Financial Aid Timeline

Many college students need some type of financial aid. Use the timeline below to follow the key steps in the financial aid process. As a general rule, start your financial aid planning a year in advance.

Before you read the timeline, these terms will be helpful to know:

• Free Application for Federal Student Aid (FAFSA) - The application for Federal student financial aid, including grants, loans and work-study. Many colleges and states also require the FAFSA for non-Federal financial aid applications.
• Student Aid Report (SAR) - Used by many colleges to determine eligibility for financial aid. The SAR includes your Expected Family Contribution (EFC), based on information you provided in the FAFSA. You will receive your SAR approximately 4-6 weeks after submitting the FAFSA.
• Expected Family Contribution (EFC) - The amount the Federal government expects the student and his or her family to contribute to the cost of attendance, based on the family's income and assets as reported in the FAFSA.
• CSS/Financial Aid PROFILE - Financial Aid PROFILE is used by many colleges to determine eligibility for non-Federal financial aid.
• Master Promissory Note (MPN) - Acts as your contract with the lender for an Education Loan.

• Estimate costs of attending college next year.
• Learn more about what you'll be expected to pay.
• To complete the FAFSA in January, you'll need a Personal Identification Number (PIN). Apply now for your PIN at pin.ed.gov to receive your PIN in time. If you're a dependent student, your parent will also need a PIN.
• Start a financial aid folder to keep track of all your paperwork.
• Check all application and financial aid deadlines for your college.

• Complete the FAFSA as early as possible. You can file the FAFSA online at fafsa.ed.gov. We strongly recommend checking with your school's financial aid office to make sure you meet their deadlines.
• Complete any other financial aid applications that may be required by your colleges.

• Within four to six weeks after completing the FAFSA, you should receive the Student Aid Report (SAR). Review the SAR, make any corrections and return it to the FAFSA processor.
• If your college requires the CSS/Financial Aid PROFILE, file it online at collegeboard.com at least four weeks before your college's deadline. There is a fee to register, as well as a fee for each college to which the information is provided.
• Contact the Financial Aid Office at your college to make sure they have everything they need for your application.

• Review acceptance letters and financial aid offers from the colleges that have accepted you; make your decision and notify the college.
• Respond to each offer and either accept, reduce (if you want to accept only a portion of the aid offered) or deny the offer (if you've decided on another college).
• Contact the college Financial Aid Office to find out about any deposits you'll need to make before entering college.
• If you'll need an Education Loan to supplement your financial aid, contact your college's Financial Aid Office to apply.
  • Be prepared to provide a Lender Code to designate a lender. Commerce Bank's Lender Code is 813979.
• Complete the appropriate Master Promissory Note (MPN) for your loan type (Stafford, Parent PLUS or Graduate PLUS).

As the college year starts, verify that your college has received your loan proceeds.

High school juniors and seniors will find additional information about applying to colleges for admission and financial aid in our College Planning Calendar*.

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