Understanding FAFSA and Financial Aid

What is the primary purpose of the Student Aid Report (SAR)?

• To provide a summary of the information submitted on the FAFSA

• To calculate your tuition fees

• To determine the amount of loan you will receive

• To notify colleges of your acceptance

What does the Expected Family Contribution (EFC) indicate?

• The amount of scholarship you will receive

• The total cost of attendance

• Your eligibility for federal student aid

• The amount you must pay for college

Why is it important to compare award letters from different schools?

• To find the school with the most extracurricular activities

• To make the best financial decision for your situation

• To ensure you choose the school with the best cafeteria

• To select the school with the shortest commute

What must first-time borrowers complete before receiving a federal loan?

• A financial literacy course

• A scholarship application

• A FAFSA renewal

• Entrance counseling and sign the Master Promissory Note

How are work-study funds typically disbursed?

• As a lump sum at the start of the term

• Throughout the term as you earn them

• At the end of the academic year

• Directly to your bank account monthly