College Admissions and Financial Aid Timeline For Incoming Freshman

The college admissions and financial aid process has traditionally followed an orderly time line to ensure that classes are full of new freshmen come the beginning of Fall semester. It is strongly advised that students and parents adhere to scheduling guidelines to ensure they are in step with a University’s requirements for admission and funding eligibility. Submitting applications late can lead to admission rejection and a reduction in financial aid eligibility, further confounding effective college planning. Here is an overview of what to expect.

September, October, November of High School Senior year:

Take or retake the SAT or ACT exam.

Take more campus visits, and perhaps revisit top choice schools again.

Complete a “Student resume” outlining academic achievements, athletics, activities and other notable merits to assist in competitive admissions and scholarship applications.

Consult teachers, advisers, coaches and community leaders for any letters of recommendation.

Match your skills, abilities, academic record and personal potential to a list of schools that meet your needs academically, personally, socially, professionally and economically.

Attend a financial aid event in your community, or through webinars online to learn more about scholarships, financial aid and effective payment strategies.

Continue to strive through senior year; no Senioritis.

December:

Prepare to submit applications for admission. Get the exact deadlines for your choice schools.

Some schools have early decision options available already if prepared to commit.

January:

Begin submitting admissions applications to schools

Prepare to File the Free Application for Federal Student Aid (FAFSA) at the official website www.fafsa.ed.gov

The FAFSA will request the new tax returns from the recently concluded year. Parents (and students if applicable) should make every effort to complete their taxes ASAP.

Be prepared to submit CSS Profile information as well. CSS is similar to the FAFSA, but requires much more detailed family asset information and is popular with most elite schools and Ivy League institutions.

Begin applying for scholarships from organizations in your community, and through online scholarship search engines like www.fastweb.com

February:

The initial deadline for maximum funding eligibility for financial aid and scholarships at select schools and states is February 15. Because students apply for admission at several schools in different geographic zones it is recommended that the FAFSA be filed by then to ensure eligibility for the best funding options available.

By February 15, if tax returns are still incomplete, the required income and asset information should be estimated and submitted to the FAFSA.

It is more important to meet the FAFSA deadline with estimated numbers, than to wait for taxes to be completed for perfectly accurate numbers. Schools reserve funding eligibility on a first come first serve basis putting late filers out of the best college money.

After filing the FAFSA, review the Student Aid Report (SAR) to confirm accuracy.

March and April:

Schools begin responding to admissions and financial aid requests. Now is the time to compare the real college options available.

Review the awards offered and calculate the out of pocket costs required to attend.

Be prepared to negotiate with your school to increase scholarship funding.

Schools may begin requesting copies of family tax and asset information to fulfill the verification process. Verification is a federally mandated requirement where colleges review family tax and asset information to confirm accuracy in comparison to the FAFSA. This happens to about 1/3 to 1/2 of all students each year.

Consider your future. What do you want to major in, and what career path do you want to follow. Which of the schools you have been admitted to can help you get there?

Critically review the college options available through a cost/benefit analysis of each institution.

If your family faces further financial hardships, the student needs to prepare and submit appeal letters to accepted schools to maximize financial aid eligibility.

If using student loans to help finance education, begin calculating the debt outlay required for the degree and consider how these debts can be successfully repaid by what is gained during your college experience.

May:

Make a final choice, submit a deposit. If considering living on campus, dorm deposits are due as well.

June, July and August:

Follow up with the school’s billing and financial aid offices to make sure all requirements to begin school are in order.

Calculate the final bill that is due, and set up a payment plan if desired.

Begin reviewing and submitting private student loan applications if additional financing is needed.

Prepare a college budget and stick to it to prevent overspending on non-necessities, and improve focus on a fun and productive learning experience.

Prepare for orientation, and any academic placement exams required.

If living on campus, contact your future room mate.

Focus and visualize on the opportunities your college offers and prepare to meet these challenges with full motivation. Students, take ownership over your own education.

September, October, November, December:

Congratulations, you are in college. After all the work and preparation you made it. Now make the best of it!

January:

Back to the Future! The FAFSA must be filed again to reserve financial aid eligibility for next year. Hard to believe, but already the process starts over. The FAFSA is required for every year of college, so make sure it is done on time. Late FAFSA filing for continuing students reduces financial aid eligibility.

If it is realized that this school is not the right choice, be prepared for a transfer for the next Fall. This gives enough time to organize admission and financial aid at the new school. Transferring during mid academic year to another school has time constraints, and schools offer less financial aid to spring transfers because most of the funding has already been spent in the current budget year.