By now, most high school seniors and their parents have filed the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov, in order to be considered for need-based financial aid. We are being asked constantly this week, "So, what's next?"
Once a FAFSA has been processed by the Federal Student Aid Department, a Student Aid Report, or SAR, is generated. The SAR will provide the Expected Family Contribution (EFC) and is sent to the student's state aid agency as well as all the colleges whose names and code numbers the student lists on the FAFSA.
Once a college has received a student's SAR and the student has been admitted, the college will prepare a financial aid package for the student based on his/her eligibility for need-based grants, scholarships, loans and work study (according to the EFC). They also will include any other assistance, such as merit-based aid, they know the student will receive if they attend their institution. Once the package has been put together, it is sent to the student and the student typically has a certain window of time in which respond to the award, accepting (or declining) the various elements of the aid package.
There are a few other important items to note too (perhaps obvious to some, but definitely worth mentioning again).
1. The FAFSA process must be repeated each and every year. The FAFSA analysis provides a point in time estimate which is reassessed each year a student will be in college. As such, the financial aid package a student receives can vary from year to year as the EFC and resulting financial aid eligibility change.
2. There are resources that can help students and parents who need assistance filling out the FAFSA form. The U.S. Department of Education provides a toll-free hotline at 1-800-4FEDAID. Assistance can also be found online at www.fafsa.ed.gov. Financial aid officers at colleges and universities also are tremendous resources in this process.
3. While the FAFSA is the only financial aid form required by most institutions, some also require a secondary financial aid form. In such instances, it is important to know that those colleges may run a second financial aid formula, called an Institutional Methodology. An Institutional Methodology will often result in a different (or secondary) EFC for the student which is typically used to figure institutional need- based aid. Colleges that utilize this additional process usually will not generate a financial aid package until all information is submitted and complete.
4. Forward by fax, e-mail or mail any financial aid award you would like us to review for you. We can see what’s in your award, what’s not that you can go back and ask about, etc. We want to help you identify every option you have to help pay the bill at the college that is the best fit for the student.
That's it in a nutshell. It's not too complicated once you know what to expect. If you do have additional questions about how things will unfold for you, contact the financial aid office at the college you plan to attend. And of course, and we're here too if we can be of help. Good Luck!