Apply for Financial Aid

Filling Out the FAFSA (Free Application for Federal Student Aid)

Now that you know how much a college education can cost, you'll need to find the funds to pay for it. In this section, we'll show you why competing a Free Application for Federal Student Aid (FAFSA) should be your first step and why it's important to submit this form as early as possible. In the next section, we'll point you to a variety of sources for financial assistance and give you important tax information regarding the use of your investments. Click here to fill out the FAFSA online.

The FAFSA is a four-page application created by the Department of Education and used by most colleges to determine a student’s financial aid eligibility whether the student plans to attend a private or public institution. The FAFSA requires you to disclose taxable earnings and funds that you may have available for your college education, and, if you are a dependent, requires your parents to provide the same information for the previous year.

Most colleges require you to complete a FAFSA and generate a Student Aid Report before you can receive any financial aid. Some private colleges and universities also require you to complete a profile application that is used to determine your eligibility for non-government aid such as the institution’s own grants or scholarships.

This information is treated confidentially. A report based on the data you provide will be forwarded automatically only to the schools you have indicated on your FAFSA. The report, known as the Student Aid Report (SAR), details your Expected Family Contribution. In simple terms, that's the out-of-pocket expense you and/or your family are expected to contribute to your education for the next academic year.

The schools that receive your SAR use the data to determine your financial need and the types and amounts of financial aid for which you qualify. You can use this report to determine if you have the resources needed to choose any of the colleges on your list, or if a student loan may be required.

After your selected schools review your SAR, they will determine what combination of financial assistance is available to you at their institutions. They will then send you a financial aid award letter detailing the combination of grants, scholarships, work study and loans that you are entitled to. Schools generally begin to send out financial aid award letters in late February or March, so the earlier you complete your original FAFSA, the more likely you are to get an early response from your selected college and be eligible for student aid.

Closely review the contents of all financial aid award letters you receive and use them to help determine your final choice of schools. Then, return the financial aid award letter to the school you finally select and indicate which items of financial aid you are interested in receiving. If it looks like you will need a student loan, smartFUNDS can help you.

You are not required to accept every form of aid detailed in the award letter. For instance, you do not need to accept work study if you think you can find a higher paying job off-campus.