Understanding Your FAFSA Submission Summary: A Comprehensive Guide to Student Aid
After completing the Free Application for Federal Student Aid (FAFSA), you'll receive a FAFSA Submission Summary, which provides a snapshot of your estimated eligibility for federal student aid. This document is crucial for understanding your potential financial aid package and navigating the college payment process. This article will help you understand the essential parts of the form to communicate with colleges.
What is the FAFSA Submission Summary?
The FAFSA Submission Summary is a document containing your estimated financial aid eligibility for the relevant academic year and copies of your responses on the Free Application for Federal Student Aid (FAFSA). The FAFSA Submission Summary has replaced the Student Aid Report (SAR). This is the new document that students and parents can access once their FAFSA has been submitted and processed.
The FAFSA Submission Summary is not an official financial aid offer. Colleges use the information from your summary to create financial aid offers once they’ve admitted you. While the federal government has its own formulas for determining financial aid, so do schools, meaning that the figures that you see on a FAFSA Submission Summary are just estimates.
Accessing Your FAFSA Submission Summary
You can access your FAFSA Submission Summary after the Education Department processes your FAFSA, typically one to three business days after you submit the form. To find your FAFSA Submission Summary, log into your StudentAid.gov account and check your main dashboard. You’ll find the date you submitted your FAFSA, the date it was processed, and a link to view your summary. Only students can access their FAFSA Submission Summary. FAFSA contributors, like parents or spouses, cannot directly access the document. To download a copy of your summary, select the “Print FAFSA Submission Summary” button in the upper-right corner of your dashboard and save the document as a PDF.
Key Components of the FAFSA Submission Summary
The FAFSA Submission Summary provides basic information about your financial aid eligibility. The FAFSA Submission Summary also provides more information. This includes an Eligibility Overview, a review of your FAFSA Form Answers, School Information, and Next Steps. Here's a breakdown of the key components:
Read also: Navigating Financial Aid
Student Aid Index (SAI)
Formerly known as the Expected Family Contribution (EFC), this number will now represent a student’s eligibility aid index, which financial aid offices will then use to determine financial aid packages. The Student Aid Index (SAI) is an index number used by your school to determine your financial aid eligibility and to build your financial aid offer. SAI is calculated using information provided on the Free Application for Federal Student Aid (FAFSA®) form.
The index ranges from -1,500 to 999,999. A lower SAI indicates higher financial need. Remember that the aid amount listed on this tab is an estimate and that your SAI is not the amount of money that you or your family is expected to pay for school.
If there is an asterisk next to your SAI it means that your SAR has been flagged for verification.
Eligibility Overview
The “Eligibility Overview” tab on the FAFSA Submission Summary provides important information that can help you understand the aid you may receive from your school. The aid amounts listed on this tab are estimates based on the information you provided on your FAFSA form and aren’t guaranteed to be offered by your school. Your estimated federal student aid is based on your FAFSA® form responses.
FAFSA Form Answers
On the “FAFSA Form Answers” tab of your FAFSA Submission Summary, you’ll see the answers you and your contributor(s) provided on your FAFSA form. You can also double-check the schools you selected to send your FAFSA information to and whether you digitally signed your form.
Read also: FAFSA Benefits
School Information
Your FAFSA Submission Summary has a ton of information about your potential schools, including graduation rate, retention rate, and average cost. You should use all the information you’re provided to compare the schools and help inform your decision of which one to attend.
Next Steps
Your FAFSA Submission Summary will provide you with Next Steps. On the final “Next Steps” tab of the FAFSA Submission Summary, you may see comments based on your FAFSA information, including next steps you should take. The comments may be informational, or they may ask you to take important actions, such as making a correction or sending additional documentation to your school.
Data Release Number (DRN)
The Data Release Number or DRN is a 4-digit number in the upper right hand corner of your summary. The four-digit Data Release Number (DRN) appears on the first page of the SAR. You’ll need to share this number if you want to authorize your school to amend your FAFSA. You'll need to reference this number if you want to make your SAR available to schools you did not originally include on your FAFSA. You'll also need to have your DRN handy if you need to change your address.
Loan Summary
If you are a continuing student and have outstanding federal student loans, the SAR will include a portion that details your balance and repayment schedule. You will find the loan summary on page 4, top half of the page. Review the loans listed and make sure they are correct. If you want to review your outstanding loans in greater detail, you can visit the National Student Loan Data System. You will need the same FSA ID you used to sign your FAFSA to access your loan information. If you have no federal loans, then there is no need to review this section.
Pell Grant Eligibility
SAR informs you whether you may be eligible for a Pell Grant and estimates an award amount. You will find Pell Grant eligibility on the SAR Acknowledgement letter, near the bottom of the text. Like all other funds, whether and how much of a Pell Grant you may receive depends on individual schools. Need-based Pell Grants are the largest single fund for undergraduates. Don't be surprised if you do not qualify for Pell Grants. Most students do not. This is a grant given to low-income families, and it is very difficult to meet the standards required to receive one.
Read also: Financial Aid in Kansas
What to Do With Your FAFSA Submission Summary
Review the report carefully to make sure all the information you provided is correct. That information determines your SAI and your eligibility for federal and institutional aid, so it’s crucial that it’s accurate and up to date. Here's a breakdown of what to do:
Verify Accuracy
Carefully review all the information on your FAFSA Submission Summary to ensure its accuracy. Pay close attention to your SAI, demographic information, and the schools you've listed.
Correct Errors
If you find a mistake, like an error in your address, go to your studentaid.gov account to make a FAFSA correction. If you find a mistake on your FAFSA form (such as a typo), you can fix it by selecting the “Make a Correction” button on the “FAFSA Form Answers” tab. If the comments in the “Next Steps” tab direct you to make a correction, you can start your correction on that tab.
If the Social Security number or any tax information imported from the IRS on your FAFSA is incorrect, though, you might have to submit a new application on paper. In that case, contact your school’s financial aid office to find out what your next step should be.
Changes can be made on pages 5 through 10. These pages give you a chance to correct any information that sent incorrectly the first time you filed your FAFSA. You can make changes to your processed FAFSA in the space provided, or you make changes online. Be sure to correct estimated information, if you are able to do so. Note that the FAFSA is meant to be a "snapshot" of your situation when you originally signed it. Therefore, even if your financial or marital situation has changed since you originally signed the FAFSA, such information should not be changed when reviewing your SAR. Make sure that you (and your parents if you are a dependent student) sign the corrections before submitting them back to the federal processor. To electronically sign a corrected FAFSA, you will need your FSA ID.
Online, you can add missing signatures, correct mistakes, add or remove a school, and update contact info.
Understand Verification
If your SAR has been selected for verification, it means that you may have to show additional financial documentation to your college in order to qualify for federal aid. If you’ve been selected for verification, you’ll see a note in the “Next Steps” section of your FAFSA Submission Summary. Being selected for verification doesn’t mean you’re being accused of doing anything wrong.
The federal processor has many automatic triggers in place to flag data discrepancies for verification. Sometimes the processor finds a mistake or conflicting data; other times, it may flag an SAR with data that is not reflective of a "typical" family. Verification doesn't mean you have done anything wrong. It affects about 30% of all SARs and is a relatively routine request. You may have to fill out a Verification Worksheet, which you can obtain from your college's financial aid office. In all likelihood, you will have to provide supporting documentation (e.g., tax returns, W-2, etc.). Because so much aid is distributed on a first-come, first-served basis, it is very important that this step be completed in a timely manner.
If you are selected for verification, your school(s) will contact you to indicate what documentation you must submit and by what date.
Contact Financial Aid Offices
If your current financial situation is different than what’s reported in your FAFSA - for example, if your parents’ income this year will be substantially less than the information on the tax returns you provided - talk with the financial aid office at the school you plan to attend. If you’ve experienced an event in your life that affects your ability to pay for school and is not accurately reflected on your FAFSA form, you’ll need to contact the financial aid office at your school to make sure they know about it. This could be something like you (or a contributor) lost a job, or your marital status changed. At this time, schools are unable to update your FAFSA Submission Summary to reflect these types of circumstances.
When it comes to actually receiving funds, direct questions to schools. Contact school financial aid offices about available grants, loans, and programs. You can also reach out to the schools you applied to ask questions on submitted information for accuracy.
Compare Financial Aid Offers
After you submit your FAFSA, you’ll receive your FAFSA Submission Summary in just a few days. If accepted, your college will send a formal financial aid offer - or award- letter. Timing. Some offers arrive with or soon after your acceptance letter.
There’s no standard format for financial aid offer letters, which can make it confusing to compare the actual cost of attending a particular college. By law, all colleges are required to list an official cost of attendance (COA), which includes the expected costs for tuition, fees, room and board, books, supplies, and transportation. You’ll find this number in the financial award letter, but keep in mind that it’s an estimate. Financial need is the difference between how much it costs to attend a school and your ability to pay the full cost. Every student will have a different financial need depending on a variety of factors. Gift aid refers to grants, scholarships, and any other forms of financial aid that you don’t have to pay back.
In order to determine the best deal for college, you need to be able to compare your financial aid offer letters. However, when schools use different formats, it’s easy to get confused. We’ve made it easy to cut through the misleading terminology and complexity with our Financial Aid Offer Letter Comparison Tool.
Understand Financial Aid Options
The FAFSA Submission Summary details if you’re eligible for certain federal student aid programs and the maximum amount you could receive. These options include:
Pell Grant
The Pell Grant. Federal Loans. Federal Direct Loans are limited to $5,500.
Federal Loans
Your letter explains your federal student loan options, including Direct Subsidized Loans and Direct Unsubsidized Loans, interest rates, terms, and the maximum amount you qualify for. If you decide to take out loans, they’ll have to be paid back with interest.
Work-Study
Work-study allows students to earn money on campus or through a partner organization while attending school to help pay towards college expenses. However, program availability and job options can be limited depending on the school and FWS funding. If you’re offered work-study and would like to take advantage of the program, we recommend researching your options and applying to positions as soon as possible.
Keep in mind that the numbers listed on this document aren’t offers, but estimates.
Addressing Common Concerns
Appealing for More Aid
If the amount of aid quoted in your SAR seems low, verify the information you submitted on the FAFSA is accurate. If everything is correct, then it’s still possible to negotiate for more. You can appeal to the financial aid offices of the colleges where you have been accepted. Both consider need- and merit-based appeals and may have criteria for special circumstances, such as loss of income, medical expenses, or natural disasters.
Error Notifications
You may get error notifications in your FAFSA Submission Summary. These include:
- Contributor Consent - You are not eligible for federal student aid because you did not provide consent and approval to retrieve and disclose your federal tax information.
- Citizen or eligible non-citizen.
- The date of birth (DOB) that you reported on the FAFSA does not match SSA records.
- Your FAFSA form has been selected for verification. This is a process where your school can request copies of certain financial documents.
Adding or Removing Schools
You can add and remove schools from your FAFSA while reviewing your Summary. List Your Schools. You can include up to 20 colleges or universities on your FAFSA.
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