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Financial Aid Process

The entire concept of financial aid can seem hard to understand, but, for most students, it's needed to help pay for college. To make it more manageable, try breaking it down into these steps.

Steps to Financial Aid

Set Your Budget

Based on your intended career or program of study, set your budget for college. Research your career's starting salary and understand that if you have to borrow to cover college costs, your borrowing should not exceed your first year's starting salary. Determine the amount of money you have available from savings and investments that can go toward college over the next two to four years. This savings can reduce your borrowing amount and provide flexibility in the schools that you can afford to attend.

Get an FSA ID

Get an FSA ID from the U.S. Department of Education. An FSA ID, or Federal Student Aid Identification, can be used to electronically file, sign and update the FAFSA form. You can also use your FSA ID to check the status of your application online.

Free Application for Federal Student Aid (FAFSA)

Fill out the Free Application for Federal Student Aid (FAFSA) and submit it. Learn more about the FAFSA and why everyone should file the form each year.

FAFSA Submission Summary

The U.S. Department of Education creates the FAFSA submission summary to summarize the information you provided on the Free Application for Federal Student Aid (FAFSA). You should get your FAFSA submission summary shortly after filing the FAFSA. Spend some time looking over the information to make sure it's right. Your FAFSA submission summary provides your Student Aid Index (SAI) which helps each college calculate your eligibility for financial aid. Learn more about the SAI calculation. 

Verification

The Department of Education determines if your FAFSA is selected for verification. If your application is chosen, don't panic. You simply need to provide the information that the college is requesting in a timely manner. Respond to the verification request as soon as possible so your financial aid can be processed. No aid can be disbursed until verification is complete.

Apply for Scholarships and Grants

Search for private scholarships and grants. Remember, this money will not need to be repaid, so any amount you receive in scholarships and grants will reduce your need for loans. Start your search.

Review and Compare Financial Aid Packages

Review offers from different schools to understand and compare the different financial aid packages. Use your college budget from step one to determine if a college package is affordable for your future plans. Use your estimated starting salary as your borrowing limit for your entire degree. Learn about financial aid packages and the review process.

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