It also estimates your eligibility for federal financial aid, including student loans and Pell grants. Note that your Student Aid Report is not your financial aid award. Rather, schools review your Student Aid Report to put together your financial aid package. Once you receive your report, you’ll also see your Expected Family Contribution (EFC). Your EFC is not necessarily the amount your family must pay for college. Instead, it’s an index number colleges use to calculate your eligibility for financial aid.
What’s on Your Student Aid Report?
You’ll see a variety of items on your Student Aid Report, including:
Expected Family Contribution: Your EFC will appear on the first page of your report. It’s determined by a standard formula that is based on family income, assets, benefits, and other factors. Data Release Number (DRN): The DRN is a four-digit reference number you share with schools’ financial aid offices so they can access your Student Aid Report. Pell grant eligibility: You’ll see an estimate as to whether you may be eligible for a Pell Grant, which is an award of nearly $7,000 for undergraduate students with exceptional financial need. FAFSA summary: The Student Aid Report contains a summary of your answers to questions on the FAFSA. Outstanding loans: If you already borrowed federal student loans for school, you’ll see them listed on your Student Aid Report. Verification: You might see an asterisk next to your EFC, which means your report requires additional verification. Your FAFSA might be incomplete, or your file may have been selected at random for a more thorough review.
How To Get Your Student Aid Report
You can access your Student Aid Report online at StudentAid.gov. Once your form has been processed, you will receive your FSA ID and password to log in. Go to the “My FAFSA” page and select “View SAR” to see your report. Alternatively, you can request a copy in the mail by calling the Federal Student Aid Information Center at 800-433-3243. If you opt for the traditional mail option, it may take up to three weeks for your form to arrive.
When You’ll Get Your Student Aid Report
If you submit the FAFSA online, you’ll receive your Student Aid Report within three to five days. Make sure to provide your email address—otherwise, you might have to wait seven to 10 days to get your report.
What To Do With Your Student Aid Report
After receiving your Student Aid Report, review it carefully to make sure all your information is correct. If you spot any errors, sign in to your Federal Student Aid account and update your FAFSA. You’re also expected to correct your FAFSA if there’s been a change in:
Your dependency status Your household size The number of family members in your household attending college
Some errors can’t be easily updated, though. If you filled in your Social Security number wrong, for instance, you may have to submit a new FAFSA. Either way, it’s a good idea to speak with your school’s financial aid office for guidance. Your financial aid office can tell you what steps to take to protect your financial aid award.
