Financial Aid Timeline: a Look at the Big Picture
For those planning to enter a traditional college program right after high school, below is a timeline to give students an idea of when financial aid steps should occur beginning in the summer before their senior year. Schools, states, scholarships, etc. each set their own deadlines and each student's entry plans may differ, so students need to verify the specifics for their own situation.
Summer & Fall
Research private scholarships, take note of deadlines, start writing essays and begin filling out applications.
November
Early Decision candidates: Submit the CSS/ PROFILE® application and any other financial aid forms required by the school.
December
Early Decision candidates: Receive early decision responses and possibly receive financial aid packages. Note that many schools do not provide financial aid award packages before an enrollment decision is due.
January & February
Submit the Free Application for Student Aid (FAFSA) starting January 1st. Although the FAFSA deadline is June 30th, most states and schools have February or March deadlines. To maximize financial aid, submit it as soon after January 1st as possible.
Submit CSS/Profile® application if any schools require it. Each school sets its own deadline.
Submit individual school financial aid forms, if required.
Receive FAFSA Student Aid Report (SAR). This should be received two weeks after an online FAFSA submission or four weeks after a mailed submission. Schools listed on the FAFSA will also receive the report.
Review information on the SAR and submit any corrections immediately. Corrections can be submitted through September 15th.
Apply for private scholarships before their deadlines.
March & April
Receive acceptance letters and financial aid award packages. Compare award packages, looking at remaining costs and loan amounts rather than focusing on the amount of aid provided.
Make decision and notify schools by May 1st (deadline for most, but not all, colleges). Send enrollment form and deposit check and accept or decline financial aid award package.
May
Complete the federal loan Master Promissory Note. The school will either mail the form or request it be completed online.
Apply for private loans, if needed.
Resources
Free Application for Student Aid (FAFSA)- Starting point for completing FAFSA.
College Board’s CSS/PROFILE® - Starting point for completing the PROFILE® application.
