Financial Aid
Applying for financial aid is another especially stressful portion of the application because it determines how much money you may owe to your future college. Getting your financial aid application squared away is important and doing so quickly can help alleviate stress.
Tips and Advice
1. Talk with your parents: The problem with the financial aid portion of the application is that most of the information that you need is from your parents and their respective financial documents. Thus, before you even fill out financial aid applications, have your parent's gather their tax, stock, banking and other financial information. For example, the College Board recommends having the following documents on hand:
2. Complete the documents early: The sooner you get the application completed, the less you will have to worry about. Also, many students find that they had issues with their financial aid application, whether it be needing additional documents or that the system is slow. Allowing ample time for your financial information to be processed helps to ensure that you will be receiving a financial aid package on-time.
- 2017 federal tax returns
- W-2 forms or other records of income for 2016 and 2017
- Records of untaxed income for 2016 and 2017
- Bank statements
- Mortgage information
2. Complete the documents early: The sooner you get the application completed, the less you will have to worry about. Also, many students find that they had issues with their financial aid application, whether it be needing additional documents or that the system is slow. Allowing ample time for your financial information to be processed helps to ensure that you will be receiving a financial aid package on-time.
Types of Financial Applications
1. FAFSA: Most colleges require students to submit the Free Application for Federal Student Aid. This helps schools determine the expected family contribution, which is essentially how much they deem the student's family should pay. It also qualifies students for a pell grant which is essentially like a scholarship that goes toward the student's tuition. However, the maximum pell grant is roughly $6,000.
2. CSS Profile: In addition to the FAFSA, many other colleges require students to submit the CSS Profile. This financial documentation process is much lengthier and accounts of aspects of your family's financials that the FAFSA does not. It also costs money to send to schools. Here is a list of schools that require the CSS Profile as of 2018. Be sure to also upload any documentation when prompted on the partner service called the IDOC.
3. Scholarships: Lastly, you should be looking to apply for scholarships, as there are innumerable opportunities out there to help you save on the amount of money you need to pay. Below are some excellent scholarship websites:
2. CSS Profile: In addition to the FAFSA, many other colleges require students to submit the CSS Profile. This financial documentation process is much lengthier and accounts of aspects of your family's financials that the FAFSA does not. It also costs money to send to schools. Here is a list of schools that require the CSS Profile as of 2018. Be sure to also upload any documentation when prompted on the partner service called the IDOC.
3. Scholarships: Lastly, you should be looking to apply for scholarships, as there are innumerable opportunities out there to help you save on the amount of money you need to pay. Below are some excellent scholarship websites: