APPLYING FOR FINANCIAL AID

The process of applying for financial aid can be very confusing, even to those who have had experience in this area. There are many forms to complete, very specific steps to follow, and deadlines to meet. It is not overwhelming if you follow the process one step at a time. Whatever you do, don’t assume that you are not eligible for financial aid. Many students receive some type of assistance with college expenses, including students whose families fall within the “middle” income range. You will never know if you are eligible for assistance unless you apply, and many people are pleasantly surprised with the assistance they receive. Most schools also require that a FAFSA be on file, even if the student has received scholarships that are not based on financial need.

¨ The first step in applying for financial aid is to apply for admission to the schools that interest you. Most colleges require that you be accepted for admission before they will offer you financial aid and will want you to apply for aid when you apply for admission.

¨ The second step is to complete and submit the FAFSA. The FAFSA collects information about your family’s financial situation: income, assets, family size, number of family members in college, etc. Colleges must have this information to perform a needs analysis. The form comes with detailed instructions. You will want to refer to your parent’s current income tax return(s). Those tax returns must be completed as soon as possible after January 1. If it is not possible for you to complete the returns by the required deadlines, call the financial aid office at that particular college and ask them what they would like you to do. Some will have you estimate for the year and then later send a corrected form. It is important that you be aware of the deadlines, for they vary from school to school. Most Kansas schools have a deadline for filing for financial aid around March 1. Some private, out-of-state schools may have deadlines as early as January 15. Be sure and keep copies of every application you mail.

¨ The third step is to meet with your school counselor and discuss your educational plans. Review your strategies for financing your post-secondary education. Check the scholarship board regularly, for it is your responsibility to look for scholarships and financial aid. The guidance office is an important resource, so use our services often.

¨ The fourth step is to check with the colleges to which you have applied to see if they have an additional financial aid/scholarship form of their own they want submitted. Some colleges want only the FAFSA, some want the FAFSA plus their own form, and some want both the FAFSA and the Profile.

¨ Once you’ve sent in your applications for admission and financial aid and you’re waiting to hear back from colleges, watch your mailbox. When processing is completed, you will receive a Student Aid Report from FAFSA. Review the SAR carefully to make sure it’s correct. If you don’t need to make any changes, photocopy the entire SAR for your records and submit the original SAR to the financial aid office at the school you have chosen. You may submit copies to other schools if you have made multiple applications. The financial aid analysis takes approximately four weeks from the time you send in your financial aid application until the SAR form is mailed to you. Many colleges will request copies of your tax returns later on to verify the information you report on the FAFSA. Remember, the information you report is strictly confidential. Only those colleges and programs you designate will receive a copy of your application form.

¨ If the colleges or programs selected need additional information from you, they will usually mail you a card indicating the documents they have not yet received but need in order to offer you financial assistance. When the schools have completed their own review of your financial aid application forms, they will then mail to you a Financial Aid Package. This may contain offers of scholarships, grants, loans, work-study opportunities, or a combination of any of these. You do not have to accept loans with the package, but you may need to accept the remaining awards or the work-study in order to receive the total package. Be very careful about accepting loans. Remember, grants and scholarships do not need to be repaid, but loans follow you throughout college.

¨ Loans can accumulate faster than expected, and a heavy financial burden that must be repaid shortly after college can be a formidable task to undertake. If possible, it is better to reserve loans for graduate school if you plan on continuing your education beyond the Bachelor’s level.

¨ You will have a period of time, approximately two weeks, to review the financial aid offers at the schools to which you have applied. Schools that are more expensive often have larger endowment funds and will offer you greater assistance. Obviously, that is counter-balanced by the greater price tag on tuition and other expenses at those schools. When you have made up your mind what school you would like to attend (and where you can truly afford to go - these often are not the same), you will need to notify not only the school you will be attending, but also those schools you have chosen not to attend. The other schools need to know as soon as possible that you are not going to accept their financial aid package in order to offer that money to another student.

To summarize, the following are the steps you need to follow in applying for financial aid. Read this checklist carefully and contact your counselor if you have any questions. Remember, it takes planning and perseverance to uncover all of the financial assistance you may need for school, and you will be responsible for this task. The guidance office, your counselor, and the financial aid officers at the schools are all your best resources, so go to all of these people for help. Keep your eyes open and search for scholarship opportunities through your church, civic organizations, places of employment, and the newspaper. Also, be open to alternate methods of financing your education such as lump sum tuition payments or tuition payment schedules. Colleges are offering many innovative and creative ways for parents and students to finance educational costs.

*Learn all you can about financial aid. Investigate all possible sources of aid.

*Request admissions and financial aid information from the colleges that seem most appropriate for your interests.

*Make sure you know what applications you have to file, and when you have to file them.

*Complete the FAFSA and send it in as soon as possible after January 1. Be sure to list all the colleges, programs, and agencies you want to receive your FAFSA.

*If the colleges to which you are applying have their own separate financial aid applications, complete them as soon as possible.

*Fill out the FAFSA and any other forms accurately and legibly. Give yourself plenty of time before the deadlines. If you need help completing the FAFSA, just go to www.ed.gov/prog-info/sfa/fafsa

*Keep copies of each document you complete, including the FAFSA.

*If you or your parents receive requests for additional information, respond promptly.

*Check on alternatives to financial aid, just in case.

*Ask questions. If you need help locating sources of aid - ask. If you don’t understand something - ask. Not asking a question that is important could cost you money. Colleges welcome the opportunity to answer questions about their school.

*Use the WRHS Guidance website (www.wrhs.net/guidance) to gather information about schools, investigate financial aid sources, and learn about scholarships that are tied to specific activities and talents.

This site cannot cover completely all the nuances of financial aid, so again, visit with the guidance office at WRHS and call the college financial aid office if you have questions. With proper planning and perseverance, you should end up at the school that is right for you.