Whether you’re applying to a state or an institutional FAFSA, you need to understand the deadlines. You also need to understand how to make changes to your FAFSA if you don’t meet these deadlines. You also need to understand the appeal process if you are denied.
Student Aid Report (SAR)
Whether you are applying for state or institutional FAFSA, you can expect to receive a Student Aid Report (SAR). This document provides basic information about the federal student aid programs you are eligible for. It also contains your Expected Family Contribution (EFC) which is an index number used by colleges to determine your eligibility for financial aid.
When you receive a Student Aid Report, you should check it carefully. It may contain inaccurate information or information that is not typical for your family. You can make corrections to your report by going to the official FAFSA website. If you have not received your SAR within 7 to 10 days of completing your FAFSA, you should contact the Office of Financial Aid.
Students who have submitted a paper FAFSA can expect to receive a paper copy of their Student Aid Report in a week to 10 days. If you submitted your FAFSA electronically, you can expect your SAR within three to five days.
Also Read: Dive deeper into FAFSA
Expected Family Contribution (EFC)
Getting an EFC is the first step to receiving federal financial aid. It’s estimated by the government and is used to determine your eligibility for need-based aid. Getting an EFC number is free and can be completed online. You will need to fill out a FAFSA and provide your personal and financial information.
The EFC is the federal government’s estimated family contribution to college costs. The average EFC is $14,000 for a four-year college and about $6,000 for a community college. A higher EFC indicates that your family has a lot of money. However, an EFC of zero indicates that your family has no resources to pay for college.
The EFC is calculated from a number of different sources. The federal government uses three different formulas to determine an EFC. The formulas all take into account different factors. The federal formula considers household income, taxes paid, and family size.
In addition, the EFC calculator is part of the FAFSA. The FAFSA includes several questions about personal and financial information. Some of the information asked includes your Social Security number, name, address, date of birth, and adjusted gross income.
Get More: FAFSA open date and deadline
Changes you can’t make to your FAFSA
Keeping up with the deadlines for FAFSA is important. If you miss it, you won’t get the financial aid you need. You also may need to apply for additional financial aid. You should also make sure you don’t miss any state or institutional deadlines.
FAFSA asks for a lot of information about your finances, including income and assets. If you have changed your marital status or your income, you may need to update your information. Your school’s financial aid office can help you find the information you need.
FAFSA is designed to help colleges determine your financial aid eligibility. It uses information from your tax return two years prior. If you make a mistake, you can amend the form online. This usually takes about three to five days.
Your FAFSA may also need to be updated if your Social Security number is incorrect. If you change your SSN, you may need to contact your school’s financial aid office.
Appeals are the final option to be considered in situations where there is a denial of financial aid. An appeal should be written in a professional, formal manner, using clear, concise language. It should be sent to the college financial aid office by certified mail with a return receipt requested.
An appeal should be submitted well in advance of National Decision Day. The deadline for this type of letter is usually May 20th. It is important to have the letter signed by the parent or dependent student. The letter should also include information on the net cost of attendance, and should compare the financial aid offers. If an appeal is successful, the student will be reinstated for financial aid eligibility. If it is not, the student may have to rethink his or her choice of school.
Also Read: File your FAFSA for last year by June 30