Applying for Financial Aid: What You Need to Know

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graduates holding piggy bank financial aid
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After discussing the options with your parents or guardian about how you plan to pay for college, you may determine that financial aid is the way to go. As a 32-year financial aid professional, I have some tips to help you navigate the complex process. 

Before Applying for Financial Aid

Talk to Your School Counselor 

Your counselor can discuss college payment options and is a good resource throughout the financial-aid application process. 

Read through the “FAFSA on the Web?” Worksheet 

This worksheet allows you to find answers to common questions about the Free Application for Federal Student Aid (FAFSA) and preview the FAFSA questions before entering your information online. 

Compile Your Financial Information 

Gather all financial information from the previous year, such as tax returns and W-2s. This includes your parents’ or guardian’s information. So, if you are applying for financial aid for the 2023-2024 school year, you will need information from 2021. 

The Application Process 

Complete the Free Application for Federal Student Aid (FAFSA) 

The FAFSA should be completed as soon as possible after Oct. 1 of the year before you plan to start school. You can mail in your FAFSA form or apply online. This is free. If anyone asks you to submit payment, you are on the wrong site. 

Look for the Confirmation Known as the Student Aid Report (SAR) 

Upon submitting the FAFSA, you will receive a SAR notifying you of your eligibility and reflecting all the information you included on your FAFSA. Your SAR should arrive within three days to three weeks after you submit your FAFSA form. 

Thoroughly Review Your SAR 

Read all the instructions and make sure the data is correct. If something is wrong and needs to be corrected, make changes to your FAFSA form online. 

Call If You do Not Receive Confirmation 

 You can check the status of your application on the FAFSA website, but if you have not received your SAR after five weeks, contact the U.S. Department of Education. 

Look for Verification Forms from the Colleges to Which You Applied 

The U.S. Department of Education sends your information to all schools listed on your FAFSA. Once the schools receive it, they will send financial-aid forms via email or postal mail to let you know what programs and awards you’re eligible for from that college or university. 

Call the Schools You Listed on your FAFSA If You Do Not Receive Verification Forms 

 If you don’t hear from the schools you listed on your FAFSA within three weeks of receiving your SAR confirmation, call the schools’ financial-aid departments. 

Choosing Your Financial Aid Package 

Compare the Financial Aid Packages 

 Does one school give you better financial aid than another? Is that the school of your choice? What does each package cover? Be sure to look at the differences between scholarships and grants, which do not need to be paid back, versus loans, which do need to be paid back. 

Pick the College You Would Like to Attend 

 Choose the school that meets your financial and academic needs as well as any other criteria you consider a priority. 

Fill Out the Financial Aid Verification Forms of the School You’d Like to Attend 

Complete the form in its entirety. Accept all or part of the financial aid offered. Verification forms often come with specified deadlines, so pay close attention to when they are due. 

Submit the completed financial-aid verification forms to the school of your choice. Return the financial aid form to its corresponding school as soon as possible and make sure to include any additional documents noted. 


About the Author

Joe Alaimo is the Director of Financial Aid at Gwynedd Mercy University. Alaimo has decades of experience in financial aid, serving in various roles and as past president of the Pennsylvania Association of Student Financial Aid Administrators (PASFAA).

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