The Financial Aid Process
By: K.W. Abbott
(1) After applying to college, the student must file the appropriate financial aid applications. The two basic types of financial aid applications are the FAFSA (Free Application for Federal Student Aid) and the PROFILE (the Financial Aid Profile Form).
FAFSA
There are 3 ways to file a FAFSA: (1) by manually completing the form and mailing it to the FAFSA processor; (2) by filing electronically through the college (not all colleges have this capability); and (3) by filing on the internet by contacting:
To receive aid from the federal student aid programs the student must:
* Show financial need
* Have a high school diploma
* Be enrolled in college
* Be a U.S. citizen or eligible noncitizen
* Have a valid social security number
* Make satisfactory academic progress
* Certify the aid will be used for educational purposes
* Not be in default of a federal loan
* Be registered with selective service
* Not be convicted of possessing or selling drugs
PROFILE Form
The Financial Aid Profile form is used by some private colleges to calculate the Institutional Methodology EFC (Estimated Family Contribution). The PROFILE may require the applicant to answer questions in addition to the basic application questions. These questions are known as "Section Q Questions" and unfortunately, there are no instructions on how to accurately answer these questions.
(2) Receive and review the Student Aid Report (SAR). In 4 - 6 weeks (1 - 2 weeks when electronically filed) after filing the FAFSA form, a student should receive the SAR form. The SAR form indicates the student’s EFC on the upper right corner of the first page. Errors or estimated tax information must be immediately corrected or updated on this form and the form re-filed.
(3) Verification of the applicant's information s required of at least 30% of the financial aid applications filed. If a student is picked for verification, there will be an asterisk accompanying the Expected Family Contribution (EFC) amount on the SAR. Verification can vary from merely providing a tax return to sending in detailed family financial information (at some private colleges). Using estimated numbers on the FAFSA or inconsistency of data submitted on the application may lead to an increased chance of being verified.
(4) Receive and review the colleges' Award letters. The Award Letter states the amount of the financial aid and types of financial aid offered to the student. A student may accept, deny, or appeal, any part of award letter.
National Institute of Certified College Planners 
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