Steps
- Apply for a PIN number (www.pin.ed.gov) This takes 3 business days to process. If you are a dependent student, your parents will need to apply for a PIN as well.
- Fill out the FAFSA (www.fafsa.ed.gov) online as early in the year as possible. The general rule is to do it when you do your taxes.
- When you get your SAR (student aid report) back from the FAFSA processing center, call the school that you will be attending to find out your next step.
- Generally, what happens is that the school receives a copy of the SAR and it generates an award letter.
- After that is done, then apply for any outside scholarships. Many of them require that you have completed the FAFSA to be eligible.
Tips
- More money is available earlier. Pay attention to deadlines. Each school has different deadlines to receive financial aid applications. Awards are made on a first come first served basis and then by greatest need. Financial aid awards are made up of a combination of grants (gift aid), loans (self-help aid), and workstudy. Funds are limited and once they have been exhausted, less gift aid may be awarded.
- You have to reapply for every academic year which (for most schools) begins in the Fall.
- Give the school at least a month to process your application.
- Turn in your paperwork, if required, in a timely manner.
- Check out your state's homepage for more information on state grants and scholarships.
- Watch your email and snail mail for updates, forms and notices. These require your attention. A missed form could mean missed money.
Warnings
- Do not lie on the form to make your situation appear worse than it is, doing this takes money from people who really need it, plus you may be verified by the school which makes the whole process take a lot longer.
- The FAFSA is free. If you are on a site that wants to charge you to submit the FAFSA, leave.
- Take out loans if necessary, but avoid taking out the maximum amount available. You could end up making $100 per month payments after graduation for every $10,000 you take out in loans.
Things You'll Need
- Your taxes from the previous year. (and your parent's if you are a dependent student)
- A PIN number.
- Your (and your parent's) name, birthday, and social security number.
- Time! Doing all this takes a long time. You are not going to get it all finished up in an evening.
Sources and Citations
- http://www.fafsa.ed.gov Apply for financial aid
- http://www.pin.ed.gov/ Get your pin
- http://www.fastweb.com Search for scholarships
- http://www.finaid.org More how-tos about financial aid
- http://wehow.ehow.com/how_2004159_apply-financial-aid.html
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