How to Apply for Financial Aid: Step by Step Guide

A STEP BY STEP GUIDE TO FINANCIAL AID

Financial aid helps our students achieve their dream of attending and graduating from college. Our financial aid guide can help you get started and lead you in the right direction.

The Financial Aid Formula

Rockford University awards financial aid to 99 percent of its full-time student body. The amount we are able to give is based on the financial aid formula. There are two main aspects of the formula which helps us determine each student’s financial need: cost of education and expected family contribution.
The cost of education includes every academic year for tuition, fees, and room and board. Most students typically spend another $1,000 to $2,000 each year for books, personal or living expenses, and transportation.

To determine the expected family contribution, you are required to fill out a Free Application for Federal Student Aid, or FAFSA, which is the second step of applying for financial aid. Based on six factors – parental assets, parental income, student assets, student income, the number of family members, and the number of family members attending college – the expected family contribution estimates your family’s ability to help pay for your college education.

When calculating each student’s financial need, we subtract the expected family contribution from the cost of education. This number gives us the maximum amount of need-based financial assistance a student can receive.

Step 1: Apply to Rockford University

The first step in seeking financial aid from Rockford University is the application for admission. As part of the application, we will receive your GPA and test scores, which can also aid in determining potential merit scholarships.

While Rockford University has a rolling admissions process that allows applying at any time, the general rule of thumb is the sooner the application is completed, the higher the chances of receiving financial aid.

Step 2: Complete the FAFSA Form

Filling out and submitting the FAFSA form is a crucial part of determining the amount of need-based financial aid. Filing online is possible once the application is available for the next academic year, typically after October 1st.
To complete the form, the following information will be required:

• Social Security number
• Alien registration number (if applicable)
• Federal tax returns
• Records of any untaxed income
• Cash, checking, and savings account balances
• Investments other than the primary residence

If considered a dependent of your parents, it will also be required to report similar information about them. This worksheet can help determine if you are considered dependent or independent for financial aid purposes.
Here are some other tips for filling out the FAFSA:

• It is recommended to file taxes before filling out FAFSA to ensure complete and accurate information
• Rockford University’s FAFSA code is 001748
• The priority filing date is March 1st

Step 3: Await Award Notification and Accept Offer

Rockford University will receive your FAFSA information approximately two weeks after the form was completed. Once we have received your results and admitted to Rockford University, a letter will be sent to notify you of what financial aid has been awarded.

After receiving the letter, 30 days are given to accept the award. If the financial aid package is not enough to cover all of your estimated expenses, it is also possible to seek private loans or outside scholarships and grants.

Have Questions? Contact Us

While the financial aid process has become more streamlined with the rise of smart forms and online applications, it is expected for all applying students to need additional guidance. If any questions about how to apply for financial aid arise, please reach out to us today. Chat online with an Admission Counselor, email us at sas@rockford.edu, or call us at 815-226-4062.