How and When to Apply for Financial Aid (Calendar)

Applying for Financial Aid
Expected Family Contribution (EFC)
Cost of Attendance (COA)
Financial Need
Accepting Aid and Admissions Offers

Applying for Financial Aid

• Encourage your child to research financial aid programs early. There are many different types of scholarships, grants and loans available, totaling billions of dollars. Have your child start researching during sophomore and junior years of high school. Information can be found here at College Zone; at your child’s high school counseling office; or at the financial aid offices at colleges, public libraries and various lending institutions.
• Early in your child’s high school senior year, have your child contact the financial aid offices at the colleges where desired for deadlines and additional documents that may be required.
• Soon after January 1 of your child’s high school senior year, together you need to complete a Free Application for Federal Student Aid (FAFSA), which is available to complete online (preferred method) or in paper format. This form must be submitted in order to be considered for all federal financial aid programs, most institutional programs, and most state programs, including the State of Illinois Monetary Award Program (MAP) grant. When completing the FAFSA, be sure your child lists all of the schools interested in attending (a maximum of ten colleges can be listed via FAFSA on the Web and a maximum of four colleges can be listed on the paper FAFSA), even though he/she has not yet been accepted for enrollment. Also, be sure to fill out your tax forms in early spring in order to have the information needed for the FAFSA and other financial aid forms. If you do not have your tax returns completed in time to apply for financial aid, you can use an estimate of income and taxes to file the FAFSA.  If applicable, your child also needs to fill out tax forms in early spring in order to have information needed for the FAFSA.
• For specific instructions on how to complete the FAFSA, visit the U.S. Department of Education's Completing the FAFSA page.
• If the FAFSA is filed online, your child will receive a Student Aid Report (SAR) within one to two weeks after submission. If a paper FAFSA is filed, your child will receive the SAR within four to six weeks. Review the SAR carefully with your child and follow the instructions provided. If you need a duplicate SAR, or need to check the status of an application, call the Federal Student Aid Information Center at 800.4FEDAID or 319.337.5665.  The status of the FAFSA can also be checked online.

Expected Family Contribution (EFC)

• Using the information provided on the FAFSA, the federal government calculates the family’s expected family contribution (EFC), or the amount of money your family is expected to be able to contribute toward college expenses.
• The EFC is determined by the family's income, assets and size, and takes into consideration the family's living expenses and the number of family members enrolled in college.
• The EFC is not a lump sum amount due at the beginning of a school year but, rather a measure of the family's ability over time to absorb some of the educational costs.

Cost of Attendance (COA)

The college determines a Cost of Attendance (COA), which is an estimate of what expenses are usually incurred by students attending that college. Typically, a COA will include tuition, fees, living expense (room and board), books and supplies, and transportation. Each college has a different COA.

Financial Need

• The college will then use the EFC and COA as two of the main components when determining the amount and types of financial aid for which your child may be eligible. The difference between the COA and EFC is the financial need, or the maximum that can be received in need-based assistance. The financial aid office looks to see which type(s) of aid they can offer to meet the demonstrated financial need. They will "package" together all of these options and provide them for consideration. Check with the financial aid office at the college to see if any additional applications are required for scholarships or other institutional awards.
• About six months before starting college, your child should double check the school's deadlines for financial aid.

Accepting Aid and Admissions Offers

• Between March and July of the high school senior year, your child will receive financial aid award letters from the colleges listed on the FAFSA. These award letters will outline the financial aid package offered by each college. Once received, review the documents carefully with your child. Help your child decide how much financial aid to accept. To help compare financial aid packages and decide which is best, use the Financial Aid Package Comparison Worksheet. While cost shouldn't be the only factor when deciding on a college, you will still need to take it into consideration when helping your child make his or her final selection. And keep in mind, loans must be repaid, typically starting six to nine months after your child falls below full-time status as a student.  
• At this time, your child should select a college to attend.
• Accept all or part of the financial aid package offered for that college. Follow the instructions provided in the award letter.
• If your child receives private scholarships, report them [including the source(s) and amount(s)] to the financial aid office of your child’s future college.

Extra Tips

• Keep copies of all completed forms for your records.
• Your child can apply for as much financial aid as they may be eligible to receive.
• Your child must reapply for financial aid each year. Follow the same steps above for each following year.
• Ask the college’s financial aid office about payment options and tuition payment procedures. The financial aid office is a great resource for finding information related to all types of financial aid, including information about aid eligibility.
• If your child accepts a loan, remember it will need to be paid back six to twelve months after graduation.

You also may be interested in viewing ISAC's College Selection/Financial Aid Checklist.