Applying for College Financial Aid
While the idea of applying for college financial aid seems a little bit intimidating, it’s actually not as difficult as you might think. We’ve outline the five steps you should take to apply for financial aid and provided links to help you get started. If you have questions or need extra assistance, you can call our Admissions Representatives at any time for more detailed information.
Meet with an Admissions Representative
The first thing you’ll want to do is meet with your Admissions Representative. Together you will be able to find out which program is the best fit for you academically and financially. They will get to know you, your interests and your financial situation. From there, you can begin looking at your options.
Understand Your Options
When it comes to financing your college education, there are a few options available to you.
They take three forms:
- Scholarships: These are merit and needs based awards you can use for tuition, books or other educational costs. You do not need to pay these back.
- Grants: These are similar to scholarships and are awarded by the government. Over 80% of our students received a federal grant in 2013. You do not need to pay these back.
- Student Loans: These are relatively low interest rate loans that you can use to pay for tuition, books, housing and other educational costs. You will need to pay these back with interest.
Something to Remember about Student Loans
Only take out as much as you need. Remember that your loans accumulate interest, which means you must pay back more money than you borrowed. While some loans are subsidized by the government (the government pays the interest while you’re in school), some of them incur interest you’ll need to pay once you graduate.
Fill out Your FAFSA
FAFSA is your Free Application for Federal Student Aid. Nearly every opportunity you have to receive financial aid will require you to fill out your FAFSA. The application assess your financial needs based on income, assets, your tuition and other factors. To begin filling out your application, you’ll need to gather some important documents:
- Your Social Security number
- A FSA ID (click here to get yours)
- A copy of your most recent tax return (and your spouse’s return if you file separately or your parents’ return if you are claimed as a dependent)
- Your most current W2
- Your driver’s license or state ID
After you’ve gathered your information, you are ready to begin the FAFSA. If you are unsure about anything, we are here to help. You can collect your documents and call our FAFSA support line at 866.865.8065 and we will help you fill it out the application.
Wait for Your Student Aid Report
Once you complete your FAFSA, they will notify McCann and send us your Student Aid Report. This will take anywhere from three days to three weeks. After that, our Financial Services Office will notify you of the types of loans and the amount you’re eligible to receive.
Discuss Your Options
Now that you have all of your FAFSA information submitted and received by McCann’s Financial Services Office, you should discuss your options with an Admissions Representative. Together you can determine how much aid you need and discuss other financial aid options.
You know the 5 steps, so now it’s time to get started! Gather together the documents you need and give us a call at 866.865.8065 or request more information to start the application process and to get more information on applying for college financial aid.