10.03.06 | I completed the FAFSA, now what?
Ok, you’ve completed your FAFSA – good job. Now the Department of Education will use the information you provided to determine your “need.” To determine your need, the DOE calculates the gap between the cost to attend your school (COA – Cost of Attendance) and what your family can afford to pay (EFC – Expected Family Contribution). The DOE will then send you a Student Aid Report (SAR), which you’ll receive in 3-6 weeks after submitting the FASFA. Read it carefully, checking that all the information appears correct – if there are errors, contact your school’s financial aid office immediately. If there are no errors, forward the SAR to your school’s financial aid office.
If you’d like more information on the FAFSA and it’s process, listen to Chris Penn’s Financial Aid Podcast #370 at http://www.financialaidpodcast.com. The podcast can be listened to on your computer or iPod and gives a complete, line item by line item description of the FAFSA form.
The next post will cover the next step in the process – looking for Free Money!!
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