1. Choose your school.
In most cases, when referring to school, it includes a two-year or four-year public or private college of university, technical school, vocational school, career school, or graduate school. Other than offering a quality education in your specific program, it is also important to know if your school offers financial aid assistance and participates in the federal student aid program.
2. Determine how much your total education expense will be.
Not just the first year, but for the duration of your degree. Remember, college costs are not just tuition, room, and board. There are books, school supplies, equipment, and fees which might include activity fees, parking fees, lab fees, a laptop, a printer, etc. Get the full financial picture before moving on.
3. Collect the documents you will need to apply.
With help from a school counselor or financial aid officer, collect the documents you will need to apply for financial aid through the free application for federal student aid (FAFSA). You can find a full list of the documents and information you need at www.fafsa.gov.
4. Complete the FAFSA application.
Submit and complete your application as soon as possible after January 1st of the year you plan on attending school. Most school and state student aid is based on the data from the FAFSA. Such aid is often provided on a first-come first-served basis. Hence, the sooner you complete the application on or after January 1st, the better.
5. Review your award letter.
Your school will utilize the information on your FAFSA application to put together an award package for you before classes start. This package will arrive in the form of an award letter. It will include federal student loans, grants, and work study you can receive, as well as state aid from your school and other sources to help pay your costs.
6. Decide what aid you will use.
Start by accepting the grants and scholarships as these options do not require repayment. Next review the loans and accept those with the most favorable terms. At this point, it will become evident if additional funding is needed to cover your school expenses.
To find out more on the true costs you might experience in college, visit with your student advisor or admissions counselor. These costs do fluctuate depending on the type of institution you’re attending, scholarships, grants, and financial aid, so make sure you’re aware of how much you will truly need before taking out a loan. After you know how much you are going to need, stop into your local Dakotaland FCU branch to see how you can apply for your loan.
