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"Not all financial aid is created equal. In comparing your aid awards, keep your eye on the percent of the award that is gift aid and the percent of aid that is loans or work-study."
Lynn Nichelson, Director of Financial Aid, Illinois Wesleyan University

Financial Aid Calendar

Apply Early. Apply Right.

There's no need to be intimidated by the prospect of applying for financial aid. Millions of families apply for aid successfully each year. Use this calendar to stay a step ahead of deadlines—when you're applying for aid, time is money.

Your child can sign in to a My Organizer account to receive personalized reminders and tools. Sign up for our monthly e-newsletters, which provide timely tips and advice about college, admissions tests, financial aid, and more.

Summer Before Senior Year

  • Your child should request college applications and financial aid information. Make sure your child organizes all college materials into separate files by college. Use My Organizer to keep track of deadlines and materials.
  • Keep a college calendar of all admissions and financial aid deadlines.
  • Help your child research scholarships online. Find out if your employer or your spouse's employer offers scholarships or tuition reimbursement.  Check with all the organizations and associations to which you and your child belong.
  • If you have questions about how financial aid eligibility is determined, a good source of information is Meeting College Costs. CSS/Financial Aid PROFILE® filers can order this publication at a discount directly from the PROFILE site.

Learn More:

Get Organized
Meeting College Costs
Scholarship Search

September

  • Your child should meet with the school counselor to talk about college applications and financial aid.
  • If you are not sure if your family will qualify for financial aid, you can use an Expected Family Contribution (EFC) calculator to help determine your eligibility for both federal and non-federal financial aid programs.

Learn More:

EFC Calculator

October

  • Early decision or early action applicants who are applying for financial aid usually have to fill out a supplemental aid application using estimated income figures.
  • Some colleges require early submission of "regular decision" applications for priority consideration for merit- or need-based scholarships. This means that your child's admissions and financial aid applications might be due in the winter in order to qualify for some types of scholarships. Find out if your child's colleges have institutional scholarship deadlines by visiting their websites or reviewing their literature.
  • Your child should ask her school counselor for information on state and local scholarships. Many of these programs require the Free Application for Federal Student Aid (FAFSA), PROFILE, or both. Make sure these forms are submitted to all scholarship programs that require them.
  • PROFILE Online is available beginning October 1 for early decision and early action applicants who are applying for financial aid. You can search the PROFILE website to see which institutions require the PROFILE and to research their priority filing dates.
  • Male students who will be 18 at the time they complete the FAFSA are required to register with Selective Service to be eligible for federal and state aid. Students can register for Selective Service at the post office or through the FAFSA form. Call Selective Service toll-free at (888) 655-1825 for more information.

Learn More:

PROFILE Online
Selective Service
Where the Scholarships Are

November

  • Make sure your child applies for scholarships in time to meet application deadlines.
  • You and your child should request a Department of Education PIN number. The PIN serves as an electronic signature for FAFSA on the Web and significantly reduces processing time.
  • If your child is applying for regular decision admissions and for financial aid, it is not too early to submit the PROFILE application. Visit PROFILE Online to learn more about the PROFILE service and how to submit the application online. Remember, unlike the FAFSA, you do not need to wait until after January 1 to submit PROFILE.

Learn More:

How to Apply for a Scholarship
www.pin.ed.gov
PROFILE Online

December

  • Make sure your child applies for scholarships in time to meet application deadlines.
  • Have your child pick up a FAFSA from the guidance office before winter vacation begins.
  • Students who are planning to submit FAFSA online (highly recommended) should visit FAFSA on the Web and familiarize themselves with the website's content and features.
  • Start gathering identity and financial documents necessary to complete FAFSA. Visit FAFSA on the Web for a list of required documents.
  • Early decision and early action responses should arrive this month. If your child is admitted to her early decision school and has applied for financial aid, she should also receive a financial aid award. (Some early action programs may admit a student but not send a financial aid award notice until later in the spring. Check the college's literature for more information.) Read the award letter carefully. Some awards require you to submit a written acceptance. If you have questions about the financial aid award, contact the financial aid office directly. Make sure you and your child understand the terms and conditions of the award before making a final decision.

Learn More:

FAFSA on the Web
FAFSA: Required Documents

January

  • Income and asset figures from your tax return are needed to complete the FAFSA, so it's a good idea for you to prepare returns as early as possible this year. However, it is not necessary to submit your tax return to the IRS before submitting the FAFSA.
  • If a college requires the PROFILE, start filling out the application as soon as possible to meet February priority deadlines. PROFILE filers who complete the application after January 5 can print out a FAFSA worksheet, which provides answers to most of the FAFSA questions.
  • Your child should sign and submit the FAFSA as soon as possible, but after January 1. Applying early improves the chances of receiving aid from as many sources as possible.
  • Students who are submitting FAFSA online might find it helpful to complete the preapplication worksheet. This worksheet is designed to help your family organize your financial information for the online version of FAFSA and should not be submitted to federal processors.
  • Make sure your child completes the institutional financial aid application for each college, if one is required.

Learn More:

How to Tackle the FAFSA
PROFILE Online

February

  • February is Financial Aid Awareness Month. Participate in activities, such as financial aid information nights, scheduled by the high school or local colleges. These activities will offer you the opportunity to learn more about how financial aid eligibility is determined.
  • Most priority deadlines for PROFILE fall in early to middle February. Make sure the application is received in time to meet these deadlines.
  • Priority financial aid deadlines tend to fall in February. Applications received by the priority deadline are given the highest consideration.
  • The Student Aid Report (SAR) should arrive anywhere from two to four weeks after the FAFSA is submitted. The EFC figure is printed on the front page at the upper right. If the SAR has not been received four weeks after submitting the FAFSA, call (800) 4-FED-AID or (800) 433-3243/ TTY (800) 730-8913. If there are any errors on the SAR, make corrections and mail it back immediately. If you provided a valid email address on the FAFSA, you will be sent a link to an electronic version of the SAR. Make corrections to the SAR online at FAFSA on the Web.

Learn More:

Your EFC: FAQs
FAFSA on the Web

March

  • Your child's application for federal aid may be chosen for a routine process known as "verification," in which the information reported on the FAFSA is checked against copies of signed tax returns. An asterisk next to the EFC figure on your SAR indicates your application has been selected for verification. If selected for verification, be sure your child submits all requested documentation to the financial aid office in a timely fashion.
  • The SAR should arrive anywhere from two to four weeks after the FAFSA is submitted. The EFC figure is printed on the front page at the upper right. If the SAR has not been received four weeks after submitting the FAFSA, call (800) 4-FED-AID or (800) 433-3243/ TTY (800) 730-8913. If there are any errors on the SAR, make corrections and mail it back immediately.

    If a valid email address was provided on the FAFSA, the student will be sent a link to an electronic version of the SAR. Make corrections to the SAR online at FAFSA on the Web.
  • Some admissions decisions and financial aid award letters arrive this month.
  • Your child should start looking for summer jobs or internships.

Learn More:

Why Your EFC Isn't Set in Stone
FAFSA on the Web

April

  • Admissions decisions and financial aid award letters arrive this month. Your child should read aid award letters carefully and be sure to meet deadlines for accepting awards.
  • Use our online Compare Your Aid Awards page to see a side-by-side comparison of aid awards.
  • If full need has not been met, or if your family's financial circumstances have changed, consider appealing the aid award.
  • Your child should make a final decision, mail the enrollment form and deposit check to the final-choice college before May 1, the reply deadline for most colleges.
  • Encourage your child to hit the books for next month's AP® Exams. AP scores determine how much credit is granted—college credit for AP Exams can mean big savings.

Learn More:

Your Child's Aid Award
Compare Your Aid Awards tool
Selecting a Financial Aid Package

May

  • If your child takes AP Exams in May, make sure scores will be sent to the final-choice college.
  • If it will be difficult for your family to pay the EFC for the semester, it's time to start pursuing alternatives such as parent loans or private loans to close the financial aid gap.
  • If student loans are part of the financial aid package, the college will send instructions about the loan application process. Your child will need to complete and sign a form called the Master Promissory Note (MPN) in order to receive Stafford or Direct Loan funds.

Learn More:

Your Family's Loan Options

Summer Before College

  • The fall semester bill will arrive over the summer. Be sure to return it with proper payment as quickly as possible.
  • If all forms have been completed correctly and all deadlines have been met, financial aid funds should be credited to your child's student account before the beginning of the semester.
  • Your child can work to help cover first-year college expenses.
  • Make travel plans. Book early for the best prices.
  • Finalize your child's housing plans. If your child chooses an off-campus housing option, such as an apartment, you may be asked to serve as a guarantor.
  • Help your child set up a bank account near campus and talk about how to use credit cards responsibly.

Learn More:

College Payment Plans
Your Family's Financing Options

September

  • Federal requirements state that Stafford Loan recipients must complete loan counseling (or an "entrance interview") before loan funds can be received. This is to ensure that the recipient understands all loan obligations. The college's financial aid office will provide information about the counseling process—in most cases, your child must simply complete a brief online questionnaire.
  • Perkins Loan recipients must sign a promissory note.
  • Work-study recipients will be placed in a student job.

Learn More:

Ten Essential Borrowing Tips
Loan Repayment and Debt

Note: This calendar is only a general guide and will not apply to all colleges. Consult financial aid materials, financial aid offices, and institution websites for the specific requirements and deadlines for each of your child's colleges.