What Happens When I Apply for a Student Loan?

Federal Stafford, PLUS and Grad PLUS loans are available to assist students and parents with the cost of higher education.

In general, the loan process flows likes this.

The student (and parent, if applicable) completes the Free Application for Federal Student Aid.
The student chooses the loan program(s) that best fits their needs. Consider federal loans first, after exhausting scholarship and grant avenues. Be sure to follow the directions from your school when obtaining a federal loan.
The student completes and submits the loan application and Master Promissory Note.
The school certifies the loan and determines when the loan money is to be available to the student.
The loan funds are sent to the school in a series of payments called disbursements.
Most disbursements are sent electronically to the school, some schools use checks.
Your school will let you know when the funds are available.

Be sure to follow the specific instructions for each loan program. Students and parents can reapply for additional financial aid, if necessary. For more information, visit the Department of Education's Student Aid on the Web.

What Do I Need to Do and When?

The process of going to college and getting financial aid starts much earlier than most people realize. For many students it can begin a year in advance.

September	October	November	December
January	February	March	April
May	June	July	August

Study Hard...Have Fun...Good Luck!!

September

Learn more about the schools you are interested in by visiting their website or writing to the admissions offices. Often there are virtual tours or photo tours online.
Attend national, regional and local college fairs in your area.
If you have not already taken the SAT and/or ACT - register now. Check online or with your local high school's Guidance Office for the exact dates and testing locations in your area. To better prepare for the SAT and ACT, consider enrolling in a college test preparatory course or taking practice exams.

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October

Start your search for scholarships and grants. Availability is limited. Investigate and Apply Early!
Contact the admission's offices of the schools you are considering. Request an admission application along with Admissions, Financial Aid and Housing information.
Some schools will require you to send letters of recommendation with the admission application. Decide whom you want to write the letters on your behalf. Inform them well in advance of the application deadline.

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November

Deadlines for sending in college applications are typically in November. Send it in!

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December

Start reviewing the questions and become familiar with the Free Application for Federal Student Aid (FAFSA). This is the financial aid application that every school requires to be considered for financial aid.
You (and a parent, if applicable) should apply for Personal Identification Number (PIN) issued by the U.S. Department of Education at www.pin.ed.gov. A PIN is used to electronically sign your FAFSA and make online corrections and updates. Keep this PIN in a safe spot to use in the future.

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January

Check with the schools you applied for admission to find out the preferred filing date of the FAFSA. Determine the earliest date. This is the date to mark on your calendar that you must file the FAFSA. When you file the FAFSA by the preferred filing date, you will be considered for the maximum financial aid awards by the school. Complete the FAFSA only one time during each academic year. Up to six schools can be listed on the FAFSA to receive your information.
You, and your parents/guardians, if applicable, will need to pull together information to file tax returns for the past year. You are asked to provide tax information on the FAFSA. Since W-2 forms can come from employers in late January, it is best to have everything ready to file taxes before the W-2 forms arrive. If filing your taxes is not possible this early, complete the FAFSA using estimated taxes. You will need to supply filed tax information at a later date.

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February

Submit your FAFSA form before the preferred filing date. Some schools recommend that freshmen have the FAFSA form completed and filed by February 15.
Don't forget to sign and submit the FAFSA! Print and save the confirmation receipt.
Watch for your Student Aid Report (SAR). If you provided an e-mail address on the FAFSA, the SAR will be e-mailed to that address. Otherwise, the SAR is mailed to you.

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March

Review the Student Aid Record (SAR) and follow the instructions provided. If you have changes to make, make these as soon as possible.
Be sure to respond to all requests by the admissions or financial aid offices promptly.

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April

You should start to receive financial aid award letters from any school you have been admitted to. Schools have different timetables when award letters are released.
Compare your financial aid packages carefully. Some school's financial aid packages may be better than others. If you have not received an award letter from a school you have been admitted to, contact the financial aid office to find out when your award letter is expected. You can ask for an estimate of your financial aid.

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May

Send your acceptance letter to the school of your choice.
Sign the financial aid award letter and complete any required documents. Follow the instructions and deadline date to return these.
Inform the admissions and financial aid office at the schools you will not be attending

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June

Double check to make sure all necessary paper work is mailed in. Be aware that deadlines vary from school to school.
If applicable, notify your high school of where to send your final grades, etc.

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