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You'e
turned in your FAFSA, so it's on to the next phase
in the financial aid process -- receiving your
SAR. Find out what it is and what you shoud do
with it.
Student Aid Report -- A Document You Don't Want
to Ignore
By Feona Sharhran Huff
January 2001
The CollegeBound Network NewsClick -- Okay, you've
finally completed and mailed off your Free Application
for Federal Student Aid (FAFSA) form -- yes...
on time, too. So what's next in the financial
aid process? Well, in about four weeks or less
-- if you submitted your FAFSA form electronically
or mailed it in the old-fashioned way -- you will
receive your Student Aid Report (SAR).
The SAR contains
all of the information you provided on the FAFSA,
messages from the financial aid processor, and
your Expected Family Contribution (EFC). The SAR
is extremely important because the information
used on this form will determine the amount of
financial aid you'll receive. So review the form
one, twice, three times -- if you have to.
Also, it's absolutely
necessary that you pay careful attention to your
EFC, which appears in the upper right hand corner
of your SAR. The EFC is the amount that the federal
government says you and your family are expected
to contribute toward your education for the year.
It's based on your dependency status, your family's
size, income, assets, expenses, and the number
of family members enrolled in college or trade
schools. When
you apply for financial aid with the FAFSA, the
information you report is plugged into a formula
that calculates your EFC. If you see an asterisk
next to the EFC figure on your SAR, it means your
FAFSA has been selected for verification, and
you will be expected to fork over supporting documents
(copies of tax returns) to the financial aid office
showing the info on our FAFSA is correct.
After you and your
parents have reviewed the SAR for corrections,
send it back immediately! The financial aid office
at the school you'll attend will look at your
financial need, considering first any other aid
you expect to receive, and prepare a financial
package for you in the form of an award letter.
The financial aid administrator may adjust elements
in your EFC or the costs of attendance if he or
she thinks your personal or family situation warrants
it.
If you don't receive your
SAR within six weeks, call 800-4-FED-AID or 319-337-5665.
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