FAFSA stands for Free Application for Federal Student Aid. The FAFSA is available through a website located at fafsa.ed.gov, where students fill out an application that includes a variety questions about income and household facts. These questions include financial information of not only the student, but others who live in the household as well. This information plays an important factor in the government making a decision about student aid and lending. The application can be submitted electronically online or through the mail, although electronic applicants generally receive their results sooner.
A SAR is a summary of detailed information regarding a student and the student's parents' (when applicable) financial status and family living situation. The SAR lists the dollar amounts of aid the applicant qualifies for, what student loans and lending alternatives are available to that student, and how and when to further complete the application. The student will also receive an EFC, or Expected Family Contribution statement. The EFC explains how much the student will be responsible for paying minus grants, scholarships and other financial aid contributions. This is generally just an estimate.
The SAR is used for determining which amount of available assistance, loans and grants a student would like to utilize. It also streamlines information about how much tuition the college will charge and how much aid will be offered, and shows how much student loan money the student may qualify for and how much money will have to be paid out of pocket. The report acts as a quick reference in determining how much college tuition and related fees will be and who will be responsible for paying them.
The SAR is received two ways, either by mail or email. Before applying, individuals must apply for a PIN so they can submit data electronically. The PIN is also used a safety measure to guard personal information. The report can be viewed online at the FAFSA website, but not altered until processing is complete. If changes need to be made, FAFSA will notify the applicant. The application can then be accessed with the PIN so the correct information can be entered and processing can then continue.
There are only four main parties who have access to a person's SAR: the student, the parents, the school (or schools) and FAFSA. All information is considered confidential and should not be shared publically, since it contains social security numbers, birth dates and income of the student and immediately related family members.
Some of the basic requirements for FAFSA eligibility are: U.S. citizenship, a valid social security number, selective service registration, high school diploma or equivalent, acceptance at a school that participates in federal student aid programs and no prior drug convictions.
The FAFSA must be completed by the deadline. The time frame runs from July 1st to June 30th of the following year. The application should be submitted as early as possible to qualify for available funding. Most applications can be started as early as January 1st of the enrolled school year.