Category Archives: Student Aid Report (SAR)

Award Letters, Student Aid Report (SAR), Students and Parents

About the SAR

After you complete the Free Application for Federal Student Aid (FAFSA), be on the lookout for your Student Aid Report (SAR). The SAR is an electronic or paper document that summarizes the data you put on your FAFSA. It also provides some basic information about your eligibility for federal student financial aid. If you completed, signed and submitted your FAFSA electronically, this document will be sent to your email address within 3-5 days. If you did not include an email address, a paper version of the SAR will be mailed to your postal address in approximately 2-3 weeks. You can also access your SAR by logging in to your account at FAFSA.gov.

The SAR contains important information, like your Expected Family Contribution (EFC) and your Data Release Number (DRN). The EFC is a measure of your family’s financial strength and is calculated according to a formula established by law. It’s based on the information provided on the FAFSA, but the EFC is NOT the amount of money your family will have to pay for college. It’s a number used by your school to calculate the amount of federal student aid you are eligible to receive.

Your DRN is located below your EFC on the SAR and is needed if you want your college or career school to change certain types of information on your FAFSA. Speak with someone at your college Financial Aid office if there has been a significant change in income for you or your parents or you have a special circumstance you need to discuss with the aid administrator.

Your SAR might indicate that you’ve been selected for verification. This is a process schools use to confirm the information on your FAFSA is correct. Your college financial aid office will notify you if additional paperwork is needed to fulfill this requirement.

Review the remainder of your SAR for any errors. If you find anything that should be corrected, log back in to FAFSA.gov, access your FAFSA, and make the necessary changes. Then enter the appropriate FSA IDs and submit your FAFSA again.

FAFSA Errors, Student Aid Report (SAR), Students and Parents, UCanGo2 Resources

Making Corrections to a FAFSA

How do I fix an error on my Student Aid Report?

Since most students file their FAFSAs electronically, it’s quick and easy to make your corrections online, as well. On the home page at FAFSA.gov, click ‘Log In’. If you’re making changes to your answers, click ‘I am the student’. If your parents are making a change to their answers, they should click ‘I am a parent’. Your parents can log in using your personally identifiable information, and they’ll also need your Save Key. Don’t let anyone else log in with your FSA ID!

Find the section where the correction(s) will be made. Make your changes, and don’t forget to click the ‘Submit’ button on the last page when you’re done. In a few days, another Student Aid Report (SAR) will be sent to your inbox. Review it once more to make sure your changes have been made.

If you aren’t able to make a change, notify the financial aid office at your college or university. A financial aid professional will need your Data Release Number (DRN)–a four-digit code found in the top half of your Student Air Report–to access your FAFSA. Don’t give anyone in the financial aid office your FSA ID.

If you encounter any problems while making corrections, call Federal Student Aid (FSA) at 1.800.433.3243.

Apply Online, Deadlines, FAFSA Errors, Financial need, Student Aid Report (SAR), Types of Financial Aid

I’ve Submitted the FAFSA. Now What?

Completing the FAFSA is just the first step in applying for financial aid. After your application has been processed, you’ll receive a Student Aid Report (SAR). The SAR is a summary of all the information you entered on the FAFSA form. Included in the report will be your Expected Family Contribution (EFC), a number that helps determine your financial aid eligibility. When you receive the SAR, review it and make any necessary changes. You can make changes by logging into FAFSA.gov, accessing your original FAFSA application, and correcting your information. Don’t forget to resign and submit! Once you’ve updated your FAFSA, your SAR will be sent to the schools that were listed on your application. If you’re selected for verification, schools will ask you to provide more documentation to confirm that you reported the correct information. Be sure to submit documents as soon as possible to the financial aid office.

Colleges and universities will eventually send you award letters, notifying you of the amount of financial aid they’re able to offer you. Most award letters will be sent electronically, while a few others might come in the mail. Ask your campuses or choice how their notifications will be sent. The award letters will also tell you the cost of attendance. Carefully review those letters and only accept the aid you need. Always accept free money first: grants and scholarships. If you need to take out a student loan, only accept the amount you need to cover the cost of attendance. Be sure to compare different schools’ award letters as well. Consider the financial aid packages and the campus environment to decide which would be the best fit for you.

Follow up with every campus you received an award letter from and let them know how much of the financial aid package you would like to accept. Check for deadlines! Each award letter will ask you to respond by a certain date or you could lose the aid offered. Remain in constant contact with the financial aid office to make sure you take all necessary steps to secure your financial aid award.

Apply Online, Student Aid Report (SAR), Types of Financial Aid

What’s the big deal about the FAFSA?

The Free Application for Federal Student Aid (FAFSA) is an application submitted to the federal government to inform schools of your financial situation. The information you submit on your FAFSA is used to determine how much federal and state financial aid you may be eligible to receive to help you pay for college.

Even if you don’t think you’ll qualify for financial aid, submit your FAFSA anyway. It’s not uncommon for students to assume they won’t qualify due to some myths they’ve been told. Most students are pleasantly surprised to discover they are eligible to receive one or more types of aid. Once you submit your FAFSA you will receive a report that’s called a Student Aid Report (SAR). This summary of your FAFSA information may be a required part of many scholarship applications that you complete.

By submitting the FAFSA, you’re not automatically signing up for student loans or committing to any colleges. You’re simply giving the college(s) you’re interested in attending an opportunity to discuss your financial aid options with you. So be sure to fill out the 2019-2020 FAFSA as soon as possible after Oct. 1 this year. Visit FAFSA.gov for more information.

 

Award Letters, Student Aid Report (SAR)

I Submitted the FAFSA. Now What?

The 2018-2019 FAFSA opened on October 1, and students are encouraged to complete the application as soon as possible. After submitting the FAFSA online, you may be wondering what your next steps are. Here’s what to expect.

Upon submitting the FAFSA, you will see a confirmation page on the screen. You will also receive a confirmation email, sent to the address listed on your FAFSA. This lets you know your FAFSA was submitted and is being processed.

After a few days, you’ll receive your Student Aid Report, or SAR, by email as well. The SAR is a summary of the information you listed on your FAFSA. Be sure to review your SAR and correct any errors.

When your FAFSA is processed, it is sent to the schools you listed on the application. Watch for communication from the financial aid offices at those schools. They will let you know if any additional documentation is needed. Financial aid offices at those schools will also send you an award letter after you’ve been accepted. Award letters explain what financial aid is available to you. Read this letter carefully as there may be additional steps you need to take to accept or decline certain types of aid.

Watch this short video from Federal Student Aid to learn more!

Student Aid Report (SAR)

Tell me what I need to know about the SAR.

What’s a SAR?

Your Student Aid Report (SAR) will be sent to you either by mail or email within two weeks after submitting your Free Application for Federal Student Aid (FAFSA). If you provided an email address on your FAFSA, you’ll receive instructions on how to access your SAR online. If there’s not a working email address available, a signature is missing or your Social Security Number doesn’t match your record at the Social Security Administration, you’ll receive either a SAR or a SAR Acknowledgement through the mail. All students with an FSA ID can view or print their SARs after logging in at FAFSA.gov.

What do I need to do after I receive my SAR?

Read the first page carefully. If you need to supply more information to your financial aid office, it will give you further instructions.

  1. Look for the Expected Family Contribution (EFC) on the first page in the upper right corner. Your financial aid office needs the EFC to determine how much aid you may be able to receive.
  2. Review the entire SAR for mistakes. If you find anything that needs to be corrected, log in to your FAFSA at FAFSA.gov. You can mail a paper copy of the SAR showing your corrections, but this is where an online FAFSA can really pay off; making corrections through the mail can take weeks!
  3. Find the Data Release Number (DRN). It will be listed below the EFC. You’ll need the DRN if you choose to allow your college to change certain information on your FAFSA. Speak to someone your school’s Financial Aid office if there will be a significant change in your income or your parents’ income during the current year.
  4. The data from your SAR will also be sent to each college that you listed in the School Code section of your FAFSA. If you’re in a time crunch, you can call the financial aid office at your school of choice to verify that they’ve received your information.

Don’t ignore your SAR! It’s an important document that will keep you informed throughout the financial aid process.

Student Aid Report (SAR)

How Much Money Will You Get for College?

Now that you’ve submitted your FAFSA, you may be wondering when you’ll hear how much financial aid you’ll receive for college. Will you know before the end of the year or will you wait until a few months after the first? Good question! Actually the schools we surveyed provided very different responses to that question and that’s probably because the 2017-18 FAFSA process has changed dramatically from what it had been in prior years.  Schools are adjusting their timelines and staff to make sure financial aid award notifications will be sent out as early as possible. Some colleges have already started sending award letters to their students, while others will send them anywhere from January to April.

No matter the time frame, if you’re questioning this process, contact the school(s) to which you’ve applied. They’ll let you know when they plan to send financial aid notifications and if they’ll go electronically or by snail mail. Most have deadlines attached for accepting or declining the aid you’ve been awarded so don’t miss out! Take the necessary steps to make sure you receive all the financial aid for which you’re eligible.

Apply Online, FAFSA Errors, Student Aid Report (SAR), Students and Parents, Types of Financial Aid

How to Finish the FAFSA, Final Step: Follow-up

FAFSA Step 5So you’ve completed, signed and submitted the FAFSA, now what? It’s time to follow up!

Keep an eye on your email for something called a Student Aid Report (SAR) as well as information from the schools to which you chose to send your FAFSA results.

Your SAR will provide you with some basic information about your eligibility for federal student aid. When you receive your SAR carefully review it and make sure your information is listed correctly. If you find a mistake, you will need to correct and resubmit your FAFSA.

Some schools may ask for more information, so be sure to provide any additional documentation they may require. Follow up with the school’s financial aid office if you have questions.

Apply Online, Grants and scholarships, Student Aid Report (SAR), Student loans, Students and Parents

What’s all the hype about the FAFSA? Why is it so important?

The Free Application for Federal Student Aid (FAFSA) is an application submitted to the federal government. It’s basically a snapshot of your financial situation. The information you submit on your FAFSA is used to determine how much federal and state financial aid you may be able to receive to help you pay for college.

Even if you don’t think you’ll qualify for financial aid, submit your FAFSA anyway. It’s not uncommon for students to assume they won’t qualify, only to be pleasantly surprised to find that they are eligible to receive one or more types of aid. Keep in mind that many scholarship applications now require a copy of your Student Aid Report (SAR), which is the report you receive after you submit your FAFSA.

By submitting the FAFSA, you’re not automatically signing up for student loans or committing to any colleges. You’re simply giving the college(s) you’re interested in attending an opportunity to discuss your financial aid options with you. So be sure to fill out the 2017-18 FAFSA as soon as possible after Oct. 1 this year. Visit FAFSA.gov for more information.

FSA ID, Student Aid Report (SAR), Students and Parents

Your Acronym Glossary

Acronyms, schmacroynms! What do they all mean? As you navigate your way through the financial aid process you’ll run across plenty of three to four letter terms that may seem like a foreign language. Let us try to help make some sense of it all!

Adjusted Gross Income (AGI)
Your or your family’s wages, salaries, interest, dividends, etc., minus certain deductions from income as reported on a federal income tax return. Commonly referred to as AGI.

Agreement to Serve (ATS)
The binding agreement you must sign to receive a TEACH Grant. By signing the ATS, you agree to teach (1) full-time, (2) in a high-need field, (3) at a low-income school or educational service agency that serves certain low-income schools, and (4) for at least four complete academic years within eight years after completing (or ceasing enrollment in) the course of study for which you received the grant.

Cost of Attendance (COA)
COA includes tuition and fees; room and board (or a housing and food allowance); and allowances for books, supplies, transportation, loan fees, and dependent care. It also includes miscellaneous and personal expenses, including an allowance for the rental or purchase of a personal computer; costs related to a disability; and reasonable costs for eligible study-abroad programs.

Data Release Number (DRN)
The four-digit number assigned to your FAFSA that allows you to release your FAFSA data to schools you did not list on your original FAFSA. You need this number if you contact the Federal Student Aid Information Center to make corrections to your mailing address or the schools you listed on your FAFSA. You find this number below the confirmation number on your FAFSA submission confirmation page or in the top right-hand corner of your Student Aid Report (SAR).

Expected Family Contribution (EFC)
This is the number that’s used to determine your eligibility for federal student financial aid. This number results from the financial information you provide in your FAFSA, the application for federal student aid. Your EFC is reported to you on your Student Aid Report (SAR).

FAFSA
Free Application for Federal Student Aid, the FREE application used to apply for federal student aid, such as federal grants, loans, and work-study.

FSA ID
The FSA ID is a username and password combination that serves as a student’s or parent’s identifier to allow access to personal information in various U.S. Department of Education systems and acts as a digital signature on some online forms.

Satisfactory Academic Programs (SAP)
A school’s standards for satisfactory academic progress toward a degree or certificate offered by that institution.

Student Aid Report (SAR)
A summary of the information you submitted on your Free Application for Federal Student Aid (FAFSA). You receive this report via e-mail a few days after your FAFSA has been processed. If there are no corrections or additional information you must provide, the SAR will contain your EFC, which is the number that’s used to determine your eligibility for federal student aid.

To learn more about financial aid terms, check out the glossary through the U.S. Department of Education.