or degree at an
eligible school.
- Demonstrate financial need for
need-based aid programs, not be in default or owe a
refund on any federal aid program.
- Maintain Satisfactory Academic
Progress.*
- If required, registration with
Selective Service.
* Check with the financial aid office at your school
for Satisfactory Academic Progress requirements.
2. Apply for financial
aid by completing the FAFSA – Free Application for
Federal Student Aid.
The Free Application for Federal Student Aid (FAFSA)
is the U.S. Department of Education's application for
financial aid. You must complete and submit this form
yearly in order to receive any type of financial aid:
grants, work-study or loans.
TIP:
The FAFSA is the application used to apply for federal
and state student aid programs. Whether you are thinking
about attending school in-state or out-of-state, the
FAFSA is the "common" application used by schools to
determine eligibility for financial aid.
The information provided on the FAFSA is used to
calculate an Expected Family Contribution (EFC), the
amount that you and your family/spouse are expected to
contribute toward the cost of education for the academic
year.
The U.S. Department of Education assigns a personal
identification number (PIN) that you and your
parents/spouse can use to speed up the financial aid
process by several weeks and:
- Electronically sign your FAFSA
- Access copies of your FAFSA
- Electronically sign your
student loan promissory note
TIP:
Using your PIN will make processing your financial aid
much easier and faster!
The FAFSA must be completed using the previous year's
tax returns each year you want to receive financial aid.
This is because financial aid eligibility is based on
annual income, which may change from year to year.
When completing the FAFSA, take time to carefully
review your information. Follow these tips to ensure
your application is processed quickly:
- Read instructions carefully.
- Don't leave a question or
field blank, even if the question does not apply to
you. Complete the field with a zero or "N/A".
- Make sure your numbers are
accurate - especially your Social Security number
and birth date.
- Double-check your answers.
- Be sure that you and, if
necessary, your parents/spouse sign the form.
- Keep copies of the information
that you submit on your FAFSA.
If you have questions about completing the FAFSA,
contact the financial aid office at your school or call
the Federal Student Aid Information Center at
800-433-3243. Access the FAFSA at:
www.FAFSA.ed.gov.
TIP:
A good rule of thumb is to complete a new FAFSA as early
as possible after January 1, keeping in mind that many
schools have a March 1 priority deadline.
3. Review your Student Aid Report (SAR)
After submitting the FAFSA, you will receive a
Student Aid Report (SAR) and will verify the information
is accurate. The SAR summarizes the information from
your FAFSA and provides your financial aid eligibility.
4. The financial aid office will determine final
eligibility for the financial aid programs.
The SAR is also forwarded to the financial aid office
at the school(s) you selected when completing your FAFSA.
The financial aid office will acknowledge receiving your
information and request any needed additional
paperwork. Once your financial aid file is complete,
the financial aid office will award aid based on the
following equation:
Cost of Attendance*
- Expected Family Contribution**
- Other Financial Assistance
= Financial Need
* Each school develops their cost of
attendance, which includes the total cost of tuition,
fees, room and board, books, supplies, transportation,
personal expenses, etc.
** Expected Family Contribution is determined
by the FAFSA.
5. Review, make decisions and
accept your financial aid award package.
You will receive an award letter
indicating the type and amount of financial aid you may
receive, including student loan opportunities. Follow
the instructions in the letter to receive your aid. You
may accept or decline any or all of the aid offered. The
availability of financial aid programs varies from
school to school. Check with the financial aid office to
determine which programs will be available.
TIP:
Communicate with the financial aid office. Make sure you
understand the type of aid you are receiving and the
requirements to receive it.
Print a brochure on
Need Money for College
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