Financial Aid 101

Applying for Financial Aid

Be sure to check with each college to which you are applying to find out the application requirements and deadlines, as they differ from school to school. One of the most important things you will want to do is be sure to file by the school’s deadline. Missing the deadline may result in missing out on an opportunity for certain types of financial aid. Also, make sure to fully complete all of the application requirements. If you have any questions about the application process, do not delay in contacting the school for clarification. Below are descriptions of the three most common types of application forms.

• FAFSA
  Almost all schools will require you to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to determine eligibility for federal financial aid programs. The fastest and easiest way to file the FAFSA is online at www.fafsa.ed.gov. If you prefer, you can also download a paper version of the form at www.fsa.ed.gov or request one by calling the Federal Student Aid Information Center at 1-800-4-FED-AID. The FAFSA form becomes available on January 1st of each year.

• CSS PROFILE
  The College Board’s Financial Aid PROFILE form asks for additional information that is not requested on the FAFSA. The PROFILE is available online any time after October 1st at http://profileonline.collegeboard.com; there are no paper versions of the PROFILE. Unlike the free FAFSA, there is a fee to file the PROFILE: $25 for the initial application and $16 for each additional school to which you want the information sent.

• Institutional Form
  Some schools have developed an individualized form used to obtain information not included on the FAFSA. There is not usually a fee associated with the filing of this form.

Filing Tips

• Don’t wait to be admitted before you file
  At most universities, the admissions and financial aid application processes are simultaneous. You should fill out all financial aid paperwork even though you may not yet have received an admission decision. Filing late for financial aid may jeopardize your chance of receiving federal funding.

• Read the instructions
  At first glance, the forms may appear confusing and complicated. In actuality, the forms are easy to fill out. The questions are straightforward, and the instructions make specific references to each question. As a rule, the most direct answer is your best response. Do not leave items blank unless instructed to do so. If an answer is zero, enter "0”.

• Use estimated figures
  If you are completing the FAFSA prior to the filing of your federal tax return, you may use estimated figures. Don’t wait to complete the forms. This is a common mistake that leaves students unable to meet the financial aid filing deadline, which makes them ineligible for some types of aid. Review your W-2 and/or other tax documents; or if your current year income was relatively the same as your prior year income, you can use those figures. You can easily update the information after you have had the opportunity to file your tax return.

Types of Financial Aid

Often people think of financial aid as "free money,” meaning that it is a gift that does not have to be repaid. Examples of financial aid that are gift money include scholarships based on academic merit or athletic ability and need-based grants. In addition to "free money,” financial aid also includes self-help awards. Low-interest loans that have to be repaid upon graduation and work-study funding that is paid to you for a job you work while in school are examples of self-help awards.

Outside Scholarships

An "outside” scholarship is funding that is awarded to you from a source other than the college you are attending and the federal/sate aid process. Outside scholarships can come from high schools, local and national corporations, community organizations or other private sources. Your high school guidance counselor can provide you with a list of the scholarships available in your community.

When researching outside scholarship funding:

• Find something unique about yourself and look for scholarships geared toward your special qualities, interests, and talents. You can search by academic major and career goals, or you can look for scholarships offered based on your religious, ethnic or racial heritage.

• Ask your parents if their employers, labor unions, or professional association’s sponsor scholarship programs.

• Visit the Higher Education Information Center located in the Boston Public Library in Copley Square. They have many resources available to help you find outside scholarships, including a computerized database of scholarships.

• Check out some of the free scholarship search sites on the internet. Be careful to avoid websites that charge a fee for search services or websites that request your personal information (social security number, etc.).

Editorial content provided by Kimberly Huse, Assistant Director Administration and Communications, Student Financial Services at Northeastern University.