If you going to college, there are a number of things you need to do to prepare for the cost of your tuition, housing, books and much more. Here is a timeline for the financial aid process:
Complete the FAFSA (Free Application for Federal Student Aid)
To determine your eligibility for direct loans and other financial aid, complete the FAFSA online. Your school will use this information to determine your eligibility for financial aid.
- Create an FSA ID to log in to federal student aid online. Create a new FSA ID online. If you already have a Student Aid PIN, then you will need to replace it with an FSA ID. Go to www.pin.ed.gov for more information. You and your parents will each need separate FSA IDs.
- Submit your FAFSA at www.fafsa.ed.gov. Online applications are processed in approximately two weeks.
- For federal aid, submit your FAFSA before the deadline. Since grants are determined on a first-come, first-served basis, submit your FAFSA as quickly as possible.
- For college aid, check with your school.
Review Your SAR (Student Aid Report)
You’ll receive your SAR within two weeks of submitting your FAFSA. Carefully review and correct any information.
If more than four weeks have passed since sending your FAFSA and you have not received an acknowledgement, contact the Federal Student Information Center at 1-800-FED-AID; TTY Assistance at 1-800-730-8913; a toll number at 319-337-5665, live online help (chat) or email.
Accept or Decline Financial Aid Award from Colleges
- Review your financial aid package
- Respond by the school’s deadline
Sign Master Promissory Note
Signing the promissory note is a pledge to repay the loan according to the terms and conditions of the loan.
Determine If You Need More Money For School
If you have received your limit of federal student loans, grants and scholarships, but still need additional funds, get a Private Student Loan. Read more information about Private Student Loans below.
University Receives Financial Aid Disbursement
Loan proceeds are disbursed directly to your college.