Start early. To secure the best opportunities, you must apply early. As a junior in high school, you should attend meetings on financial aid to learn about your options. As a senior in high school, you should fill out your Free Application for Federal Student Aid, or FAFSA. This is a form that helps to determine a student's eligibility for government-provided financial aid. Such aid includes the Stafford Loan, Pell Grants, PLUS Loans, and work-study programs. Colleges can also use FAFSA forms to determine whether they wish to award the student with additional aid.
Get your Personal Identification Number (PIN). The first step in filling out your FAFSA form is to apply for a PIN. This should be applied for and sent off as early as November of your senior year in high school. For additional information, please visit http://www.pin.ed.gov/PINWebApp/pinindex.jsp.
Complete your FAFSA form. After January 1, you may begin completing your FAFSA form and the deadline for submission varies on the year you're filing and whether you're filing online or by snail/regular mail. For additional information on filing dates, please visit http://www.fafsa.ed.gov/before003a.htm#federal_aid.
When filling out your form, keep in mind that you and your parents will need to enter information based on your annual household income and other important information. Certain colleges may require supplementary information, so you may want to double-check with your financial-aid office.
Receive and review your Student Aid Report (SAR). In March, you should review your SAR, which will consist of information given on your FAFSA form. If you notice any discrepancies, such as tax information, amend it immediately as this could have a direct bearing on your financial-aid package.
Be on the lookout for award letters. You will start receiving college-acceptance letters and financial-aid award letters in April. Take a close look at these documents, as they can help you and your family determine how much financial aid and supplemental aid is needed. In addition, it can help you determine which universities are within your family's financial reach. Keep in mind that loans have to be paid back, whereas grants do not.
Send back your signed letter. By May, you should have an idea as to which college that you wish to attend. Sign the award letter from the chosen school, and return it to them. Also, decline any letters from schools that you have decided against attending.
Ask for additional assistance. If you require more money aside from the given loans and grants, call your school's financial-aid office. They will be able to help you apply for other loans or scholarships to help cover the cost of school and related educational expenses.
By applying early and following the above tips, you will be able to beat out the competition for available college loans and grants. Good luck!