FAFSA

Step 5: Accept Award

After reviewing your financial aid package students need to decide how much they would like to accept, in order to do this they must sign off indicating that they are accepting the financial aid. This is the final step in the FAFSA process.

Step 2: Update

After you file the Federal Government sends students a report called the Student Aid Report or SAR. Students must review this report and make any changes requested in order to be eligible for aid.

Step 4: Review Award

During this step students receive their financial aid package. This will outline how much money you qualify for and the type of aid (grants,loans,work study)

Step 3 : Additional Info

During this step you must contact the specific colleges you are applying to because most colleges require supplementary paperwork in order for students to be eligible for financial aid. Many students miss out on aid because they miss this step.

FAFSA

Free Application for Federal Aid

Grant

Money given to students by the government that does not need to be paid back.

Scholarships

Payment made to support a student's education, awarded on the basis of academic or other achievement

Award Package

Sent to the student that outlines a collection of different types of financial aid from multiple sources that you qualify for to help pay for college.

SAR

Student Aid Report which is a paper or electronic document that gives you some basic information about your eligibility for federal student aid as well as listing your answers to the questions on your FAFSA®.

EFC

The Expected Family Contribution is a measure of your family's financial strength and is calculated according to a formula established by law. Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) are all considered in the formula.

Private Loan

This loan is controlled by a bank and tends to have a higher interest rate and less repayment benefits.

Federal Loan

This loan is controlled by the government and has a lower interest rate, as well as a grace period for repayment.

Step 1: File

This step involves logging onto https://fafsa.ed.gov/ and filling out the application.

Work Study

a college program that enables students to work part-time while attending school