Word of the Day Wednesday: The Federal Student Aid Report (SAR)
Each Wednesday, MEFA features a Word of the Day, where we highlight a word (or sometimes a phrase) related to the college planning process. This month, we're focusing on vocabulary related to the Free Application for Federal Student Aid (FAFSA®), the financial aid application you'll need to send to every college.
Today's Word of the Day is Student Aid Report (SAR).
A few days after a student submits a FAFSA, her or she will receive a Student Aid Report (SAR) electronically (if the student listed an email address on the FAFSA) or in the mail (if an email address was not listed). The SAR is a summary of the information the student and parents listed on the FAFSA and also provides some basic financial aid eligibility information. The SAR will indicate if the FAFSA is complete and, if so, it will contain the student's Expected Family Contribution (EFC) in the upper right-hand corner of the form. The SAR can also be used to make corrections or updates to the information listed on the FAFSA. To learn more information about the SAR, visit the Federal Student Aid website.
Why does this matter to you?
It is important to review the information that you listed on the FAFSA for accuracy, and the SAR allows you to do so easily. Mistakes do happen and errors can be made, and the easiest way to update the information is by following the directions listed on the SAR. The SAR also contains information about your financial aid eligibility, so review it carefully and print and keep a copy for your records.