Financial Aid Timeline for Seniors
|Financial Aid Task||Goal to Complete|
|Student and parent request FSA ID||Early senior year, September or October|
|FAFSA is available to complete online||October 1st – June 1st (complete by mid-February to early March)|
|Student receives award letters from the colleges||From time of application through March (Varies by school)|
|Decision needed—enrollment deposit deadline||May 1st|
What is Financial Aid?
How Do Students Apply?
When Should Students Apply?
What Can We Do to Prepare?
FAFSA Practice Tools
How is the EFC calculated?
Financial Aid Scams
To check the legitimacy of scholarship search services or individuals, for information about financial aid scams, and tips to avoid being scammed, visit these websites:
Different Types of Federal Aid
Financial Aid Questions to Ask Colleges
Financial aid planning can be intimidating, and you may not know where to turn for answers. The financial aid officers at colleges and universities are there to help. Below is a list of questions that the Associated Colleges of the Midwest suggests families ask:
1. What kind of financial assistance does the college offer: need-based, merit-based,or both?
2. Can the college provide an early estimate of what the financial aid award might be?
3. What forms are needed to apply?
4. When are financial aid applications due?
5. What student costs are taken into account by the financial aid office—tuition, room, board, transportation? What about additional expenses such as books, fees, computers, and personal expenses?
6. What’s included in the comprehensive fee? For example, do students have to pay extra for computer time or to attend campus events (concerts, plays, films, lectures, athletic events, etc)?
7. When will we be notified about the amount of assistance we can expect?
8. Does the institution have an appeal process to review special circumstances?
9. Is there a commitment for financial assistance beyond the first year?
10. How and when do we apply for financial assistance after the first year?
11. What if we do not qualify for need-based aid? Are there alternative financing options available?
12. What grants, loans, and work-study opportunities does the college offer? Are there any we might be eligible for?
13. What’s the average student loan indebtedness amount for the college’s graduates?
14. Is there a restriction to the length of time that financial assistance will continue?
15. How long does it typically take a student to graduate from this college? Four years? Longer?
16. What impact do scholarships from outside sources have on other financial aid?
17. Can we apply financial aid toward an off-campus study program, either in the U.S. or another country?
18. What happens if our family’s financial situation changes substantially during the school year?
19. Are there payment options available, such as monthly or quarterly?