Financial aid basics
The terms and timeline worth knowing
A short glossary and a year-by-year timeline to help you prepare for FAFSA and scholarship deadlines.
The content on Pathwise Tuition is for general informational purposes only and does not constitute personalized financial, legal, or application advice.
Funding terminology
- FAFSA
- The Free Application for Federal Student Aid, used by the federal government, many states, and colleges to review aid.
- Student Aid Index (SAI)
- A number calculated from your FAFSA information that schools use when determining need-based aid.
- Cost of attendance
- A school's estimate of the total yearly cost of attending, including tuition and living expenses.
- Gift aid
- Aid that generally does not need to be repaid, such as grants and scholarships.
- Self-help aid
- Aid you repay or earn, such as student loans and work-study.
- Net price
- Cost of attendance minus grants and scholarships. Many colleges publish a net price calculator.
- Verification
- A process where a school asks you to confirm FAFSA information with documents.
- Satisfactory academic progress
- Academic standards you must meet to keep receiving many types of aid.
Application timeline
- Step 1
Junior year of high school
- Research colleges and their net price calculators.
- Start a scholarship list with deadlines.
- Talk with family about budget expectations.
- Step 2
Summer before senior year
- Create StudentAid.gov accounts.
- Draft scholarship essays.
- Gather tax documents you will need.
- Step 3
Fall of senior year
- Submit the FAFSA as early as you can.
- Complete any school-specific aid forms.
- Track state grant priority deadlines.
- Step 4
Spring of senior year
- Compare aid offers side by side.
- Ask financial aid offices about questions or changes.
- Confirm payment plan options and deadlines.
Deadlines change each year. Confirm current dates with StudentAid.gov, your state agency, and each college.