What EXACTLY is the FAFSA SAR?..and 6 schools question.

Paying for College
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<p>i know its the studentaid report, but what exactly is it. is it just how much money you get?? how long does it take to recieve it after you turn in your fafsa? do you have to send it to your 6 schools when you recieve it or do they automatically get it? do you use your SAR to correct the fafsa and resend it to your 6 schools?</p>

<p>also about the school limit...it says after you recieve your SAR you...</p>

<p>"Go to the FAFSA Corrections on the Web site and replace the schools listed on your application with other school codes and submit a correction to your FAFSA information. You will need your PIN for this option."</p>

<p>or</p>

<p>"Photocopy your SAR and mail it to the other schools."</p>

<p>which is faster and which do schools prefer? </p>

<p>also, how can an accurate sar be issued if my parents dont have their tax returns and w2's yet? do i just do a correction fafsa when they get it this month?</p>

<p>and one more question....can i just submit the fafsa twice with a different set of schools without waiting for the SAR or anything and then send corrections twice as well?</p>

<p>whoever answers this, thanks...</p>

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<p>I don't know enough about the process to answer the questions regarding 6+ schools, but I have some general information.</p>

<p>I got my SAR today, January 3rd, and I filed my FAFSA on January 1st. I used the electronic PIN, and my parent didn't electronically sign the form until yesterday, so it was very speedy. My SAR has the EFC on it, all the information that I submitted, a link to correct the form, and a link to print all the information.</p>

<p>The SAR will only be as accurate as in the estimates you provided. You simply have to wait a few weeks or months for the tax info to come back, and manually fix the numbers on the SAR.</p>

<p>I hope I helped you even a little bit.</p>

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<p>What the SAR determines if you are eligible for federal funds (Pell, FSEOG, subsidized student loans)</p>

<p>Just how much money you get??</p>

<p>How much money you get is totally dependent on your school. </p>

<p>SCENARIO 1</p>

<p>Your financial aid will be calculated as follows </p>

<p>A school which meet 100% of your demonstrated need (and gives generous scholarship/grant aid) would calcualte need as follows:</p>

<p>Cost of attendance (for the sake of this demonstration we will assume that the cost of attendance at your school is $42,000 per year)</p>

<p>Minus</p>

<p>EFC (which comes from the FAFSA)+ Sudent Contribrution (the amount of money you will contribute from your savings or summer earnings)</p>

<p>Equals</p>

<p>Demonstrated need</p>

<p>Using the concept of meet ing 100% of demonstrated need a sample financial aid package would be calculated as follows:</p>

<p>Cost of attendance (tuition, room, board, books, travel home, misc) 42,000</p>

<p>Expected Family Contribution (based on the FAFSA) 5000
Student contribution 2000</p>

<p>Demonstrated Need 35,000</p>

<p>Your demonstrated need maybe be broken down as follows:</p>

<p>Subsidized Stafford Student loan 2500
Work study 2000
Perkins loan 2500
School grant/scholarship 28000</p>

<h2>Total aid package $35,000</h2>

<p>SCENARIO 2</p>

<p>If you were to attend a school that DOES NOT MEET 100% of your DEMONSTRATED NEED (or GAPS) NYU is a prime example:</p>

<p>NYU does not meed 100% of demonstrated need, a student with the same finanicals may get a package as follows:</p>

<p>Cost of attendance (tuition, room, board, books, travel home, misc) 42,000</p>

<p>Expected Family Contribution 5000
Student contribution 2000</p>

<p>Financial need 35,000</p>

<p>NYU broken your aid package down as follows:</p>

<p>Student loan 1750
Work study 4000
School loan 15000</p>

<p>Total aid Package 21250</p>

<p>While the $21250 package may cover your "need" if you are a commuter student, it definitely would not cover your need if you are living in the NYU dorms and using their meal plan.</p>

<h2>NYU has left $20,750 of the $42,000 cost that you still need to attend NYU for one year still unaccounted for. You will have to come up with a way to get the rest of this money (outside scholarships, your parents taking out loans -if eligible).</h2>

<p>SCENARIO 3</p>

<p>school which meet 100% of your demonstrated need (and givesscholarship/grant aid along with loans) would calcualte need as follows:</p>

<p>Cost of attendance (for the sake of this demonstration we will assume that the cost of attendance at your school is $42,000 per year)</p>

<p>Minus</p>

<p>EFC (which comes from the FAFSA)+ Sudent Contribrution (the amount of money you will contribute from your savings or summer earnings)</p>

<p>Equals</p>

<p>Demonstrated need</p>

<p>Using the concept of meet ing 100% of demonstrated need a sample financial aid package would be calculated as follows:</p>

<p>Cost of attendance (tuition, room, board, books, travel home, misc) 42,000</p>

<p>Expected Family Contribution (based on the FAFSA) 5000
Student contribution 2000</p>

<p>Demonstrated Need 35,000</p>

<p>Your demonstrated need maybe be broken down as follows:</p>

<p>Subsidized Stafford Student loan 2500
Work study $2000
Perkins loan $2500
School grant/scholarship $18,000
unsubsidized Loan $10,000</p>

<h2>Total aid package $35,000</h2>

<p>If you are doing the FAfSA ON-LINE and have more than 6 schools you would (I would suggest printing out a copy of your SAR before making corrections/changing schools on the form)</p>

<p>"Go to the FAFSA Corrections on the Web site and replace the schools listed on your application with other school codes and submit a correction to your FAFSA information. You will need your PIN for this option."</p>

<p>If you do it on line , it usually takes approximately 3 days before every thing is submitted.</p>

<p>how can an accurate sar be issued if my parents dont have their tax returns and w2's yet? do i just do a correction fafsa when they get it this month?</p>

<p>When you file the FAFSA, you ae stating that yoru Parents Will File their 2004 taxes. Once they file (which they should do asap, because they will have to send in their W-2's and a signed copy of their taxes before a financial aid award is given). Once they file their taxes, they just go back to the FAFSA and make the corrections based on their taxes.</p>

<p>can i just submit the fafsa twice with a different set of schools without waiting for the SAR or anything and then send corrections twice as well?</p>

<p>If you do this on line the process is really quick (as I said earlier, you get everything back in about 3 days) I would suggest waiting until you get the SAR (print it out) before you make changes for other schools (that way you have a printed record in the event the school is still looking for it).</p>

<p>Hope this helps</p>

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<p>thanks...and i'm guessing the first scenario school is stanford...</p>

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<p>Sybbie has given you some really detailed answers. Basically the FAFSA is the government form you need to complete before you can get any government aid. It gives you a data check--are you a criminal, do you owe the government money, have you registered for the draft, have you already gotten an undergrad degree, are you eligible for government money. It gives you your Expected Family Contribution, the EFC which tells you, the schools and any other aid agency what your family is expected to pay, given their financial circumstances. What individual schools do with that number is their own business. If your numbers jive, you can then get government loans, grants, workstudy which though dispensed through the college, comes from the government. What you still need is up to the college and you to provide. Many of the private schools require an additional form, the Profile or their own form as well as the FAFSA and they may use the EFC figure from FAFSA as your expected contribution or the numbers generated from their own forms. But mainly FAFSA generates that first EFC number as a stepping stone for a financial aid package.</p>

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<p>sybbie, if you could clarify this bit for me, thanks!
i filed my FAFSA, and received my SAR online. 6 of my 8 schools received this first SAR.</p>

<p>after i have more accurate tax information, i will need to file a Corrections FAFSA.. i will have to send this twice, right? that is, 6 schools the first time, and a second time for the "surplus" schools..</p>

<p>that way, all my schools will have a copy of the corrected FAFSA.
is that correct?
thank you very much!</p>

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<p>oh, n/m you answered me in the other thread. thanks! :D</p>