FAFSA: SAR and Awards

Student Aid Report:

Once all is said and done and your FAFSA has been accurately processed, you (along with your prospective schools) will be sent a Student Aid Report (SAR). Your SAR outlines your calculated financial need and the kinds of aid for which you are eligible. Your need is determined via a simple calculation that takes the cost of attendance (tuition and fees, books and related study materials, travel costs to and from school and room and board), and subtracts your EFC (Expected Family Contribution).  The remainder of this calculation is determined to be your need.

Awards:

Schools that have received your SAR will use their available resources (grants, loans, work study and scholarships) to create an aid package.  This package will be presented to you in the form of an award letter.

As with any financial paperwork, be sure to read it completely and thoroughly.  Be sure to note what portions of your awards are made up of loans (funds that require payback) as you will be obligated to the specific repayment terms, once you sign.  You can accept all, some or none of the proposed awards.  Also note that the amount that is presented may not necessarily cover the complete cost of attendance.  You may choose to accept aid from sources other than your prospective school, however doing so may change your aid profile.  Be sure to report any and all aid that you receive or plan on receiving. 

Once you’ve decided on your school and the aid profile that best suits your needs, simply sign and return the award letter to the school.