The Financial Timeline for College Students

CRASH COURSE IN FINANCIAL AID SERIES – PART 2

The Financial Aid Timeline

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Ken O’Connor mentioned how important the financial aid timeline is when filing for financial aid, and also noted that most colleges require the filling out of a FAFSA as part of the regular college admissions process even if you don’t think you need financial aid:

January 1st through February 15th: Get your FAFSA filed (it’s free!) for the upcoming school year (www.fafsa.ed.gov), and submit admissions requests. If your tax return is not ready for this deadline, then estimate your figures as best you can to reserve your spot for financial aid eligibility consideration at the schools you are applying for.  You can always go back later to make corrections online.

March through April: Admissions responses come in, as well as financial aid award letters.

May: Deposits are due and verification is selected.

June through August: College billing statements come out, payment plans and student loans are applied.

January of the following year: Back to the future – your new FAFSA is due and the process begins all over again.

 

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