| Make sure to use your PIN to check the SAR on | | | | much the family can afford, but rather what they |
| your FAFSA and see if your EFC will qualify you for a | | | | believe you should be able to afford. This may |
| PELL grant. | | | | require you to take out an extra loan as a family or |
| Say what? | | | | withdraw savings, but the number helps decide how |
| If you're having trouble navigating your way through | | | | much aid you are eligible to receive. Your EFC is given |
| the modern financial aid system, you're not alone. | | | | to you when you submit your FAFSA. It is located on |
| Finding, applying and receiving different types of | | | | your SAR. |
| financial aid can be one of the biggest headaches | | | | The SAR is your Student Aid Report and it's a |
| associated with college-bound children or | | | | summary of all the answers and information you've |
| grandchildren. But it doesn't have to be that way. | | | | entered into the FAFSA form. You always want to |
| With only a little know-how and some financial | | | | print a copy of your SAR to keep for your own |
| planning, you can easily find your way through the | | | | records. That way, when you fill out the individual |
| maze known as financial aid. The confusion above | | | | school financial aid forms, your information will be |
| can disappear with just a small amount of studying. | | | | consistent. |
| (Besides, your kids are expected to study hard the | | | | Once your school receives your information, they will |
| next few years, so you should set a good example!) | | | | put together a financial aid package and present it to |
| One of the most crucial pieces of advice that college | | | | you. Your package can contain a wide variety of |
| planners have to offer is to ALWAYS apply for | | | | options for you to choose from, including grants, |
| financial aid, even if you believe you won't qualify. | | | | loans, and scholarships. If your EFC is low, you may |
| So how do you apply for it? Simple. It's a form called | | | | be offered a PELL Grant. Pell's are grants that help |
| FAFSA and it can be filled out quickly and easily | | | | pay for college and do not need to be paid back. |
| online. When you apply, you are given a PIN, which | | | | Your financial aid package may also include an option |
| functions just like a PIN that a bank gives you. You | | | | of work-study, where your child can work at a |
| use this PIN to log on to and off of your forms and | | | | campus job and make extra money. Most packages |
| sign them when you are finished. | | | | also include a variety of loan options. Some loans are |
| The most basic financial aid to fill out in the United | | | | government-subsidized others are not. There are |
| States is nicknamed FAFSA, one of many acronyms | | | | many different types of loans available to parents |
| I'll tell you about. FAFSA stands for Free Application | | | | and students and you should analyze your current |
| for Student Financial Aid. It is administered by the U.S. | | | | financial situation carefully before choosing one. |
| Department of Education and for years has given | | | | Government subsidized loans are offered |
| lower income students a chance to go to college. But | | | | interest-free while your student is in school, and allow |
| it's not just for lower income families. Anyone and | | | | the student to wait until six months after college |
| everyone can apply and depending on how soon you | | | | graduation to pay back the principal. However, there |
| apply and the money available, families with many | | | | is a limit to how much you can borrow and you must |
| different levels of income can receive some type of | | | | complete your degree by a certain date, so make |
| aid. | | | | sure you plan wisely. |
| It is recommended that every family fills out a | | | | So the next time someone asks if you used your |
| FAFSA form as well as the financial aid forms | | | | PIN to check the SAR on your FAFSA to see if you |
| required by the schools you have applied for. Each | | | | are eligible for a PELL, you can reply with a |
| school will put together a financial aid award package | | | | resounding and confident "Yes!" |
| based on the results of your FAFSA form. | | | | I hope I've been able to guide you through the maze |
| FAFSA forms have a mathematical formula which | | | | of financial aid and shed some light on the whole |
| determines your EFC. EFC stands for Estimated | | | | process. It can be intimidating to say the least, but |
| Family Contribution. It is the amount of money a | | | | with a little work, the whole process may be |
| family is expected to contribute towards a child's | | | | transformed into one of the most rewarding college |
| education. This number does not represent how | | | | planning experiences you will have- literally. |