A Few Words Concerning The FAFSA

The college admissions and college funding processes can be confusing and frustrating. This is made worse by the fact that colleges and universities often speak their own languages and expect those of us trying to fight through the four or five years it takes to get our children through school to know their language up front. So, to help you become a native speaker, we've created a quick guide to some of the most common terms that you'll run across in the college funding process.

EFC - the EFC, or Expected Family Contribution, is the amount the federal government (more specifically the United States Department of Education) estimates a family can commit to a child's education based on the information the student and the family submit on the FAFSA. The EFC is used to determine federal aid eligibility as well as many state and institutional aid programs.

FAFSA - the FAFSA, or Free Application for Federal Student Aid, is the most important document for students and parents to fill out to determine eligibility for federal financial aid. Most states and many institutions also use the data collected on the FAFSA as a means of determining eligibility for financial need based awards. While the FAFSA is still available as a paper document from some colleges and universities, many institutions now require that you complete the FAFSA online at http://www.fafsa.ed.gov. Students and their parents will also use this same web site to submit a renewal FAFSA each year they plan to attend college. The FAFSA has specific due dates, which should be obtained from http://www.fafsa.ed.gov. The institution may have FAFSA due dates that are earlier than the federal governments, so be sure to check the college or university's FAFSA deadline to be sure your application receives priority status.

SAR - the SAR, or Student Aid Report, is a document the student receives after completing the FAFSA. The SAR restates the information on the FAFSA and provides the student and his/her parents with information on eligibility for certain aid programs as well as the expected family contribution (EFC). It's important that this is reviewed for accuracy and if there are changes that need to be made that you update the FAFSA.

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