College Financial Aid Timeline

Don’t care because you don’t think you’ll qualify for financial aid?

REALLY!?

According to Mark Kantrowitz and David Levy of Edvisors (yeah these guys know what they’re talking about):

…unless the parents earn more than $350,000 a year, have more than $1 million in reportable assets, have only one child in college and that child is enrolled at a public college, they should still file the FAFSA. If the family wants to receive federal education loans, they should file the FAFSA regardless of their income and assets.

Junior YearFALL

Review Financial Aid Strategies

Why Now?

Since financial aid awards will be calculated on the base

year that starts January 1 of the student’s junior year,

this is the last chance parents have to implement some

financial aid strategies that could significantly increase

their student’s eligibility for need-based financial aid.

Why do you need a strategy?

Because 47% Of Your Net Income Is expected To Go To College Costs!

Junior Year

January: Start of the Financial Aid Tax Year

SPRING

What You Need to Do

1. Use the College Board EFC Calculator

2. Start using Net Price Calculators at

college websites.

Shouldn’t you use calculators after you pick schools to apply to? NO! NO! NO!

Use Net Price Calculators to pick schools to apply to because they are likely to give you the best financial aid!

Senior Year

Get Ready to Apply for Financial AidSEPTEM

BER

What You Need to Do

1. Collect Required Financial Documents

2. Check financial aid priority deadlines for

all possible colleges and state aid

programs.

This shouldn’t be a big deal since you’ve been using the information with all of the net price calculators you’ve tried since last spring, right?

Senior Year

October 1: CSS/Financial PROFILE Available

OCT-NOV

What You Need to Do

1. Complete CSS/Financial PROFILE if required

for early decision or early action.

2. Apply for FAFSA PIN

Senior Year

January 1: FAFSA is AvailableJANUARY

What You Need to Do

Complete FAFSA as soon as possible, consider

using estimate if necessary. Submit any special

circumstances information to College financial

aid office.

Senior Year

Time period for fine arts scholarship

auditions and campus scholarship

weekends.

JAN-MAR

What You Need to Do

Review your Student Aid Report (SAR)

Senior Year

Receive financial aid award lettersFEB-APR

What You Need to Do

1. Compare financial aid awards

2. Appeal award if needed

Senior Year

May 1: deadline to place deposit for school you

accept. MAY

What You Need to Do

1. Accept part of or all of award

2. Report outside scholarships

3. Check with college for following:

when/where work-study jobs are posted

how funds will be disbursed and how often

for start date of payment plans

Download your FREE

Financial Aid Timeline

at DIYCollegeRankings.c

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