Financial Aid Timeline

Whether your student is starting elementary school or finishing high school, it is never too early, or too late, to plan.  At Morlock & Company, LLC, we help parents by creating a strategy now.  In doing so, you will be in a better position to help your student come up with the necessary funding solutions when the time occurs.

The following outline can help you create a successful college plan.

(1) Develop a financial budget for college expenses

  • Determine your budget for college expenses
  • Have a family discussion regarding your education budget
  • Qualify student expectations

(2) Evaluate and monitor current and future college costs

  • Public vs. Private
  • Living on campus or at home
  • Monitor the rising cost of college

(3) Evaluate tax advantaged savings plans, tax credits and tax deductions

  • 529's, Coverdell Education Savings Accounts, Savings Bonds
  • Roth/Traditional IRAs
  • Traditional savings and investment accounts, UTMA/UGMA accounts
  • Hope/Lifetime credits, student loans, higher education expense deductions

(4) Determine financial aid profile

  • Expected Family Contribution (EFC)
  • Review aid history and policy
  • Gift Aid – scholarships, grants
  • Self Help – ROTC, work study programs, student and parent loans


The following timeline will help you and your guidance administrator track the steps necessary for your planning success.

Fall – Junior Year

Manage financial aid eligibility

  • Income timing / reduction strategies
  • Evaluate impact of assets on aid eligibility
  • Manage debt
  • Evaluate special circumstances

Fall – Senior Year:

Apply for financial aid – determine the forms required by each school

  • FAFSA – register at
  • CSS Profile – register at
  • Institutional school-base forms
  • Scholarship applications

Know your college/university deadlines

  • Early decision / early action
  • Regular decision
  • CSS Profile 

Spring – Senior Year:

  • Check with colleges to confirm receipt of all aid applications
  • Evaluate and compare offers
  • Petition for additional financial aid, if necessary
  • Provide schools with final tax return, if necessary
  • Send commitment letter and deposit to college of choice



The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Please seek the advice of a qualified professional.