Financial Aid Checklist
quick checklist in understanding what's needed for financial aid
Find below a summary checklist of items that student (and parents of students) need to complete in order to receive the financial aid options that are available.
Below are ten (10) quick checklist items that would get you through the process
Page Topics:
financial aid checklist
Complete College Tasks
If you are going to college, make sure you complete and submit the required documents. Deadlines include essay and application submissions, college visits, housing selection, and gathering those things for the move.
Our quick college planning calendar can help
(note: links to our companion site
www.OfftoCollege.com)
financial aid checklist
How Much Will It Cost
How much will college cost? It depends on where you or your student will be going. Costs include tuition, housing, books, transportation and more
TIP: print our tally sheet to keep tabs on cost and the available aid that you get
Where is the Money Coming From
Billions of dollars are disbursed each year in financial aid for students. The largest percentage of disbursement is federal student loans loans (over 51%). The next largest percentage are grants. These are just some of the sources of financial aid.
Other aid for college includes:
- scholarships
- campus aid
- private student aid and loans
- family aid
financial aid checklist
Understand Aid Process
First comes the FAFSA form, then the SAR, and then the Financial Aid letter from your school. Link to our Financial Aid Step to view the process.
What is EFC?
EFC is the Expected Family Contribution for higher education. In other words, financial aid is awarded based on a formula that calculates the total cost of attending school and the expected family contribution to that cost. You can view more information under the financial aid steps.
financial aid checklist
FAFSA Form Submission
Almost all financial aid begins with your filing the Free Application for Federal Student Aid (FAFSA). This form is required for all Federal Student Loans and many college aid programs, including some scholarships. You can file the FAFSA form starting in January for the upcoming Fall academic year
What you will need to file:
- tax returns
- W-2 forms
- bank statements
- Social Security and VA Benefits, if any
financial aid checklist
Understand Types of Aid
Financial aid programs include grants, scholarships, loans, state programs, and other special aid. You can also view a summary chart of financial aid options at our companion site SayCampusLife.com:
- aid chart: for undergraduates
- aid chart: for graduates
- aid chart: for parents
- aid chart: for continuing students
Don't Forget Your Financial Aid Office
Your school's financial aid office is the control center for student financial aid. Talk with your college's financial aid office to see how they can help. Be prepared to ask questions such as:
- What are the filing deadlines?
- What forms are required?
- What percentage of the college costs is covered by the financial aid award package?
- Can the award package be negotiated?
financial aid checklist
Start Searching Scholarships
Scholarship awards can go fast, so start early — usually in the Fall prior to the start of your college year.
Check your field of study, ethnic background, social and religious affiliations, parent's employment, family club memberships, and local businesses and clubs:
View and apply for scholarships
(note: links to our companion site
www.SayCampusLife.com)
financial aid checklist
About Federal Student Loans
Student loans are the most widely used form of financial aid. These loans are backed by the Federal Government to guarantee low-interest rate loans.
Graduates and professional students also qualify under the PLUS loan program to borrow up to the full cost of education. Deferment plans are available.
We have information about under government aid programs
financial aid checklist
Private Student Loans
Most financial aid awards do not cover the full cost of education. Many students are turning to private education loans and other alternative financing to finance their education.
These loans are not subject to Federal Government review and processing. You can get your money in as little as 5 business days from receipt of your completed application.
- See what Private Loans are available:
view private aid options
financial aid checklist
How Parents Can Help
Parents of undergraduate students can assist with their child's education by applying for the Federal PLUS loans. View PLUS loan information
Banker Home Equity Line of Credit
Parents or students with equity value in their home can use home equity loan to pay for college. Funds can be borrowed as they are needed — not all at once under most other loan programs.
Parents or students with steady working income can use the BLOC to manage their money and fund education expenses. The program benefits those with positive discretionary income that helps to keep funding costs low.
financial aid checklist
Managing Your Money
Money will be tight during school. You want to control spending and avoid unnecessary debt. View our recommendation on how to manage student funds while attending college.
- Money management tips: download student budget tri-fold
Building Your Credit
Starting school brings on many new responsibilities like building a strong credit report and managing your credit payments. This will benefit you in the future for:
- buying a home
- finding a good career
- keeping lending costs down
- perhaps starting a business
View our complete credit and debt management tips including budgeting monthly expenses:
start with our credit management module
Helpful Tools
Some helpful tools for making decisions:
(from our companion site: www.SayStudent.com)
