How do I navigate the financial aid process for college?

As a high school junior, I'm beginning to think about paying for college. What are the important steps in the college financial aid process that I should know about or start preparing for now?

You're being proactive by thinking about college costs early on, which is commendable. Here's a general roadmap to navigate the financial aid process.

1. Understand Your Costs: Firstly, try to understand the total cost of attendance it's not just tuition, but also includes room and board, books, supplies, transportation, and personal expenses. Explore net price calculators on college websites — these can give you a personalized estimate of what you'd pay after scholarships and grants.

2. Start Searching for Scholarships and Grants:

You can start looking for scholarships and grants now. Scholarships can be merit-based, need-based, or a combination of both. Look for local scholarships in your community, as they tend to be less competitive than national scholarships. Check out scholarship search platforms such as "Appily" which can help you find scholarships that match your profile.

3. Complete the FAFSA: The Free Application for Federal Student Aid (FAFSA) is the application you need to complete to apply for federal student aid. The FAFSA is released around December 1st and uses financial information from two years prior. For example, if you plan to start college in the fall of 2025, you'll use your parents' tax information from 2023.

4. Examine Financial Aid Packages: Once you receive admission offers, you'll receive financial aid packages from the schools where you've been accepted. Evaluating which package is the most favorable is an important step. These usually include a blend of grants, work-study, and loans.

5. Negotiate Aid if Needed: If your financial circumstances have changed since you submitted the FAFSA or if your financial aid package is less than you expected, you can appeal your financial aid award. You'll need to contact the financial aid office at the school and provide documentation of your circumstances.

6. Complete Master Promissory Note (MPN): If you're taking out federal student loans, you'll need to sign an MPN, which is a legally binding document where you promise to repay your loan and any accrued interest and fees.

Remember, you should take on as little debt as possible, so exhaust your scholarship, grant, and work-study options first before resorting to loans. It can feel overwhelming, but there are many resources available to help you through this process.