Gather financial information to apply for student financial aid. The Free Application for Federal Student Aid (FAFSA) will ask for data from last year's taxes, current salary information and general information about you and your school.
Obtain a paper copy of the FAFSA. The FAFSA form is available through any student financial aid office and many high schools or by calling the Department of Education (DOE). Alternatively, you may fill out a FAFSA online at the DOE website. You should get the FAFSA turned in as soon as possible, preferably before graduating high school, as you will not be eligible for any federal student aid until this form has been processed.
Check with your college's student financial aid office to find out what other forms you need to fill out. Colleges offer additional needs-based funds, scholarships and work study programs. The majority of these programs require additional paperwork.
Review your FAFSA report. After your application has been processed, you and your school will receive a report indicating what your Expected Family Contribution (EFC) is. This number is subtracted from the total estimated cost of your education (per year), including room and board and supplies to arrive at your financial aid eligibility.
Review your school's financial aid offer---accept or decline this aid. Your school will offer you a set amount of aid, based upon your EFC. This may include Pell Grants, which do not need to be repaid, scholarships, student loans and work-study opportunities. You will need to let your school know which aid you are accepting, so that they can process your financial aid package.
Attend financial aid counseling as required. As a condition of accepting student loans, the DOE requires students to attend a credit counseling/financial aid informational session. In some cases, it may be completed online. Check with your financial aid office, as federal loans can't be processed until you complete this step.
Apply for private loans and scholarships as needed. Your student financial aid office can provide you with numerous resources for private financial aid.
Check your account status to be certain your financial aid has gone through. Federal financial aid is paid directly to your school and is used to pay against outstanding expenses such as tuition or room and board. If there is an additional amount left over, the school will issue you a check for the balance.