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Once you have managed to get the
Free Application for Federal Student Aid form filled out you will get what
is called a Student Aid Report which is also viewable online at the Free Application for
Federal Student Aid College Loan
Free Application for Federal
Student Aid
It is on this report that you will find all of the information that you need, for example you will then know what your expected family contribution is. This is an important number because this is how much you will be expected to pay towards the college expenses. Without this there is no way for anyone to calculate what kind of financial aid your son or daughter is eligible for.
The Student Aid Report is a very important form so you need to go over it carefully and make sure that all of the numbers and other information is correct. You will want your W-2 handy to make sure that the amount of earnings you may have estimated is accurate. If you do happen to find any errors on it you will have to resubmit the form and it will take a couple of weeks for the information to be updated in the system. Once it has been updated any school that your son or daughter applies to will see the new and correct information.
It will be in March that the letters of acceptance will tart to arrive at your door and it will not take long for the financial aid award notices to come after that if you have to wait at all.
Not all financial aid packages are the same, different schools will have different one s. This is often the case even when the schools costs do not differ much so be prepared. There are a few things that will affect the aid package that your child receives such as the amount of money the schools have to give out as aid, the financial need of your family and even your child’s grades. Public schools often do not have as much money to give as aid when compared to private schools. And some middle class families find it hard to deal because they make too much to get financial aid but yet not enough to pay for their child’s entire education. In these cases the parents and/or the children have to look for loans from other places.
The entire process takes weeks, even just the waiting for the SAR will take a few weeks. And then you have to be waiting for the acceptance letters and the financial aid letters. At the latest you will get the acceptance letters at the beginning of April and the financial packages in the middle of April. The student will then have until around May first to make their final decisions as to the school that they want to attend. During all of this waiting the student should not be sitting idly by he or she should be looking for grants and scholarships that they might be eligible for.
If you are having trouble finding enough money to cover the costs even with the help of the financial aid package there could still be some hope for you yet. If your child has been accepted to more than one school then mention this to the schools and see if any of them are willing to negotiate a better deal on the aid packages. This is often a very effective method of getting more aid when you need it. Cost may not be the deciding factor in every case but often it will play a part I the final decision of the student.
You can fill out the PROFILE application as an alternative to other financial aid. This is a service brought to you by the College Board, which is a not-for-profit membership association. What this group doe sis bring colleges and students together. This board is made up of thousands of schools and they help millions of families each and every year. Filling out this form can help you to get nonfederal student aid. You can register online here if the school you are thinking of is one of the schools that use this application. This is not free owever, there is a $5 registration fee and then each school that you send this application to will cost you another $18.