After the application

Approximately four weeks after submitting the FAFSA, you should receive a Student Aid Report (SAR). Your target colleges will also receive a copy.

 

If you have completed all other required application forms, the financial aid administrators (FAAs) at your target schools will determine your aid eligibility and send you a financial aid award notification.

 

Before accepting any financial aid package, make sure you understand it completely. Be sure that every aspect of the package is clearly explained.

 

Ask these questions:

• Is this aid for one year only, or is it renewable?
• If the aid is renewable, are there scholastic or other requirements?
• When and how do you reapply?
• How many hours are required for work-study jobs?
• What are the interest rates on loans?
• Can loan interest be deferred while in school?
• What are the repayment terms for the loans?

 

You and your family should accept an aid package only when you are satisfied with the answers.

 

Sometimes the financial aid awarded will not be enough to cover all your college costs. How do you determine if you need a loan to supplement financial aid?