 |
Understanding Financial Aid - What's the FAFSA?
In order to be considered for any of the federal student financial assistance programs, you must complete the Free Application for Federal Student Aid (FAFSA). Even if you feel you may not qualify, complete the FAFSA, as schools have private non-need based aid available. You may have to fill out other forms for some state and private aid programs. The FAFSA form is submitted to the U.S. Department of Education who, based on federal methodology, determines your eligibility.
Students are encouraged to complete and mail, or electronically submit the appropriate form, to the processor as soon as possible after the first of the year in order to meet the priority application deadline date. The form must be processed (not received) and the data available to the school's financial aid office by April 15.
It takes approximately four weeks from the time the processor receives the completed paper FAFSA until you receive the Student Aid Report (SAR). This contains information regarding your eligibility for the Federal Pell Grant, campus-based aid, and the Federal Stafford loan. If you submit the FAFSA electronically, the results may be received faster. After you receive the SAR, you may need to call the school's financial aid office you are considering to determine whether or not the college needs the SAR.
After the SAR is received by the school, the school will prepare a financial aid package for you. An Award Letter will be sent to you from the school. Often, a school will only prepare a financial aid package if you applied for and paid an admission fee at their school. It is important for you to be aware of this and complete all the necessary requirements for admission.
If you accept the financial aid package the school has prepared for you, the Award Letter must be returned to the school letting them know you have accepted the package. Respond to the Award Letter as quickly as possible. You should be aware that you could receive several different types of Award Letters. State and private aid programs may send a separate notification regarding eligibility for a state scholarship, grant, or other form of state financial aid. If you researched private sources, you may receive Award Letters from those as well.
You can pick up the FAFSA form at your high school, college, or request one by e-mailing College Information Service (include your name and address when making this request) to bndsl@nd.gov or file your FAFSA online at http://fafsa.ed.gov/.
Brief Overview of the FAFSA Process
- The student and/or parent(s) complete the FAFSA.
- Using the envelope attached with FAFSA application, the student mails the FAFSA to the processor or files the data electronically.
- The processor enters the FAFSA data and sends it to the U.S. Department of Education processing service which calculates an Expected Family Contribution (EFC), performs verifications checks and edits and returns it to the processor.
- The processor prints and sends the student a Student Aid Report (SAR). The school will receive the same information electronically from the processor.
- The student reviews the SAR to verify that the information is correct.
- The school reviews the data and sends a financial aid package Award Letter to the student.
- The student reviews, signs and returns the Award Letter to the school indicating a preferred lender (Bank of North Dakota lender code: 816386) and changes (if any).
- If you do not want a particular form of aid, simply draw a line through it.
|
