So, you have completed the FAFSA and hit the submit button, now what? The first thing you should do is read and print the confirmation email. This confirmation email is an important document because it will confirm if you are eligible for the Pell Grant, list the Expected Family Contribution (EFC) and loan eligibility. First time students need to understand that the loan amount of $5500 is included in most award letters and is an optional loan that will be taken out in their name if they choose to do so. Parents may also be offered the Parent Plus loan. Check out the following tips on what to do next:
- Determine EFC (Expected Family Contribution) which is used to determine Pell Grant eligibility and used by the college to assess your eligibility for other federal and non-federal aid.
- Review and print the Student Aid Report and determine accuracy of the information. Check for errors and make any corrections on the FAFSA as soon as possible.
- If you see a note that says you have been selected for Verification, it means you need to confirm your information with the Financial Aid Office.
- Use the Net Price Calculator on the college website to determine Cost of Attendance, affordability and out of pocket costs. This calculator will provide an indicator of scholarships and grants you may qualify for at the institution.
- Check the Financial Aid page of the college website to determine if additional information is required and the deadlines for submission. Some schools require the CSS in addition to the FAFSA.
- Research your State to determine what scholarships and grants are offered.
- Review the gov website to familiarize yourself with the grants and loans available through the Federal Government.
- Begin your scholarship search. Scholarships from outside organizations can help reduce or eliminate debt.