Revised by: Kim Moy 9/14/05

 (Need-based aid cont.)

A standard formula, revised and approved every year by Congress, is used to evaluate the information reported on a financial aid form.

 Parents/students must submit the Free Application For Federal Student Aid (FAFSA) and the other financial aid forms required by the college starting January 1 of the senior year in order to qualify for full financial aid consideration.  The sooner you apply, the better your chances will be to receive a good financial aid package.  Check with you college for their priority deadline date.

See the FAFSA Article for more information.

 Divorced Parents– In divorce cases, it is the responsibility of the “current family unit” (parent the student resides with and the stepparent, if remarried) to complete the financial statement.  Families with complex divorce situations should consult with the counselor or the college financial aid officer as they complete their financial statements.

 Major Changes After Filing– If major changes in family circumstances (death, divorce, separation, disability or extensive unemployment) occur after the financial statement as been filed, the campus financial aid officer should be contacted regarding possible reevaluation.

 Keep Records– Families should keep a copy of the financial aid statement submitted as well as the acknowledgement for their records.  It is also recommended that they maintain copies of their federal and state income tax returns which are often requested by colleges and agencies for verification.

 After you have filed your FAFSA and the College Scholarship Financial Aid Profile, you will receive the following needs analysis reports:

1. You will receive a Student Aid Report (SAR) from the Federal Government.  You should submit all pages of the SAR to you priority college and if applying to more than one college, you should request duplicate SAR’s to be sent to you.

NEXT—>

<--BACK