The financial aid timeline for high school seniors is critical if you want to maximize the amount of financial aid for which you are eligible. Financial aid is one of the most important parts of the college process, but it can be one of the most confusing as well. To make it simpler, we’ve packed everything you need to know into this timeline so you don’t miss any of these important steps.
It’s important to note that the dates in this timeline are general; the actual deadlines will vary depending on the school and the application round you’re applying in. Make sure you double-check on the specific college website to make sure you get everything in on time. Also, don’t forget that submitting earlier means you have the greatest chance of getting the aid you need.
Fall of Senior Year
Get Organized
Start a physical folder of all the documents you’ll need to file for financial aid including Social Security numbers, prior year tax returns, bank and brokerage account balances, and pay stubs. You’ll also want to file your financial aid letter and FAFSA/CSS reports in here when you get those. Keep this folder somewhere safe; you’ll need to refer to it throughout your college career when it comes time to refile.
Obtain Your Unique FSA ID
Anyone who is required to provide information on the FAFSA form needs a FSA ID which will be provided to you by filling out the required information on StudentAid.gov. Enter your name and Social Security number exactly as they appear on your Social Security card. Your FSA ID is your identification for the entire filing process so make sure you store it in a safe place.
Fill out the FAFSA when the portal opens
To get a jump on the process, start filling out your FAFSA when it begins accepting applications. The FAFSA typically opens on October 1 but for 2024-2025 it opens on December 1 (although they are now accepting applications in late November). The sooner you complete it, the more likely you are to get the aid you need.
Do You Need to File the CSS Profile?
Verify whether any of the schools to which you are applying requires the completion of the CSS Profile. This is a second financial aid form that is administered by the College Board. Generally, this form is more invasive in documenting your family’s financial resources to pay for college. The CSS is also more time-consuming than the FAFSA, so make sure to give yourself plenty of time to complete it before the deadlines for submission.
Verify Deadlines
Check your deadlines. If you’re applying for early action or early decision, check with those schools to see when they require you to submit the FAFSA or CSS Profile. Make sure you comply with their deadlines and know that each school has a slightly different financial aid timeline.
Search for Third Party Scholarships
You can also begin to apply for third party scholarships by exploring websites that aggregate this information. Keep in mind, however, that these third-party scholarship applications take time to identify, and then time to complete. Exploring third-party scholarships as a method of reducing your college costs can be very time-consuming, and generally, the payoff is much smaller than most families expect. Your best approach is to inquire about local scholarship opportunities where the applicant pool is less crowded.
Keep Your Counselor in the Loop
Talk to your high school guidance counselor about financial aid. Your counselor is a resource that you can consult for all kinds of things, and they may know of scholarships that you can apply for that haven’t crossed your radar.
Winter of Senior Year
Communicate with Colleges
If you have experienced unusual circumstances recently that affect your ability to pay for college that aren’t reflected on your submitted FAFSA (unemployment, medical expenses, a death in the family, etc.), inform the financial aid office about them. Be prepared to write a letter and provide documentary proof of these changes. Colleges can and will take these into consideration when preparing your financial aid package, and the earlier you provide this relevant information, the better the financial aid package will reflect your needs.
Recheck Those Deadlines
If you’re applying for regular decision or rolling admission, make sure you submit your FAFSA and CSS Profile according to your schools’ deadlines. While it would be nice if there were a single financial aid timeline for all colleges and universities in the US, the fact is that each campus has its own internal deadlines. You need to make sure to stay on top of these.
Check Your FAFSA Submission Summary
As of the 2024-2025 college admissions cycle, what was known as the Student Aid Report is now called the FAFSA Submission Summary. When you receive this summary after filling out the FAFSA, read through it carefully to make sure there aren’t any mistakes. If you need to make a correction, do so as quickly as possible.
Supply Additional Information If Necessary
Check with your financial aid office to see if you need to submit any further documentation or forms. In some cases, for example, the college may want a copy of the most recent tax return for both the student and parent.
Spring of Senior Year
Review Aid Offers Carefully
Once you start getting financial aid letters from the schools you’ve applied to, read them carefully. Consider your options for each school, and if you have questions or concerns about any parts of a letter, contact that college’s financial aid office to discuss it.
Notify Schools of Your Decision
Once you decided about which school you’re going to attend, notify the other schools on your list. This lets those schools redistribute the aid they had allocated to you to other students who may need it. Completing this part of your financial aid timeline could help other students get more money at their preferred schools.
Accept Only the Aid You Really Need
Remember that you are not obligated to take all of the financial aid that’s offered to you in your aid letter. Notify the school about whether you’re choosing to accept, reduce, or decline the aid they’re offering to you.
Summer Between High School and College
Do Your Loan Paperwork
Complete the paperwork for your student loans, including the Master Promissory Note. This acts as a contract between you and your loan company, in which they agree to lend you the money and you agree to pay it back.
Consider a Summer Job
A financial aid timeline should include a schedule for your own sweat equity! The more money you are able to make during the summer, the less you may have to work during the school year. Get a jump on things! Start looking for that summer job early enough that you can find one that pays you well.
Research Campus Work Options
If you need to work while on campus, don’t wait until the first week of school to begin researching your options. The campus employment or career services office will list job openings, and there is no reason you cannot apply before you arrive on campus. If you’re thinking about working off campus, you can scan job ads online, too. The first few days and weeks of school will be a whirlwind, so the more you can do in advance to secure your financial situation, the better.
Financial Aid Timeline for Seniors: A Summary
The financial aid timeline for seniors is all about being organized and following both instructions and deadlines. Therefore, it’s best if you can start that process earlier rather than later. Get your documents organized, obtain your FSA ID, and then start filling out the FAFSA.
At Great College Advice, we can help families identify schools that will likely meet your budget and be a great fit for your student. Reach out today to learn more by scheduling a complimentary consultation.
