Top 10 Financial Aid Tips

Don't know the first thing about applying for financial aid? Well, to get you started, here are Kaplan's Top Tips!

1. It's never too early

It's never too early to start investigating how you'll pay for college. There are many investment accounts where you can save money tax-free, basically starting from birth! Pre-paid tuition plans were created to be inflation-proof, so that's another way you can start saving early. Or, if you can't afford to put aside any money, just studying for and doing well on your PSATs, SATs, and other standardized tests can put you way ahead in the financial aid game.

2. Apply for aid before being accepted

Inquire about the required financial aid forms when requesting admissions applications, and start the financial aid process six to nine months before you plan to enter school. Create a checklist of when all applications and forms are due.

3. Pick up the FAFSA

Pick up a copy of the Federal Application for Free Student Aid (FAFSA) form from your high school guidance office or any college admissions office. Complete and submit the FAFSA to the federal processor as soon as possible after January 1 of the year you will be attending school. An online version of the FAFSA, called the FAFSA on the Web, is available through the Department of Education.

4. Find out if you need to complete the CSS PROFILE

If you are considering applying to a private college or university, find out if the school requires the PROFILE, a new customized application for institutional aid made available by The College Scholarship Service.

5. Investigate scholarships and grants

The best way to receive an outside scholarship is to research your options. Spend a day at the library or on the Internet and investigate free resources. But make sure to take a look at the site's privacy policy, and be aware that you might encounter outdated data.

If you are planning to use a paid search service instead, investigate it thoroughly first to make sure it's from a reputable company. Develop a powerful resume that emphasizes your strengths and abilities. Compile and submit necessary applications as soon as possible.

6. Receive and review the Student Aid Report (SAR)

Approximately three to four weeks after submitting the FAFSA, you will receive an acknowledgment letter from the federal processor called the Student Aid Report (SAR). Review the SAR to ensure all information is accurate. If necessary, submit corrections.

7. Find out what you're expected to contribute

The most important element of both the SAR and the CSS PROFILE acknowledgment letter will be the Expected Family Contribution (EFC). The EFC is the out-of-pocket expense that you and/or your family are expected to contribute to your education. Financial aid offices use the EFC to determine your financial aid award. You can calculate an estimate of your EFC with KapLoan's free Financial Contribution Estimator software.

8. Review your award letters

Beginning in April, you should receive an award letter from the financial aid office of each college to which you have been accepted. The award letter states the type and amount of financial aid you will receive. Review your award letters to make sure they reflect accurate information.

9. Consider negotiating for a better award

Your financial aid award will be a combination of grants, scholarships, work-study programs, state grants, and low-interest loans. If the package from a particular school is disappointing, it is possible at this time to contact the financial aid office and try to negotiate a better award, especially if you receive a better package from another school. Use this better financial aid award as a bargaining tool.

10. Apply for loans

You and your family may decide to seek additional funds by applying for a federal Parent Loan for Undergraduate Students (PLUS), a Federal Stafford Loan, or a privately insured supplemental loan.

kaptest.com Find College Apply to College Application Process Pay for College The Real Cost of College Early Decision Canadian Schools Getting Started Types of Financial Aid Your Rights Financial Aid Assessment Applying for Aid FAFSA Forms Sample FAFSA Sample PROFILE Financial Aid Glossary Financial Aid FAQ Top 10 Financial Aid Tips Scholarship Center Parents Prep Military Options Books & Software Succeed in College Admissions Consulting Tip/Strategy of the Month Find Program Near You Download a Brochure Find a Free Event Visit Our Bookstore *CONSUMER ALERT*
	Top 10 Financial Aid Tips Don't know the first thing about applying for financial aid? Well, to get you started, here are Kaplan's Top Tips! 1. It's never too early It's never too early to start investigating how you'll pay for college. There are many investment accounts where you can save money tax-free, basically starting from birth! Pre-paid tuition plans were created to be inflation-proof, so that's another way you can start saving early. Or, if you can't afford to put aside any money, just studying for and doing well on your PSATs, SATs, and other standardized tests can put you way ahead in the financial aid game. 2. Apply for aid before being accepted Inquire about the required financial aid forms when requesting admissions applications, and start the financial aid process six to nine months before you plan to enter school. Create a checklist of when all applications and forms are due. 3. Pick up the FAFSA Pick up a copy of the Federal Application for Free Student Aid (FAFSA) form from your high school guidance office or any college admissions office. Complete and submit the FAFSA to the federal processor as soon as possible after January 1 of the year you will be attending school. An online version of the FAFSA, called the FAFSA on the Web, is available through the Department of Education. 4. Find out if you need to complete the CSS PROFILE If you are considering applying to a private college or university, find out if the school requires the PROFILE, a new customized application for institutional aid made available by The College Scholarship Service. 5. Investigate scholarships and grants The best way to receive an outside scholarship is to research your options. Spend a day at the library or on the Internet and investigate free resources. But make sure to take a look at the site's privacy policy, and be aware that you might encounter outdated data. If you are planning to use a paid search service instead, investigate it thoroughly first to make sure it's from a reputable company. Develop a powerful resume that emphasizes your strengths and abilities. Compile and submit necessary applications as soon as possible. 6. Receive and review the Student Aid Report (SAR) Approximately three to four weeks after submitting the FAFSA, you will receive an acknowledgment letter from the federal processor called the Student Aid Report (SAR). Review the SAR to ensure all information is accurate. If necessary, submit corrections. 7. Find out what you're expected to contribute The most important element of both the SAR and the CSS PROFILE acknowledgment letter will be the Expected Family Contribution (EFC). The EFC is the out-of-pocket expense that you and/or your family are expected to contribute to your education. Financial aid offices use the EFC to determine your financial aid award. You can calculate an estimate of your EFC with KapLoan's free Financial Contribution Estimator software. 8. Review your award letters Beginning in April, you should receive an award letter from the financial aid office of each college to which you have been accepted. The award letter states the type and amount of financial aid you will receive. Review your award letters to make sure they reflect accurate information. 9. Consider negotiating for a better award Your financial aid award will be a combination of grants, scholarships, work-study programs, state grants, and low-interest loans. If the package from a particular school is disappointing, it is possible at this time to contact the financial aid office and try to negotiate a better award, especially if you receive a better package from another school. Use this better financial aid award as a bargaining tool. 10. Apply for loans You and your family may decide to seek additional funds by applying for a federal Parent Loan for Undergraduate Students (PLUS), a Federal Stafford Loan, or a privately insured supplemental loan.	COLLEGE INSIDER Get tools and tips for the college admissions process! Welcome Classes of 2009—and 2010 Special resources to get the Classes of '09 and '10 started in the admissions process. Insights from a Former Ivy League Admissions Officer POLL: Do you think it's fair for colleges and universities to look at social networking sites when evaluating applicants? Vote now!