How to Apply

//How to Apply
How to Apply2022-10-14T16:33:34+00:00

Applying for Financial Aid

FAFSA

  1. File the Free Application for Student Aid (FAFSA). The FAFSA is the Free Application for Federal Student Aid. It essentially the form schools use to determine your eligibility for federal and state need-based assistance. Schools determine their institutional need based financial assistance on the FAFSA as well.

You can complete the FAFSA as soon as possible after October 1 prior to the fall semester that you plan to enroll. We request that new students complete the FAFSA before January 1. This does not mean that if you file after these dates that you will not receive aid. If you apply before the priority deadline you have the greater likelihood for a great aid award.

Ferrum College School Code: 003711

    • Create your Federal Student ID. Remember that you and your parent both need to have FSA ID’s so that you can sign your application online electronically. You can request FSA ID’s at www.studentaid.gov and use them year after year. FSA ID’s also are used if you need to make corrections to your submitted FAFSA and can be used to access your student loan and other federal financial aid websites.
  1. Receive Student Aid Report. Review your SAR and, if necessary, make changes and submit your SAR for reprocessing. Your complete, correct SAR will contain your Expected Family Contribution (EFC)-the number used to determine your federal student aid eligibility.
  2. Review Your Award on Financial Aid Self Service
  3. Be prepared for a potential verification request. Many students each year are selected for a process called Verification. In these instances, the Office of Financial Aid will ask the student applicant to supply copies of documentation, such as income tax transcripts, W-2 statements, IRS Verification of Non Filing and verification forms etc., to verify the data that was submitted on the Free Application for Federal Student Aid (FAFSA).
  4. Complete and/or return any requested documentation to the Financial Aid Office.

  • Understanding your Financial Aid Offer
    1. Understanding the difference between Cost of Attendance (COA) and Direct (Billed) Costs
      • Cost of Attendance – The estimated total cost of attending an institution for one academic year. This includes Direct (Billed) charges and Indirect costs.
      • Direct (Billed) Costs – Charges included in the COA that the student/family pays directly to the college. (i.e. Tuition, room, board and mandatory fees)
      • Indirect Costs – Estimated expenses in the COA that are not paid directly to the institution. (i.e. books, travel, personal expenses etc.)
      • Net Price – Amount of direct and indirect costs remaining after all Gift Aid is applied.
    2. Review our Aid Brochure for important information on your next steps.