You successfully filed the FAFSA and selected the college of your dreams.
So, what’s next?
As much as the Financial Aid King would like to say that you can relax and wait for that sweet, sweet dough to roll in, there are steps you should take to receive your financial aid award and begin the start of your college career.
The King has witnessed many, many students get to campus without taking these important steps. The first week of classes is stressful enough without the added hassle of chasing down a financial aid counselor or filling out paperwork.
Do yourself a favor and complete these steps over the summer so you can focus on your academics (and social life) when you get to campus.
Here’s What to Do Before Stepping Foot on Campus
More Paperwork
Yes, there’s more paperwork. But you’re a pro at completing paperwork at this point and can finish it in no time!
Master Promissory Note (MPN)
If you opted to take out Direct Subsidized or Direct Unsubsidized Loans, most institutions ask that you complete a Master Promissory Note (MPN). This is a legal document where you promise to pay back your lender under a certain timeframe.
In addition to the MPN, you will have to complete Entrance Counseling to ensure that you understand the terms and conditions of your loans.
If your parent took out a Direct PLUS Loan, then they will have to file the MPN in addition to completing a credit check.
Verification Process for the FAFSA Form
Did you file the FAFSA and get prompted for a verification? This is a routine process the federal government established to verify the information provided by students and families.
To complete the verification process, you have to supply documentation to your college’s financial aid counselors, such as tax returns and W2 statements. Until this documentation is supplied, your financial aid award is withheld.
So, get moving!
Proof of High School Graduation
You might know that you graduated high school, but your college still needs proof.
Acceptable proof of graduation is an updated copy of your high school transcript, diploma, or its equivalent.
After you complete this step, you can receive your financial aid award, and then you’ll be on your way to affordable education.
State Application for Financial Aid
Lastly, make sure that you filed your state application for financial aid, too. You might have missed this step after filing for federal aid. You can log back into FAFSA.gov to find out!
Think this is a lot? Your college’s financial aid office will send you email reminders AND snail mail alerts to help move you through these processes.
Accept Financial Aid Award
Have you accepted your financial aid award, yet? Are you sure?
This is a fairly simple process, but often gets overlooked by students. Your college or university should have a secure site that you can access using your student login to view your award and accept the aid.
The financial aid you accept is at your discretion. However, you should take advantage of any scholarships or grants you were awarded — that’s free money!
If you choose to take out loans, like a lot of students do, make sure you understand the terms and conditions, such as interest rates and payback agreements.
Talk with a Financial Aid Advisor
Believe me — they want to hear from you!
Your financial aid counselor will ensure that all your paperwork is in, forms are filled out, loans are processed, and questions are answered before you step foot on campus.
Not to brag, but financial aid counselors are master problem-solvers.
The King wants you to enjoy the start of your first semester of college. It’s kind of a big deal, so make sure to get all of this out of the way first. You’ll thank me later. For more information on grants, loans, and scholarships, check out our recently posted blogs for help.
