What Happens Next?
Information courtesy of AES (www.AESmentor.org)

It’s February and you’re starting to think about how you’re going to pay for college. Okay, you may not have thought about it yet, but now is the time to 
start the “financial aid process.” Don’t worry, it’s not as bad as it sounds. This article will walk you through the process from beginning to end.

The first step is to research the types of financial aid available. There are four main categories: grants, scholarships, work-study, and student loans. Most students are eligible for, and can take advantage of a combination of some or all of the four options. There are tons of resources available to help you find the information you need. Ask your guidance counselor to help you. AESmentor (http://www.aesmentor.org) is a great resource, too. It even has a free scholarship search!

Now it’s time to start thinking about which schools you’d like to attend and how much they’ll cost. Don’t worry, you don’t have to make your final decision now, because you can apply for financial aid, even if you haven’t been accepted to a school yet. Try to pick five or six schools to list on the FAFSA that best meet your interests and needs.

Next, you’ll be asked to provide information that will be used to determine your Expected Family Contribution (EFC). EFC is the dollar amount that a family is expected to pay toward a student's educational costs. This federal calculation is based on family earnings, assets, students in college and size of family. 

Now it’s time to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is your application for federal, state, and institution aid. (Most scholarships have their own individual applications. Make sure you keep a list of the applications and due dates of the scholarships for which you want to apply). You can complete the FAFSA using the paper application or transfer the personal information from your MyMentor portfolio to the online Federal FAFSA form at any mentor site:

http://www.aesmentor.org/GetMoney/pay_for_college/steps.html
http://www.delawarementor.org/FinAid/Steps/step3.asp
http://www.wvmentor.org/FinAid/Steps/step3.asp
http://www.hbcumentor.org/FinAid/Steps/step3.asp

Transferring your personal information will save you time completing the application and you’ll receive your Student Aid Report (SAR) sooner, too!

Complete the FAFSA as soon as you can after January 1st. Some forms of financial aid are given on a first-come, first-served basis. The earlier you complete the application, the better your chances are of getting aid.

About four weeks after you send in your FAFSA, you will receive your SAR. The SAR shows the information you provided on the FAFSA and includes your Expected Family Contribution (EFC). Then, your selected schools will send you a financial award letter. This will indicate the amount of assistance you are being offered. You can compare the various award packages and determine which school you want to attend. In our next issue, we’ll discuss ways to compare your financial aid award packages from different schools. 

Now you’re well on your way to paying for your higher education. Good luck in your search for financial aid…and don’t forget to file that FAFSA!