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

	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.

	Complete the FAFSA This all-important form determines your eligibility for federal aid. It must be renewed each year to ensure continuous funding.

	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.

	The Award Letter The Award Letter describes the financial aid package (including grants, scholarships, work-study and loans) the school is offering.