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Facts on Federal Financial Aid
There are 4 Types of Financial Aid:
Scholarships (merit and need-based)
Grants (need-based) - money given by the government based on FAFSA results that you do not have to pay back
Work-Study (need-based) - based on FAFSA results
Loans (need-based and non-need-based) - Money given by the government based on FAFSA results that you do have to pay back.
Federal Financial Aid Vocab
FSA ID (Federal Student Aid ID) - This is a username and password that the student and one parent have to get to complete the FAFSA. The next senior newsletter will have instructions for obtaining this.
FAFSA (Federal Application for Free Student Aid) - the online application to apply for Federal Financial Aid. You will use your 2016 household income tax information to complete it. It will be available on October 1.
SAR (Student Aid Report) - This is the summary of your processed FAFSA application. Some scholarships will ask for this summary (ex. Susan Buffet Scholarship). It also contains your EFC number that is sent to the colleges.
EFC (Estimated Family Contribution) - a number determined to be the amount of money your household can contribute towards college. Colleges determine your student aid package using this number and other information.
Before you start your FAFSA (Free Application for Federal Student Aid), check out the FAFSA Tools. They will help you prepare for and complete the form.
What to expect after you submit your FAFSA
What to expect after you submit your FAFSA
The FAFSA opened October 1 so many of you have already completed and submitted your form. Here’s what happens next:
Expect a Student Aid Report (SAR). You’ll receive it via an email link if you provided an email address on your FAFSA. The SAR acknowledges that your FAFSA was received, and if you need to take further action to process your FAFSA.
Make sure you applied for admission to colleges you listed on your FAFSA.
Colleges who receive your FAFSA results typically won’t send you a financial aid package until you’ve applied and have been accepted to the school.
Watch for verification requests. The college(s) you listed on your FAFSA might request verification of your FAFSA information. If so, send the required documents to the colleges’ financial aid office.
Watch for financial aid award notifications. The colleges you applied to – and listed on your FAFSA – will send you a financial aid award notification detailing the types and amounts of aid they’re offering based on your financial need.
For free help with the FAFSA, call EducationQuest to make an appointment
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