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Financial Aid Process
Will I be eligible?
First of all, don't think that there is no way that you or your child will qualify for any of the federal student loan programs. Parents have been ill-advised by friends and have lost out on important funding. Keep in mind that the Federal Family Education Loan Program (FFELP) is based on the requirements of the neediest of needy, but there is also non-need based aid. The Federal Unsubsidized Stafford and the Parent Loan for Undergraduate Students (PLUS) loans are two examples. Unless you complete the Free Application for Federal Student Aid (FAFSA), you will have no idea what you or your child may be eligible to receive. The U.S. Department of Education monitors the FFELP and, in doing so, uses a federal methodology to determine eligibility.
Be aware of the Expected Family Contribution (EFC) for your planning.
When does the FAFSA have to be completed?
As soon after January 1 of the year you are requesting consideration for financial aid as possible. Gather the information for your tax preparation and follow the instructions on the FAFSA accordingly. This does not mean that your tax return(s) has been sent. Priority deadlines vary from school to school, but generally the deadline is April 15. Due to this variance, check with the school and meet all deadlines in order to be considered for financial aid. Keep in mind that the schools have a specified "pool of money" for this purpose, but unless you are the early bird, you just may lose out!
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