Parent's Guide to Financial Aid
PARENTS: The best time to begin preparing to pay for your child's educational future is when he or she is young. It may be the best investment you can make. Consider securing a prepaid tuition program from your state, or starting a savings accountto aid in paying for your student's college years. Most important, when it comes to financial aid for college, are the steps you and your student take during his or her senior year of high school. Financial aid is given to students through the university where they choose to enroll for post-secondary education, based on the family's financial situation. Following are some useful steps to take during your student's senior year toward securing financial aid.
STEP 1: Get a Financial Aid Information Packet from Each College
For every college where your student applies, make sure you request a financial aid information packet from the financial aid office of that institution. Pay close attention to the packet information, for it lists the deadlines for when a student's Free Application for Federal Student Aid (FAFSA) must be processed to comply with the "on-time" deadline for that institution.
EXAMPLE: The University of Florida (UF) Office for Student Financial Affairs' (SFA) "on-time" deadline is March 15, so you will want to complete and send your FAFSA two-to-four weeks before the deadline.
STEP 2: Complete a FAFSA (Free Application for Federal Student Aid); or Apply Online (FAFSA on the Web)
The main application for federal financial aid is the FAFSA. FAFSAs become available January 1 each year, so you should get one as soon as possible after January 1 of your student's senior year. You can get a copy of the FAFSA at your student's high school guidance office, from a local college or community college, or by calling 1-800-433-3243 to request one. You can also apply online using FAFSA on the Web at www.fafsa.ed.gov. Applying online tends to be faster and more error free because of built-in edits.
To complete the FAFSA, parents must use a copy of their previous year's tax return with all W-2s and schedules. Be sure you write in Institutional School Codes for all schools where you apply. The UF School Code is 001535.
After completing a paper FAFSA, you must sign it and submit it through the mail. Processing can take up to four-to-six weeks. Submitting the online application (www.fafsa.ed.gov) can take two to four weeks.
NOTE: To complete the online application (FAFSA on the Web), you will need a parental PIN (personal identification number) and a student PIN. Request a PIN at www.pin.ed.gov. Getting a PIN can take two-to-five days, so do this as soon as possible after January 1.
Once your FAFSA has been processed, you will receive a SAR (Student Aid Report) summarizing the information you listed on the FAFSA and the resulting EFC (Expected Family Contribution). The EFC is used by each college and university to determine your financial aid package. Make sure your SAR indicates that you have listed the correct UF School Code (001535). If not, UF will notbe able to award you a financial aid package. Forquestions or a copy of your SAR, call 1-800-433-3243.
STEP 3: Follow Up on Your Application
Call and check with your school's financial aid office to make sure we have received your FAFSA information. You should do this two weeks before the "on-time" deadline (March 15th).
STEP 4: Review Your Student's Financial Aid Award
Once a student is awarded financial aid at UF, he or she will receive an award notification via an email and a paper document through the mail to the student's permanent address. The award letter will indicate the amount of aid awarded to the student, the type of aid, and how it will be paid. Student awards are determined based on financial need (not merit) as indicated on their EFCs. Award packages consist of gift aid (grants and need-based scholarships) and self help (loans and work-study). UF packages students on a first-come, first-served basis, so any delay in your application being sent to UF may result in less aid. Once awarded, students can review their award on UF's ISIS system at www.isis.ufl.edu.
NOTE: When you receive your student's award letter, if your family has experienced any unforeseen circumstances (loss of job, medical expenses, loss of social security, loss of child support, etc.) contact UF's Student Financial Affairs Office and ask to speak to your student's financial aid adviser. The adviser will explain steps you may take to solve your situation. Your file will then be reviewed to re-determine eligibility.
If you need more information about financial aid and what we offer, we welcome you to visit us at UF's Office for Student Financial Affairs. Our office is open Monday to Friday, from 8am - 5 pm.