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Here is a rough "financial aid calendar" to help ensure that you are doing the right things at the right time.

JANUARY-MARCH

File the Free Application for Federal Student Aid (FAFSA) and other forms required by your school(s).

Tips:

You can submit the FAFSA over the Internet www.fafsa.ed.gov.
January is a good time to contact the financial aid administrator at your school(s) for information on application procedures. If you have questions, be sure to schedule an appointment with your school's financial aid officer.
Many colleges require forms to be submitted by early January or February. This is to allow the college financial aid offices to start building an award letter.
If you are applying for early decision or early action, colleges will want forms filed earlier then normal if they give early decision of financial aid awards.
February 15th appears to be a priority deadline for applying for aid for many colleges and state aid programs.
Many private scholarship applications are due in February.
Missing priority deadlines may cause you to lose out on receiving good gift aid.
Student Aid Reports (the results of filing the FAFSA) will start being received by students during this month. Your SAR will either be yellow, green, blue or pink (the color rotates each year). If you filed the FAFSA using estimated income, then you will want to update your SAR (part two) when you and your parents complete your taxes.
When you receive your SAR, your college(s) of choice will have also received the results.
When you correct the SAR and return it to the central processor, each college will have access to this new information.
March is the month when students typically update the SAR.
March is the month when students normally start narrowing their colleges of choice and even adding more colleges to their list.
You can add more colleges by including the new colleges on the SAR or calling 1-800-433-3243 or (319) 337-5665.

APRIL

Review the financial aid packages you have been offered by various schools.

Tips :

Financial Aid Verification is a process that colleges use for quality control of information that students and parents submit to apply for financial aid. The Federal Government requires colleges to complete a random sample of 35% of their student filers, requesting a Financial Aid Verification document that asks information about the size of family, taxable income and non-taxable income. Students and parents have to return this document to the financial aid office along with copies of the Federal income tax forms for the parent and student.
Duplicate this form along with documentation because you will most likely need to do the same for other colleges.
Be sure that all tax forms are signed when they are submitted for the verification process.

MAY-JUNE

Choose the school you want to attend and notify the admissions office.
Accept and return the financial aid package from the school you've chosen. (see more on this below)
File student loan and/or parent loan applications.

Tips :

Financial aid award letters will start arriving from May through July.
Did you know that your school's financial aid package may not be able to cover your entire financial need? With the exception of the Pell Grant and the Stafford Loan, every other source of assistance is based on allocated funds. Though they will try, you can't rely on their covering you 100%.
Be sure to sign letters of offer and return them to the college financial aid office.
It's time to find alternative or private sources of funding to make up the difference between the total cost of your education and your school aid package, grants, and government loans.
From this time on until school starts, you should be making arrangements with the school or your lender to process for student and parent loans.
All Federal loans must be certified by the college's financial aid office. (Why? Because the colleges have to make sure that you are a bona fide legitimate enrollee at the school, that you are pursuing an eligible program, that you meet academic standards, that you are entitled to receive funds and that you have not already surpassed your eligibility of funds in any given term, etc...).
Remember, taking out a student loan during summer school will reduce the amount that you can receive during the next fall and spring semesters.

JULY-AUGUST

Find alternative or private sources of funding to make up the difference between the total cost of your education and your school aid package, grants, and government loans.
Pay required school fees and bills.

Tips :

Students should be starting their research for private scholarships for the next school year. Check with your employer, libraries, local organizations, churches/religious organizations, and parents' employers.
Some colleges commence their college work-study assignments during summer months... check in with the financial aid office.
Verify with the financial aid office to be assured that all of your documentation has been received.
Verify with the business office to make sure that your financial aid award has been credited to your account.
Review your student bill or your prospective bill to make sure that you have the funds to pay the bill.
If funds are not available to cover the bill, have your parents apply for a parent loan or alternative loan to make sure that funds are available for the academic year.

AUGUST-SEPTEMBER

Start school!

Tips :

Be aware that changes in course load may impact the amount of your aid. Check with your financial aid office before you change your course schedule or credit load.

SEPTEMBER-DECEMBER

Apply for admission to your top choices.
Attend a financial aid workshop if one is available at your school.
Apply for scholarships and grants. (You can do this throughout the year -- the earlier the better!)

Tips :

Be aware that changes in course load may impact the amount of your aid. Check with your financial aid office before you change your course schedule or credit load.