Financial Aid for Students

0:00 So you've filled out the FAFSA. Now what?

0:03 The information you submitted will be processed by the

0:06 U.S. Department of Education's office of Federal Student Aid,

Đang chơi bài0:10 and the colleges or career schools you listed will be notified

Đang chơi bài0:13 so they can begin their process of awarding aid.

0:16 The great thing about filling out the FAFSA online

0:19 is that you can check its processing status immediately.

Đang chơi bài0:22 This comes in handy when you're thinking, "I wonder if it went through."

0:25 Within a few days of filling out the FAFSA,

0:28 you'll get your Student Aid Report (or SAR).

Đang chơi bài0:31 You'll hear that abbreviation again, so just remember,

0:34 your SAR is your Student Aid Report.

0:36 Basically, it summarizes all of the information you submitted on the FAFSA.

Đang chơi bài0:41 You can access your SAR online at FAFSA.gov

0:46 using your FSA ID (which is your user name and password).

0:50 Check your SAR for any mistakes.

Đang chơi bài0:52 Then make corrections if you need to,

0:54 but only if you estimated your tax information or provided incorrect information

0:59 the day you filled out the FAFSA.

Đang chơi bài1:00 On your SAR, you'll see reference to your EFC

Đang chơi bài1:04 or Expected Family Contribution.

Đang chơi bài1:06 This number is used to determine your eligibility

1:08 for federal student aid;

1:10 it doesn't mean you actually have to contribute that amount.

1:12 The financial aid office at each college or career school

Đang chơi bài1:15 you list on your FAFSA will receive your information.

1:19 Each office will then use your FAFSA information

Đang chơi bài1:21 to determine how much aid you can get at that school.

1:24 It's possible that your college or career school

Đang chơi bài1:27 may require you to verify the information you submitted on your FAFSA.

1:31 If that happens, your school will tell you what you need to do.

1:34 Once you're accepted into a college or career school,

Đang chơi bài1:37 you'll get an award letter from the school's financial aid office

Đang chơi bài1:40 that explains the aid being offered to you.

1:43 We'd recommend comparing award letters from multiple schools.

1:46 That way you can make the best decision for your situation.

Đang chơi bài1:50 If you have any questions about your financial aid offer,

1:53 contact the school's financial aid office.

1:57 If your aid offer includes a federal loan

Đang chơi bài1:59 and you're a first-time borrower, there are a few more

2:02 steps before you get your loan.

2:04 You'll need to complete entrance counseling

Đang chơi bài2:06 and sign the Master Promissory Note (or MPN),

2:09 which is your agreement to pay back the loan.

Đang chơi bài2:12 Your school will provide you with the necessary information.

2:15 So, how do you get your money?

Đang chơi bài2:17 Well, usually, your grants and loans will be applied to

2:20 tuition, fees and other charges on your student account first.

Đang chơi bài2:24 Then any leftover money is paid to you.

Đang chơi bài2:27 Work-study funds are earned throughout the term.

Đang chơi bài2:30 Remember, filling out the FAFSA is not a one-time thing;

2:33 you must complete it every year you attend school.

2:37 If you have questions or need more information,

2:39 please visit StudentAid.gov.