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1. The FAFSA - (Free Application for Federal Student Aid): *Super Important
For every student, applying for financial aid goes hand-in-hand with applying to the school you want to attend. The cornerstone of every financial aid application is the FAFSA (Free Application for Federal Student Aid).

Every student should fill out the FAFSA, regardless of whether or not they think they qualify for federal aid. In addition to federal aid, universities will also use the information to compile financial aid packages. The FAFSA can be filed no earlier than January 1st of the year you will be attending. The easiest way to fill out the form is to go to http://www.fafsa.ed.gov.

When applying to schools, also be sure to fill out any additional financial aid applications they require. Some private schools also require the CSS Profile Application, or their own forms.

2. EFC - (Expected Family Contribution):
After filing the FAFSA, the government will send your Student Aid Report. Included in the report is your EFC - Expected Family Contribution. The EFC is based on several factors, including state of residence, household size, number in college and student and parent income and asset information. This is amount you and your family are expected to contribute toward college.

The EFC amount will also be sent to the schools you specify on the FAFSA. Once the school has your EFC and any additional required information (check with each school you apply to on their specific applications); they will calculate your financial aid package and send an award letter, usually along with your admission acceptance.

3. The Award Letter:
The school will calculate your financial need based on cost of attendance (including room and board and estimated costs for books), minus your EFC.

Most schools may include any private scholarships you have been awarded as part of your EFC, or as an additional source of family funds.

Schools will meet need using the following resources:

• School Awards - any university grants or scholarships
• State Awards - many universities grant state aid if the school you attend is in the same state in which you are a resident.
• Federal Awards - based on information in your FAFSA, you may qualify for federal grants, loans such as Perkins or Stafford Loans, and/or federal work-study.
• You or your parents may be eligible to take out additional Federal loans to meet the EFC

While schools will make every effort possible to meet all demonstrated need, they may not be able to do so. If you need more money after receiving all possible aid or to cover the EFC, student loans are a way to round out the cost of education at the school of your choice.