Financial Aid Timeline
When applying for higher education, you want to follow a schedule to make sure you’ve completed all that you need to accomplish your goals. This timeline is written for high school students, but it should help anyone seeking financial aid.
Financial aid information is available through your school or guarantor. Also, a public awareness campaign that will increase national awareness for financial aid information is coming soon.
Keep in mind: If you’re applying using rolling admissions, if you plan to enter school in the spring semester, or if you plan to apply early admission or early action, your deadlines may differ from the ones shown here. Contact your schools to get deadlines that apply to you.
Fall Semester of Senior Year
September
- – Check your transcripts—do you have all the credits you need to be considered at your top schools?
- – Register for October/November SAT I, SAT II, and ACT tests, which many schools require. Keep an eye on your preferred schools’ deadline for receiving your scores before you schedule the tests. For best results, take the tests more than once, starting in 11th grade
- – Begin researching scholarships and grants from schools and other organizations. Request applications as soon as they are available so you can see what they require
- – Schedule interviews and in-person visits to colleges for the winter
October
- – Make a final list of schools to which you’re applying. Be sure to check whether each school offers the courses and majors that really interest you. Check whether each offers the courses and majors that truly interest you. Make a chart showing each school’s deadlines and required admission items
- – Take the SAT and/or ACT tests if you’ve signed up for them. Have the testing agency send the official scores to your list of schools. If you’d like to retake them, register for the December or January SAT I and/or SAT II tests
- – If required by the schools you’re applying to, register for a CSS profile, a web-based record at the College Board website that helps colleges calculate your financial aid eligibility
- – Be sure you have teachers, guidance counselors, or other mentors write letters of recommendations in support of your college applications. Follow each prospective school’s recommendation directions carefully
- – Make certain these mentors have any formal recommendation sheets that your colleges require and that they know when and how the recommendations must be sent. Some colleges now offer electronic recommendation forms
- – Recommendations must usually be mailed separately from your application, so give each mentor an envelope with the correct address of the college’s admission office, and mark the envelope with your name. For example, “Recommendation for applicant John Borrower enclosed.” Be sure to use the correct amount of postage on the letter so it arrives at its destination safely
Keep in mind: For adult learners, or for those returning to school after a long absence, it may seem hard to find people to write your recommendations. Since you’ve been out of the academic field for a while, you may want to ask for recommendations from co-workers or supervisors. Ask your schools which sources they would suggest for recommendations in your case.
November
- – Submit your completed college-admission applications. Proofread them carefully for spelling and grammar, and complete all the required sections. It’s a good idea to have a parent, mentor, or colleague look over your applications before you send them to your schools
- – Make photocopies of your applications and all supporting documents, and retain copies for your records. If your schools call to let you know a piece of your application is missing or lost, you’ll want those copies handy
- – Get a financial aid packet from your guidance office, and check with individual schools to see if your school offers any special private awards or scholarships that have a special application process. This is more common for graduate students
December
- – If you’ve sent an early decision application to any schools, you will usually receive the school’s reply this month
- – Check on the status of your application requirements. Make sure your official test scores are being sent to the right colleges. Check with your recommendation writers to be sure their letters were sent successfully
- – Download a Free Application for Student Financial Aid (FAFSA) from www.fafsa.ed.gov so you can prepare to apply for financial aid. Begin collecting all the financial information the FAFSA requires. If you’re a dependent student, you’ll need your parents’ help. You can’t file the FAFSA until after January 1 of the year you’re applying to schools (your senior year, if you’re a high school student), but it’s best to collect your financial information in advance so you can apply early in January
Spring Semester of Senior Year
January
- – It’s FAFSA time—complete and submit the FAFSA between January 1 and February 15. It’s best to submit it as soon as possible after January 1. If you and your parents haven’t yet completed your taxes, you can use estimated income figures for the preceding year, but be sure to update your FAFSA when you get newer information
- – Be sure to complete any school-specific financial aid applications by their deadlines
- – Fill out and submit the grant and scholarship applications you collected in the fall. Be sure to fulfill all the application requirements and pay attention to their deadlines
- – Request that your high school send official transcripts of the first semester of your final-year grades to schools that require them
February
- – After you have completed the FAFSA, you should receive your Student Aid Report (SAR) within 4 weeks. This report shows all the information you provided on the FAFSA and gives early information about your aid eligibility. Look it over carefully, and correct anything that is inaccurate. If you submitted estimated tax figures in January, and you have actual figures now, make any necessary changes. Then either return the form to the FAFSA processor by following the directions listed on the SAR or make your changes through http://www.fafsa.ed.gov
- – Contact the admissions and financial aid offices of your schools to make sure they’ve received everything they need from you. This is an important step: Your recommendations, test scores, and transcripts will be sent from different sources, so you’ll want to be positive that they’ve all arrived
- – If you’re in high school or another academic program, be sure to keep your grades strong. Colleges may monitor them during the admissions process to ensure your achievements remain consistent during your final semester
March/April
- – Congratulations! Most colleges will let you know their admissions decisions by April 15
- – Update your FAFSA with your family’s most current financial information
- – Look through your acceptance packages carefully. You may need to send in forms or complete and sign an acceptance letter to make your admission official
- – You will need to carefully review your financial aid and scholarship offers from different colleges to decide which school is the best match for you. You’ll want to compare the amount of “free” aid, such as grants and scholarships, offered by each school, and you should try to accept a package with a low amount of loans you’ll need to repay and low out-of-pocket costs
- – You may accept some parts of a financial aid offer without taking others. For example, if you decide to live at home and commute to school, you may decide to accept grants and Federal Work-Study but turn down a portion of the loans that are offered for room and board. You can also use a payment plan for some of your college costs instead of borrowing the full amount of loans offered to you
- – It’s a good idea to seek advice from your guidance counselor or a knowledgeable expert when evaluating financial aid packages and choosing your college
- – Don’t make your final decision before you’ve received financial aid offers from all the schools that accepted you. Check to be certain the remaining financial aid offers will be coming soon, and then request an extension from the other colleges. This way, you’ll be able to make an informed decision with all the information in front of you
- – If you’re on the wait list of your top choice, call or write to the college’s admissions office and let them know you’re still interested in attending their school. Be sure to keep them informed of your spring semester grades and activities
May
- – Make a final decision about which school you want to attend
- – Submit a deposit to the school you’ve chosen to secure your place there. Ask about payment plans for tuition. Many schools require a deposit and signed acceptance form by May 1. If you cannot afford to submit the deposit right away, contact the school’s financial aid office immediately to learn about your options so that you don’t lose your spot
- – Once you’ve accepted an offer from one school, be sure to let the other schools know you won’t be accepting their offers. Students on that school’s wait list may be eager for your spot
- – Take Advanced Placement (AP) exams for any AP subjects you studied in high school. If you do well, you may be able to earn college credit and save money on tuition. Make sure your score reports are sent to your college. For more information, visit the College Board page on score reporting
- – Notify your college’s financial aid office of any private scholarships or funding you’ll be receiving
- – Fill out your loan application(s)
- – Have your guidance office send your final transcript to your new school
June
- – Contact your school to find out when fees for tuition and room and board are due and how much they will be
Summer After Senior Year
- – Sign up for housing. Remember to think about what will be good for your studying needs, what you can afford, and what will be most convenient for you
- – Pick your first-semester classes, thinking about which subject you might choose for your major. Many U.S. schools require you to take a core curriculum; in such cases, most of your classes for your first semester or entire freshman year will be assigned to you. During this time, you’ll have ample opportunity to pick a major, and you’ll get a sense of what courses are required for that major
- – Attend freshman orientation, and begin your educational adventure
