College Financial Aid
College Financial Aid
If you need to apply for college financial aid, your first stop will most likely be the U.S. Department of Education. The government offers an assortment of college financial aid for undergraduates and graduates. To apply, students must first fill out the Free Application for Federal Student Aid (FAFSA).
The application relays a vast array of personal and financial information to the U.S. Department of Education. Through the FAFSA, students disclose everything from their basic personal information to their parents’ financial facts. The easiest way to fill out and submit the FAFSA is via the Internet. Prior to beginning the application process, however, the student must request a PIN that serves as an electronic signature for the FAFSA. The PIN can also be used during other stages of the multi layered undergraduate student loans and Federal financial aid process.
As with the FAFSA, a PIN can be requested on the U.S. Department of Education’s Web site. Requests for a PIN can take up to three working days to process for e-mail notification and 10 days to receive if sent via the U.S. Post Office. A complete list of documentation needed to complete the FAFSA can be found on the government’s Web site Ed.gov as well.
After the FAFSA has been filed, the Department of Education will generate a Student Aid Report (SAR). The student will receive a copy of the SAR along with the school(s) the he or she indicated an interest in on the application. If the FAFSA was submitted on the Internet, it takes approximately a week for the SAR to be delivered to the student. Applicants should allow three weeks for mailed applications. The SAR reveals what the government estimates the students financial need and expected contributions to be. From here prospective colleges will for up a college financial aid package for the student. — For private college funding begin at our private college loans page.