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The Financial Aid Process
Did you know that just about everyone qualifies for some type of financial
aid? Many students don’t even apply because they think their
families earn too much or that the process is too difficult. In fact,
some financial aid is not based on financial need at all. And, applying
for financial aid can be simple, if you understand the Education
Funding Cycle.
Education Funding Cycle
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Search
for “free money”
You can search for free money at any time, but it’s important to tap these
resources first—and often—to lower your overall cost of college funding. |
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The
Student Aid Report (SAR)
Based on your FAFSA information,
the Department of Education issues a Student
Aid Report detailing your financial aid eligibility, and submits a copy of
the SAR to each school you list on the FAFSA. |
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The
Award Letter
The Award Letter describes the financial aid package (including grants, scholarships,
work-study and loans) the school is offering. |
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Apply for Student Loans
After exhausting
free money options, students and parents can begin the
application process online for Federal
Stafford, Federal
PLUS or NextStudent
Private loans.
If you need additional information, please see our Glossary of terms or call toll-free to speak to a NextStudent Education
Finance Advisor.
Sign up for NextPath,
the customized message service that notifies you about important
financial aid deadlines, tells
what you should be doing and when, and offers up-to-date
student loan news so you won’t miss out on college
funding opportunities.
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