This is an exciting time in your life. You’ve finished high school and you have big plans for college and your future. With the cost of higher education, you and your parents probably have some worries about financing your education. The following steps should help make that process easier.
- You can apply for financial aid even before you hear if you've been accepted at the school of your choice. Contact the school's financial aid office for forms and all deadlines for federal and state applications or apply online at www.fafsa.ed.gov. The Free Application for Federal Student Aid (FAFSA) is the only form you must file with the Federal Government.
You should file your FAFSA form as soon as possible after January 1st. You will need to gather documents to answer some of the questions on the FAFSA. These will include your (and your family’s, if a dependent student) W2’s, bank statements, most recent federal tax forms, and a driver’s license (if applicable). You will receive a PIN number that will be used every time you apply. Remember to apply every year.
- Obtain an award letter from the school. Your school will send you an outline of your grant and loan eligibility and your family's financial obligation based on the Free Application for Federal Student Aid (FAFSA) you completed earlier. Your Student Aid Report (SAR) should arrive four-six weeks after you complete your FAFSA. It will provide you with details on your federal and state aid eligibility and give you your Expected Family Contribution (EFC). Your schools' Financial Aid Office will use the information contained in the SAR document to determine your total financial aid package, including loan eligibility and federal work study qualification.
- Apply for a loan through your school's financial aid office. You will be asked to complete a Master Promissory Note (MPN) for a Federal Stafford Loan or a PLUS MPN for a Federal PLUS loan. Get description of Stafford loans at: http://studentaid.ed.gov/students/publications/student_guide/2005-2006/english/index.htm.
The use of the MPN varies by school. At some schools, you will need to sign an MPN only once if you remain with your original lender each year. At other schools, you will need to sign a new promissory note each time you borrow. Your school will explain its procedure to you, and even if you only need to sign the MPN one time, you will receive a disclosure statement with each loan disbursement, which will state the amount and terms, including interest rate, for each loan.
- You will also need to choose a lender to disburse the loan to your school. How you select a lender may vary by school. Many schools offer recommended lender lists based on the service they provide, the money-saving benefits they can offer students, etc. You should talk with your school about your choice of lender if you do not already have a lender in mind.
Cleveland State Bank uses an outside source for Student Loans and is not listed on the lender list from your school. Call Cleveland State Bank at 920-693-8256 and ask for Cindy. Cindy can give you the lenders number used for CSB Student Loans.
- Your school will go over all the details of the loan with you, and you should keep any paperwork you receive — you may not think you'll need it now, but it may come in handy years later when you begin repaying your student loans.*
- Get an education!
Remember! Don't forget to apply for financial aid each year, and make sure you use the same lender to make the process flow more easily for you.
Great places to find information on Financial Aid, Higher Education and
more...
- www.ed.gov – The Department of Education hosts a wealth of resources on this site.
- mapping-your-future.org – Information of career planning and college selection and more!
- www.fastweb.com – FREE reliable national scholarship search.
- www.fafsa.ed.gov – Get and complete your FAFSA online.
- www.glhec.org – Find out about Great Lakes Higher Education Corporation. Check out the online borrower account inquiry.
- http://studentaid.ed.gov – department of education information site.
