Importance and Significance
The My FAFSA page will help the applicants to make corrections, view the previous corrections, the Student Aid report and provide an option to make up for the missing signatures.
The following screenshots are for your reference
What follows ‘my FAFSA’?
The applicants who have already filled up the FAFSA SHOULD RECIVE A Student Aid Report (SAR)
The SAR provides the complete summary of the information provided on the FAFSA. While filling up the FAFSA, the student lists down the schools that will receive information electronically. The SAR information that the school receives is termed as Institutional Student Information Record (ISIR).
Within what duration should a student receive the SAR?
- If a student files the FAFSA online, he/she should receive the SAR through a mail, within 3-5 days max
- If a student forgets to mention his/her email id, then the SAR might be delayed by 7- 10 days
- If a student forgot to sign electronically and mailed the signature page, then the SAR will arrive in 2 weeks.
- In case a student filed FAFSA manually, then he/she has to wait for 2 weeks
- If a student does not provide a valid email address, then he/she has to wait for 3 weeks.
- If the SAR is not received by the student within 3 weeks, then he/she has to check the status of the FAFSA by contacting the Federal processor.
- To check the status of the FAFSA, you can call 1-800-433-3243.
Student Aid Report (SAR)- MORE INFORMATION
What happens when you don’t provide your email address?
Providing an email address is convenient as the SAR reaches you at the mentioned email address. However, if you have forgotten to mention the email address, then the SAR report will be sent to the permanent address of the student.
Related:Errors in Financial information.
What information does the SAR cover?
The SAR will include essential information like- the student’s eligibility for the Federal Pell Grant, as well as the expected family contribution.
The SAR will also let the student know about the transfer rates, graduation rates and the retention rates.
Students need to be aware about the graduation rate, retention rate and the transfer rate-
- Graduation rate defines the percentage of students that that receive the degree with 150% of the normal time frame.
For example - A student attends the college in the year 2011 for a four-year course, then as per the graduation rate calculation, he/she has to complete the education within 150 percent of the time frame, that is 6 years or in 2017.
- Retention rate defines the percentage of 1st year students that will return to the same college for their 2nd year education.
- The transfer rate defines the percentage of students who transfer to another college within 150 percent of the timeframe allotted for attaining a degree or certificate.
Making Corrections- SAR (Electronic & Paper)
Can corrections be made to the paper or the electronic version of SAR?
Suppose, a student has forgotten to add information, the federal processor might assume the answers to the questions, based on the information provided on the FAFSA.
For example- Suppose a student or his/her custodial parent has mentioned the Federal income tax, but forgot to mention the Adjusted Gross Income, then the federal processor will assume the income based on the federal income tax and set the value.
In case these values are not accurate, there fields can be corrected.
The Student can also make changes by adding or removing the list of colleges that will receive the financial aid information.
Other lessons on FAFSA