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Now that you know what you're applying for ... Fremont National Bank is confident that your college financing will be smooth and hassle-free!
Start by taking these steps below!
First-time students can complete the form on paper (available from your high school or college) and get the results in four to six weeks. Returning students can re-apply using a Renewal FAFSA form that takes three to five weeks to process. Any first-time or returning student can speed the process by using the FAFSA Express to electronically file and get the results in two to four weeks at www.FAFSA.ed.gov.
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The colleges you're applying to may require you to complete additional forms and provide tax returns before determining financial aid eligibility. Respond to their requests immediately, or you may hold up your application.
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Within four to six weeks of filing your FAFSA, the college's financial aid office will send you a Student Aid Report that tells you the aid you're eligible to receive based on:
- Cost of Education - including room and board, tuition and fees, books and supplies, etc.
- Expected Family Contribution (EFC) - based on income and other factors, this amount is the same regardless of the college you attend.
- Financial Need - determined by subtracting the expected family contribution from the cost of education. This changes depending on the cost of the college.
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Once you have received a SAR from each of the colleges you have applied to, carefully examine the financial aid packages they're offering you and compare them to determine the college you wish to attend. Sign the award letter in the financial aid package and return it to the college - by the specified deadline.
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Chances are, the financial aid package will not cover all costs of going to college. As soon as you know the amount you'll need to make up the difference, apply for loans in the following order:
- Federal Perkins Loan
- Federal Stafford Loan
- Unsubsidized Stafford Loan
- Federal PLUS Loan
Be sure to borrow only what you need - set a limit to the amount of debt you can afford before you take out any loans.
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Most colleges participate in the Federal Family Education Loan (FFEL) Program, which allows students and parents to choose the bank that they want to provide the student loans. To choose Fremont National, just put the Lender Code 808426 in the "Lender Code" field. By borrowing through a single bank, you'll have an easier time keeping track of your loans, your responsibilities and any changes that occur in your name, address or financial aid needs and eligibility.
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There's a lot of paperwork in the financial aid process. Before you submit any forms or applications, be sure to check and double check for accuracy and legibility. Keep copies of all forms you send and receive in a single place for easy reference.
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