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Money Matters :  Paying for College

Five Steps

There are five basic steps involved in applying for financial aid for the 2000-2001 school year. These procedures may change in future years.

1. Decide which forms you need to complete. As a minimum, you will have to complete the Free Application for Federal Student Aid (FAFSA). The 2000-2001 FAFSA will be purple and pink; it should be available by mid-December in the high school guidance office. Depending on the colleges involved and your situation, you may also have to complete the CSS' Financial Aid PROFILE Application (PROFILE), a state aid application, the college(s)' own aid forms, the Business/Farm Supplement, and/or the Noncustodial Parent's Statement. If you will have more than one family member in college at the same time, you will have to file forms for each student.
   
   
2. Know your deadlines. You should not wait to be accepted to apply for aid. Some forms may be due as early as the end of December (or earlier if the student is applying Early Decision or Early Action to some schools.)
   
   
3. If at least one school requires the PROFILE form, register with the CSS. You should register at least 4 weeks before your earliest PROFILE deadline. The 2000-2001 purple and green PROFILE registration materials will be available in the H.S. guidance office by mid-September. Those seeking aid for the 2000-2001 year can register for the PROFILE by phone (1-800-778-6888) or electronically www.collegeboard.org.
   
   Unless you are applying Early Decision or Early Action, you should wait until mid-November to register, since you will be charged an additional fee for each and every school you designate when you register.
   
   If by late-November you have not narrowed down the final list of schools to which you will be applying, it would be a good idea to register for all the schools still under consideration which require the PROFILE form.
   
   Since some colleges and universities only require the PROFILE for certain graduate or professional programs, be sure to review the PROFILE Registration materials and each college's admissions/financial aid materials carefully before you register in order to determine which of the colleges you are considering require the PROFILE.
   
   
4. Decide if you can get your taxes done in time to complete the FAFSA and/or the PROFILE form by your earliest deadline. If you cannot do this, it is perfectly acceptable to provide estimated figures on the aid forms.
   
   
5. Gather together the appropriate records and complete all the necessary forms by the deadlines. The colleges assume that it is your responsibility to make sure you complete all the required paperwork. They may not notify you that documents are missing or that your application is incomplete until it is too late and most of the aid is already awarded.

Next: Tips for Completing the FAFSA


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