THINK YOU CAN’T AFFORD COLLEGE? THINK AGAIN!
FINANCIAL AID PROCESS
STEP 1:
STEP 2:
STEP 3:
STEP 4:
STEP 5:
STEP 6:
STEP 7:
STEP 8:
STEP 1:
KNOW YOUR OPTIONS
SEARCH FOR SCHOLARSHIPS
CONTACT THE COLLEGE
FILL OUT THE FAFSA
REVIEW YOUR SAR
REVIEW AWARD LETTERS
IF YOU MUST BORROW, DO IT WISELY
EXPLORE OTHER OPTIONS
KNOW YOUR OPTIONS
GRANTS:
Funds you do not have to repay! Grants come from a variety of sources
(most come from federal/state agencies and colleges).
SCHOLARSHIPS:
Another source of funds you do not have to repay!
WORK-STUDY:
An opportunity to work part-time while attending school. The first step in qualifying for a work-study job
is to complete the FAFSA.
LOANS:
Loans are debts that must be repaid! Seek loans only after pursuing all other forms of aid. Always seek
“federal student loans” before attempting to get a personal/private loan!
STEP 2:
SEARCH FOR SCHOLARSHIPS
THREE OUTSTANDING SCHOLARSHIP RESOURCES:
SHOWMETHEMONEY!:
Updated every Wednesday by Mrs. Hilber. Pick up your copy in the
Counseling Center. If interested, you may also receive this informationfilled document via email (see Mrs. Hilber for details).
WEBSITES:
www.fastweb.com: A free website with thousands of scholarships. www.learnmoreindiana.org: An Indiana
based website with all you would want to know about college, including scholarship information!
NAVIANCE:
Log in to your Naviance account. Select the “College” tab and scroll down for additional scholarship
resources.
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STEP 3:
CONTACT THE COLLEGE
RESEARCH ONLINE:
Visit college websites. Navigate to the financial aid page and browse!
What to look for:
 FAFSA deadline (it may be sooner than the March 10th deadline)!
 How much will it cost to attend the school (tuition, room & board, fees, etc.)?
 What types of aid does the school award?
 Scholarships: APPLY! (The school may offer you automatic scholarships as well!)
 Does this school use the CSS/Financial Aid PROFILE in addition to completing the FAFSA?
SET UP AN APPOINTMENT WITH A FINANCIAL AID ADMINISTRATOR:
The college’s financial aid administrators will answer any specific questions you may have.
Sample Questions:
 My circumstances have changed since I filed for financial aid, can I apply for a waiver?
 I have questions about my award package…
 When will I receive my award letter?
 Even with my award package, I still can’t afford this school, are there any other options I have overlooked?
STEP 4:
FILL OUT THE FAFSA
IF THERE IS ANY CHANCE YOU WILL ATTEND COLLEGE DURING THE NEXT SCHOOL YEAR, FILL OUT THE FAFSA PRIOR TO THE MARCH 10TH DEADLINE (AND
ANY EARLIER DEADLINES EACH COLLEGE MAY HAVE )! FILE EVEN IF YOU THINK YOU WILL NOT QUALIFY FOR ASSISTANCE!!!
To apply for any federal or state financial aid program, you need to start by filling out the Free Application for Federal Student Aid
(FAFSA).
 NEVER Pay for help filling out the FAFSA
 Make sure you go to the right website: www.fafsa.ed.gov (do NOT go to a .com site to file)
 Apply On-line
 Apply prior to EACH year of college
 Notify the college financial aid office if you or your family has unusual circumstances
 To be eligible for state aid you MUST list an Indiana college FIRST when filling out the FAFSA
 Get Assistance:
o The Financial Aid Meeting is Wed. January 12th at 7pm in the CNHS auditorium
o Call the Federal Student Aid Information Center: 1-800-4-FED-AID
o Call the college Financial Aid Administrator
o Ask your counselor
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STEP 5:
REVIEW YOUR SAR
AFTER SUBMITTING THE FAFSA YOU WILL RECEIVE A STUDENT AID REPORT (SAR). THIS SUMMARIZES WHAT WAS SUBMITTED VIA THE FAFSA.
 Review the SAR
 If you discover mistakes, correct and resubmit (see directions on SAR).
 Review your Expected Family Contribution (EFC)—If there were errors on your FAFSA, the SAR may not include your EFC.
 The schools you selected to receive your SAR will use this information to determine your award package (make sure to list
an Indiana school FIRST if you want to be eligible for any state aid!)
STEP 6:
REVIEW AWARD LETTERS
IF YOU ARE ELIGIBLE FOR FINANCIAL AID, THE SCHOOL(S) LISTED ON YOUR FAFSA (WHO HAVE ALSO OFFERED YOU ADMISSION) WILL SEND YOU AN AWARD
LETTER. THIS LETTER TELLS YOU THE TYPE OF FINANCIAL AID YOU ARE ELIGIBLE TO RECEIVE. REVIEW EACH AWARD LETTER VERY CAREFULLY AND COMPARE
HOW MUCH AID YOU CAN RECEIVE AT EACH SCHOOL ONCE YOU ACCEPT A SCHOOL’S AWARD LETTER, SIGN IT AND RETURN IT TO THE SCHOOL FOR
PROCESSING.
Which college will have you pay the least out of your pocket by giving you the most free money?
Compare the letters side by side.
 Does the cost of attendance COA include all projected costs? Tuition, fees, room, board, books, transportation, and personal
expenses are what normally make up the COA.
 Is there unmet need?
 How much aid is “free money” (grants, scholarship) versus out of pocket (loans, work)?
 Are any scholarships renewable for four years? And is there a minimum grade point average you have to maintain? Can
you switch majors but keep your scholarship?
 What will the college do to your award if you receive outside, non-institutional, scholarships? Will the college reduce your
institutional grants or scholarships?.
 If your package contains loans, what are the interest rates? Do not sign the award letter until you understand your loan
obligations first.
 Ask the school if the financial aid package is likely to cover the same expenses every year.
 You can always appeal your award letter if you feel that your needs are not being met or if you have received a better
award from a competitive school. Simply ask for a reconsideration of your award.
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SAMPLE AWARD LETTERS
STEP 7:
IF YOU MUST BORROW, DO IT WISELY
LOANS MUST BE REPAID!! BORROW ONLY WHAT YOU NEED!
 Loans are often necessary, but should be one of the last options to consider.
o Understand the loan before you sign!
o What is the lowest interest rate I can get?
o Is there a penalty for paying the loan off early?
o How long can I defer payments?
o Is the loan subsidized? Or unsubsidized?
 ALWAYS choose Federal Student Loans BEFORE personal loans!
o MUST file FAFSA to be eligible
o Interest rate is fixed
o Repayment begins AFTER you graduate (exception: Parent Plus Loans)
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STEP 8:
EXPLORE OTHER OPTIONS
AMERICORPS:
www.americorps.org
PEACE CORPS:
www.peacecorps.gov
MILITARY:
GI Bill, ROTC, Student Loan Repayment Plans
EMPLOYMENT
LOAN FORGIVENESS PROGRAMS
Finding money for college can be a long, tedious process. Most questions can be answered through FAFSA, college
representatives, or via online research. If you still have questions, you can always contact your counselor! If we can’t
answer your questions, we will find someone who can! 
www.fafsa.ed.gov
http://connection.naviance.com/columbusnorth
www.driveofyourlife.org
www.learnmoreindiana.org
www.fastweb.com
www.triptocollege.org
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