FAFSA Session 2 I have filed my FAFSA; now what?

Student Aid Report (SAR) What is it? A summary of the FAFSA data you submitted When is it available? Within three days after you submit FAFSA, you can log back into your account and get your SAR What do I do with it? Look over it to be sure there are no mistakes to the information you provided. Then keep it for your records.

SAR – Does it tell me how much aid I’ll get? On the first page – the summary page – it will give you an EFC (estimated family contribution). It will also give you an estimated amount of Pell Grant, if you qualify. If your EFC is more than 5,775, you will not get a Pell grant. If is 0, you will get a full Pell grant.

What is EFC? Estimated Family Contribution The formula for financial aid: Cost of attendance - ECF = Financial Need

How will my college get the information? The FAFSA information will be sent to each college you listed on the FAFSA. The college financial aid office uses the FAFSA to determine EXACTLY how much federal student aid you may receive. You may be asked to bring documents to the financial aid office (tax forms, W-2’s, legal documents, etc.), before they will process your FAFSA and award financial aid.

What about State aid? How does ADHE get my FAFSA information? The federal government will send your FAFSA results to the State of Arkansas, ADHE, so they can see if you qualify for state aid (GO! Grant).

AWARD LETTER Every college that you listed on your FAFSA and you have applied for admission to, will send you an award letter. The award letter tells you how much aid you’re eligible to receive at that school.

What’s in the Award Letter? How the college will help you get the money you will need to attend Listed in order: –Free money (scholarships and grants) –Money you must work for (work study) –Money you must borrow (loans) –Money your parents may borrow (parent loans) You can accept all, some, or none of the award.

Sample Award Letter

How will I receive my aid?  It will be applied directly to your school account. The financial aid office will explain how and when your aid will be paid out.  After your “bill” is paid – tuition, room/board, books, fees – if any money remains, you MAY be entitled to a refund that you can use for other school-related expenditures (transportation, equipment, dependent child care, rental or purchase of a personal computer).

What if my parents won’t help me file the FAFSA? You can’t be independent of your parents just because they refuse to help you. If you leave their information off the FAFSA, your FAFSA will be rejected. The only thing you can get if you file without your parents, if anything, is an unsubsidized loan.

What if our income in 2016 will not be as much as 2015? Financial aid is based on the previous year’s income. If your current income has decreased, you must go to the financial aid office and explain your changed circumstances. They may allow you to complete a supplemental form, which would increase your financial aid for the current year. If they do, this process is NOT transferable to another college; it is only good at the college that extended it.

What if I need to make changes to my FAFSA after I have filed it? Go to the FAFSA homepage Click “Make a Correction” or “Add a School”

How many years can I file a FAFSA? You can get federal financial aid for six years, max! No professional college students wanted!

Last Word About Financial Aid Don’t get a loan unless you need it! If you do need a loan, borrow the LEAST amount you can get by with!