Make sure to use your PIN to check the SAR on your FAFSA and see if your EFC will qualify you for a PELL grant.
If you’re having trouble navigating your way through the modern financial aid system, you’re not alone. Finding, applying and receiving different types of financial aid can be one of the biggest headaches associated with college-bound children or grandchildren. With only a little know-how and some financial planning, you can easily find your way through the maze known as financial aid. FAFSA stands for Free Application for Student Financial Aid. It is recommended that every family fills out a FAFSA form as well as the financial aid forms required by the schools you have applied for. Each school will put together a financial aid award package based on the results of your FAFSA form.
FAFSA forms have a mathematical formula which determines your EFC. EFC stands for Estimated Family Contribution. The SAR is your Student Aid Report and it’s a summary of all the answers and information you’ve entered into the FAFSA form. That way, when you fill out the individual school financial aid forms, your information will be consistent.
If your EFC is low, you may be offered a PELL Grant. Your financial aid package may also include an option of work-study, where your child can work at a campus job and make extra money. Most packages also include a variety of loan options.
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