The Financial Aid Process:
FAQ's About What to Expect
- What should I be doing in the fall of my senior year to begin the financial aid process?
First, you need to submit applications for admission along with any other materials required for admission at your preferred colleges and universities. If you have not taken the SAT or ACT, you need to register for a fall test date.
-When to I apply for merit awards?
Colleges and universities choose recipients for merit or academic awards in various ways. Some schools make automatic awards based on high school grades and SAT/ACT scores, whereas some may hold an annual scholarship competition on campus. Check with the school(s) you are interested in. Be aware that there may be fewer opportunities for academic awards at institutions where HOPE Scholarship will cover tuition an fees.
-How do I apply for other types of financial aid?
You should complete the 07-08 Free application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov if you want to be considered for federal and institutional need-based aid, including student loans. You are encouraged to go to www.pin.ed.gov as soon as possible and apply for a PIN for you and for one parent. The PIN will allow you to sign the application electronically and to access you FAFSA information at any time to make changes or add colleges. You may list up to six colleges an universities on your initial FAFSA. The FAFSA is also available in paper format.
-When should I complete the FAFSA?
You should complete the FAFSA as soon as you and your family have completed you 2006 U.S. Income Tax Returns. You family should plan on completing their returns as soon as possible after January1, 2007. It is a good idea to complete a FAFSA on the Web Worksheet in advance of completing the FAFSA online. This will help you organize the information required by the FAFSA so that you can transfer the data quickly from paper to the online form.
-What happens if my family doesn't complete our tax returns until the last minute, or if we file an extension?
You should complete the FAFSA using your best estimate of the income tas figures, possibly using your 2005 returns if the amounts have not changed significantly. You cam makes the changes after you file you 2006 returns.
- Will my family have to submit copies of our 2006 U.S. Income Tax Returns?
About 30% of FAFSA filers will be selected in a process called verification. If your application is selected, you will be asked to submit to your finacial aid office copies of yours and your parents' completed and signed 2006 U.S. Income Tax Returns, along with another form that wterifies family members in the household, family members in college, and any untaxed income received by your family. Do not mail copies of tax returns with the paper FAFSA.
-How will I know when the FAFSA has been processed?
If you include a valid email address on the FAFSA, you will receive an email usually within 7 to 14 days, maybe longer if you did not use a PIN but sent in a signature page instead. The email will tell you how to access and print you Student Aid Report (SAR), the document that results from your processed FAFSA.
-What should I do with the Student Aid Report (SAR)?
Read the comments on your SAR very carefully. These comments will indicate if any required data is missing or appears to be incorrect. If data corrections are necessary you may use your PIN to access your FAFSA and make the corrections. The financial aid office at your college can also assist you in determining whether or not corrections need to be made and they may be willing to make the corrections for you. Answers to some questions do not affect the outcome of the FAFSA calculations.
-How will my college use the results of my FAFSA?
They will use the data form the processed FAFSA to determine whether or not your family demonstrates any financial need based on the cost of attending theat instutution for one academic year. Many types of financial aid (other than scholarships) are awarded based on financial need.
-How do I apply for the HOPE Scholarship or HOPE Grant?
You should apply for HOPE Scholarship and/or HOPE Grant online at www.gacollege411.org. If you are planning to attend a private college or university, you shold apply for the Georgia Tuition Equalization Grant as well.
-How will I be notified of my eligibility for financial aid programs?
You will receive a financial aid award letter from the financial aid office at your college after all required documents are in your file. This letter will indicate any scholarships, grants, and work programs that have been awarded, as well as student loans that you qualify for. It will also porvide further instructions on how to proceed.
-What if my family's financial circumstances change after we file the FAFSA?
Please notify your financial aid office of any significant changes and, if necessaary, recalculate your financial aid eligibility using income projections in place of past income.