UNDERSTANDING THE FINANCIAL AID PROCESS



UNDERSTANDING THE FINANCIAL AID PROCESS

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Applying for financial aid can be the most complex process when applying to college. Some students are intimated by the different forms and how complicated they look; but it is important for all seniors to complete ALL Financial Aid Forms on time and accurately to avoid delays in receiving financial aid.

To apply for State Financial Aid (including State Grants, State Scholarships and Bright Futures) seniors must complete the application as soon as possible (after December 1 and prior to graduation) at .

To receive grants and scholarships from private colleges and universities some schools may require that students complete the CSS profile. Students must visit for a list of schools requiring this form and for the online application.

To receive the Federal Financial Aid, the MOST IMPORTANT step is filing the FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) as soon as possible after October 1 of their senior year. The fastest and most accurate way to complete the FAFSA is online at fafsa..

The FAFSA is the form seniors need to complete in order to see if they are eligible for any kind of federal financial aid. Every college-bound student should submit the FAFSA regardless of how high family income may be or if they have a pre-paid college plan or scholarship.

The information provided by the student to the federal processor on the FAFSA form is put through a calculation established by the federal government. This calculation generates an Expected Family Contribution (EFC).

Eligibility for need based aid is calculated by subtracting the student’s EFC, along with any outside resources (i.e. scholarships received) from the Cost of Attendance (COA) from the institution applying to.

|  COA |

|- EFC |

|- other scholarships |

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|=FINANCIAL NEED |

If the student’s EFC and other resources are less than the COA, then the student may have financial need, and the college/university at that point will send the student the Award Letter which may include a financial aid package with grants, work-study, and loans. Students that complete the financial aid process late may find that although they have financial need, they may not receive that much aid because of their late application.

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