College Financial Aid Timeline
Don’t care because you don’t think you’ll qualify for financial aid?
REALLY!?
According to Mark Kantrowitz and David Levy of Edvisors (yeah these guys know what they’re talking about):
…unless the parents earn more than $350,000 a year, have more than $1 million in reportable assets, have only one child in college and that child is enrolled at a public college, they should still file the FAFSA. If the family wants to receive federal education loans, they should file the FAFSA regardless of their income and assets.
Junior YearFALL
Review Financial Aid Strategies
Why Now?
Since financial aid awards will be calculated on the base
year that starts January 1 of the student’s junior year,
this is the last chance parents have to implement some
financial aid strategies that could significantly increase
their student’s eligibility for need-based financial aid.
Why do you need a strategy?
Because 47% Of Your Net Income Is expected To Go To College Costs!
Junior Year
January: Start of the Financial Aid Tax Year
SPRING
What You Need to Do
1. Use the College Board EFC Calculator
2. Start using Net Price Calculators at
college websites.
Shouldn’t you use calculators after you pick schools to apply to? NO! NO! NO!
Use Net Price Calculators to pick schools to apply to because they are likely to give you the best financial aid!
Senior Year
Get Ready to Apply for Financial AidSEPTEM
BER
What You Need to Do
1. Collect Required Financial Documents
2. Check financial aid priority deadlines for
all possible colleges and state aid
programs.
This shouldn’t be a big deal since you’ve been using the information with all of the net price calculators you’ve tried since last spring, right?
Senior Year
October 1: CSS/Financial PROFILE Available
OCT-NOV
What You Need to Do
1. Complete CSS/Financial PROFILE if required
for early decision or early action.
2. Apply for FAFSA PIN
Senior Year
January 1: FAFSA is AvailableJANUARY
What You Need to Do
Complete FAFSA as soon as possible, consider
using estimate if necessary. Submit any special
circumstances information to College financial
aid office.
Senior Year
Time period for fine arts scholarship
auditions and campus scholarship
weekends.
JAN-MAR
What You Need to Do
Review your Student Aid Report (SAR)
Senior Year
Receive financial aid award lettersFEB-APR
What You Need to Do
1. Compare financial aid awards
2. Appeal award if needed
Senior Year
May 1: deadline to place deposit for school you
accept. MAY
What You Need to Do
1. Accept part of or all of award
2. Report outside scholarships
3. Check with college for following:
when/where work-study jobs are posted
how funds will be disbursed and how often
for start date of payment plans
Download your FREE
Financial Aid Timeline
at DIYCollegeRankings.c
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