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 

• Research financial aid programs early. There are many different types of scholarships, grants and loans available, totaling billions of dollars. Start researching during your sophomore and junior years of high school, or one to two years before you plan to start college. You can find information here, at College Zone; at your high school’s counseling office; at your college's financial aid office; at  public libraries; or at various lending institutions.
• Early in your high school senior year, or one year before you start college, contact the financial aid offices at the colleges of your choice for deadlines and additional documents that may be required.
• Soon after January 1 of your high school senior year (or the year in which you’ll be entering college), complete a Free Application for Federal Student Aid (FAFSA), which is available to complete online (preferred method) or in paper format. You must submit this form 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 your FAFSA, be sure to list all of the schools you’re interested in attending (a maximum of six colleges can be listed via FAFSA on the Web and a maximum of four colleges can be listed on the paper FAFSA), even though you may not yet have been notified that you’ve been accepted for enrollment. Also, if you’re a dependent student, be sure to ask your parents to fill out their tax forms in early spring in order to have the information needed for your FAFSA and other financial aid forms. If they do not have their tax returns completed in time to apply for financial aid, you can use an estimate of income and taxes to file your FAFSA.  You also need to fill out your tax forms in early spring in order to have the 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 you filed your FAFSA online you’ll receive a Student Aid Report (SAR) within one to two weeks after submission. If you filed a paper FAFSA, you will receive a SAR within four to six weeks. Review your SAR carefully and follow the instructions provided. If you need a duplicate SAR, or need to check the status of your application, call the Federal Student Aid Information Center at 800.4FEDAID or 319.337.5665.  You can also check the status of your FAFSA online.

Expected Family Contribution (EFC)

• Using the information provided on the FAFSA, the federal government will calculate your family's expected family contribution (EFC), or the amount of money you are expected to be able to contribute toward your 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 you may be eligible. The difference between the COA and EFC is your financial need, or the maximum you can receive in need-based assistance. The financial aid office looks to see which type(s) of aid they can offer you to meet your demonstrated financial need. They will "package" together all of these options and provide them to you for consideration. Check with the financial aid office at your college to see if any additional applications are required for scholarships or other institutional awards.
• About six months before starting college, double check your school's deadlines for financial aid.

Accepting Aid and Admissions Offers

• Between March and July of your high school senior year, you’ll receive financial award letters from the colleges you listed on your FAFSA. These award letters will outline the financial aid packages each college can offer you. Once you’ve received the documents, review them carefully with your parents.
• Select the college you want to attend.
• Accept all or part of the financial aid package offered for that college. Follow the instructions provided in the award letter. 
• If you receive private scholarships, report them [including the source(s) and amount(s)] to your future college’s financial aid office.

Extra Tips

• Keep copies of all your completed forms for your records.
• Don't hesitate to apply for any financial aid for which you feel you may be eligible.
• You must reapply for financial aid each year. Follow the same steps above for each following year.
• Ask your 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 your aid eligibility.
• If you accept a loan, remember you’ll need to be prepared to pay it back when the time arrives.

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

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