Reviewing Your Student Aid Report – an Important Step in the FAFSA Application Process 1

FAFSA

FAFSA and Financial Aid

Completing your FAFSA application can be a tedious and lengthy process for both students and parents, particularly the first time you go through the process. After gathering your tax information and other paperwork, you and your parents likely spent quite some time entering in information, answering questions and signing (electronically in most cases) the FAFSA application, you will receive your Student Aid Report (SAR).

If you provided an email address during the application process, the Student Aid Report will be emailed to you. If you didn’t, then you’ll receive a copy of the report in the mail. If you completed the FAFSA online and signed it using your FAFSA ID, then you’ll most likely get your emailed copy within 3-5 days, or mailed to you within 7-10 days. If you didn’t sign online, but rather printed and returned a signature page, then the report will likely be available to you after about 2 weeks. If you make a change or correction to your FAFSA, it will generate a new report – in some cases immediately, and 3-5 days in other cases.

Once you have completed the FAFSA and received your SAR, it is important that you review it carefully for accuracy. This report is what your school will use to determine your Federal aid. It can also be used to help determine any other scholarships or financial aid that may be available to you. Any errors in the report could affect the student aid that you received.

The report will also tell you if your application is complete. If it is complete, it will contain your Expected Family Contribution (EFC). If it is incomplete according to FAFSA, then it will provide information about what else might be needed. However, just because FAFSA shows your SAR as completed and populates the EFC, that doesn’t mean that you have completely entered everything in accurately. When reviewing, ensure that you have entered all of your information correctly, and that you haven’t omitted information on any of the questions.

If you do need to make changes, either because you’ve found an error or because the report asks you for more information, you simply log into your FAFSA application and make the necessary changes. After you’ve applied the changes, you’ll receive another SAR to review.

After all the time you spend completing the FAFSA, it may seem overly tedious to review your SAR, but it is a necessary part of the process. Take the time that you need to submit an accurate and complete application. The Student Aid Report is your tool to make sure you’ve done everything that you need to do, and it is the same report your school will use. When you’re certain that your application is complete, you can be certain that you’ve maximized all of the financial aid you are entitled to.

Find out more about the FAFSA on Peterson’s.

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