College Survival Advisor

Much like the college planning process, the financial aid process has many deadlines which must be adhered to for getting the most bang out of your student financial aid buck. The following financial aid time line applies to parents and students, alike. It will help put you on the right track. 

Junior Year

If you haven’t already made a list of schools you plan to attend, do it now. This step should be initiated and even completed during your junior year of high school. Use the Internet, college visits and other resources to finalize your decision-making process. When you are finished, try to aim for 2-3 top universities of your choice. Note to self: If you have one university in mind and are relatively positive your academic record will get you in, there’s no reason to research dozens of schools. On the other hand, it’s wise to have a back-up plan, in case something doesn’t work out with college number-one on your list.

Fall-Winter of Your Senior Year

• It’s time to contact the admissions office at each college on your list via mail, fax or Internet for admission and financial aid forms and additional information, such as housing.
• Register for CSS/Financial Aid PROFILE if one or more of the colleges you are applying to requests it. You can easily register via the Internet any day, at collegeboard.com or by calling 800-778-6888 to request information via mail. You can also register electronically for a paper PROFILE application, online at the same website address, above. Be sure to register for PROFILE at least four weeks in advance of your earliest financial aid deadline, as this will give you time to complete the application process.
• Your FAFSA, Federal Financial Aid form, should be fully and correctly completed and in the mail as soon as possible after January 1. The form should be sent for processing at least four weeks before the earliest financial aid deadline set by each college and state program to which you are applying (these dates may vary).
• It’s time to apply. Make sure you contact each college to find out, well in advance, if there are any additional financial aid forms you may have missed for the financial aid application process. Once that’s done, complete the forms in a timely, detailed manner.
• Make a prompt response to any requests for additional information so there will be no delay in processing your request for student financial aid.
• Carefully review the acknowledgments you receive.  Make certain all entries on the acknowledgment forms are correct.
• Review all reward letters carefully. The financial aid directors at each college and scholarship program will provide you with information regarding the the amount of your financial aid package as well as any additional details pertaining to your awarded funds.

Early Spring of Your Senior Year

• Find out if additional financial aid forms are required by the colleges you’re applying to by contacting the financial aid offices of each learning institution. If so, find out the deadlines and request the paperwork. Complete these forms as soon as possible.
• Research additional financial aid forms pertaining to financial aid such as scholarships and grants. Use the Internet to run an exhaustive search using scholarship search engines. In doing so, you may find additional grant and scholarship money based on academic achievement, athletic abilities, ethnic or racial heritage, hobbies, career plans and religious affiliation.
• Find out if your parents’ employers, professional associations, labor unions or civic organizations offer scholarship programs for college students. Likewise, investigate local community organizations, fraternal groups and cultural groups to see if they offer scholarship programs at the local, state or national levels.
• If you or either of your parents is a military veteran, you may be eligible for special assistance. Contact the Veterans Administration Center nearest you for information.

Be On The Look-Out

Early in the spring of your senior year, pay close attention to award notices from state and federal student financial aid programs. Review your Federal Student Aid Report (SAR) carefully for any mistakes. If anything is out of the ordinary, file corrections on the paper provided, and return it immediately!

At this time, also learn how payments from each student aid source will be made. Usually, financial aid payments will be issued to you at the time you enroll (which can be applied directly to your tuition bill so it won’t seem so daunting). Contact your college’s financial aid office to find out if there are any additional procedures you should be aware of in order to receive aid promptly.

After High School Graduation

• Consider alternatives you may not have yet explored. Many colleges offer tuition and fee waivers to certain categories of students such as adults, children of alumni, multiple family enrollments, etc. There are also waivers available for tuition prepayment and other special tuition payment plans. Contact your college’s financial aid office for this information as well.
• Educate yourself about college loans. Investigate all options before you borrow. Some key points to consider in this process are interest rates, repayment requirements, and any other terms and conditions which apply for each loan program you are considering. Give yourself plenty of time-at least six weeks prior to your first semester-for your loan application to process.
• When you know which college you are attending, notify that college and let any other colleges know that you are declining their offer. In doing so, you will free up that financial aid money for other college-bound students.