The financial aid cycle

The financial aid cycle begins with the Free Application for Federal Student Aid. This all-important form must be submitted in order for students to be considered for all federal aid programs, most state aid programs and some school-specific aid.

Submitting the FAFSA can be a daunting task, but you can help your child prepare the application and increase your chances of getting a substantial award.

Search for free money

Next, search for free money—scholarships and grants that can help pay for college without costing you a dime. Have your child scour the NextStudent Scholarship Search Engine for awards that match his personal and academic profile. It’s important to search diligently and to search often; awards may change and new scholarships are added daily.

The Student Aid Report (SAR)

A few weeks after submitting the FAFSA, the U.S. Department of Education sends out Student Aid Reports that detail the amount of aid for which a family is eligible, and the amount the family is expected to pay toward the student’s education. This amount is called the Expected Family Contribution (EFC), and it’s calculated based on federal guidelines.

Schools use the SAR to determine the total amount and mix of aid (free money, work-study and loans) they’re willing to offer your child.

The award package

Just about all award packages include a combination of aid, including one or more federally guaranteed loans, federal work-study, and free money such as government grants and scholarships. But no two packages are alike. In fact, while one school might offer aid that completely covers the cost of attendance, another package may be too small to be economically feasible.

Parents can be instrumental in helping their child evaluate and compare financial aid awards, and appealing to the school Financial Aid Office for more money.

Apply for loans

After exhausting free money options, students and parents can apply for Federal Stafford, Federal PLUS or private loans.

Start all over again

Families must file the FAFSA each year to be considered for financial aid.

For more information about the financial aid process, check out the NextStudent Financial Aid Advisor.

Quick Links

Before you get a PLUS Loan

For more information about NextStudent, visit www.NextStudent.com.