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.
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 hasreceived
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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