Financial Aid
It's money time!
It does not cost to conplete this process of applying for student aid. You may be on the wrong website if a charge is expected.
Begin my completing your FAFSA, Free Application for Federal Student Aid on www.fafsa.ed.gov. A worksheet is available from school counselors which will help you organize your materials prior to starting this process. Major papers necessary are completed income tax forms for both parent and child, social security numbers, and birthdates.
Step one: Log into this site and apply for a PIN number for both you and your child. Use a number that can be remembered. Put this number where it can be easily found, even years from now.
Step two: Create an account. Write down your user id and password. Use the IRS Data Retrieval tool when possible. By using this tool, your information will be more accurate and will pre-populate information when appropriate. An applicant is less likely to be chosen for verification when using this tool.
Step three: After submitting the information, you will receive a projection of your EFC, Expected Family Contribution. This number will indicate the approximate amount that you as the parent will be required to pay towards your child's school expenses. The information will be sent directly to the schools you have listed on the application.
Step four: If you need to make changes, please make them as soon as you find them or recieve new information. Contact the school financial aid office if special circumstances have occurred in the last year that may still be affecting your budget. This may include changes in employment, illnesses, marital status.
Step four: In early May, schools will send you an award letter. This letter will include scholarships, grants, loans and/or work study opportunities. It is important to send this document back to the school by the deadline in the letter. You may accept any or all the dollars listed. In the fall, you can let the financial aid office know the actual amount you want to borrow. (I accept the full amount in the award letter and then only borrow the amount I need in the fall.)
Priority Dates: Each school has their own priority date. Complete your FAFSA prior to these dates. Use estimates if you are not able to complete your income tax by that date and then update when information become available. Most dates in South Dakota are between March 1 and 15 at universities. Check out individual school websites for dates. Pay attention to the details - is this the application date or the processed date? It makes a difference.
Repayment of loans: Please help your child monitor the amount of money they are borrowing. It does add up rapidly.
