Student Aid Report
If your college-bound senior files the FAFSA (Free Application for Federal Student Aid) online, they should receive an e-mail within 3-5 days with a secure link to view their Student Aid Report (SAR). If your student completes a paper FAFSA, they should receive their SAR by U.S. Postal Mail in about 2 to 4 weeks from the time it was mailed.
The SAR summarizes all the information reported on the FAFSA and includes the student's Expected Family Contribution (EFC); the amount your family is expected to contribute toward the student's college education.
Each school listed on the FAFSA (up to six) will receive a copy of the information provided on your student's SAR, which they use to determine your student's financial aid package.
As soon as your student receives the SAR, they should review it carefully for accuracy. If they need to make corrections or updates, they can do so online at www.fafsa.gov. If the student receives a paper SAR, they can write the correct information on the SAR and mail it to the address provided.
Help Your College-Bound Student Avoid Senioritis
High school seniors have worked hard the past three years, and once they've been accepted to college, some students are tempted to let their schoolwork slide. You should encourage your college-bound student to resist this temptation, as some colleges and/or universities rescind admission offers or change financial aid packages for students who allowed their grades to fall.
We compiled some tips to help you help your student avoid senioritis:
- Plan ahead – students should use a calendar or day planner to keep track of deadlines, tests dates, college visits, etc.
- Don't obsess about college admission – some students get so caught up in the college admissions process that they forget the here and now. It's important that they continue to study and strive for good grades.
- Participate in extracurricular activities – students who are active in clubs, sports and volunteer work tend to stay more focused their senior year than students who drop these activities.
- Talk about their feelings – senior year can be a year of mixed emotions. It is a year of 'lasts' – the last football game, the last prom, the last school play, etc. It can also be an exciting year; they can't wait to graduate, go off to college and begin experiencing a long list of 'firsts.' Therefore, encourage your student to talk to you or anyone else they respect about their feelings and emotions.
Paying for College
The cost of higher education has risen steadily over the years. Although these increases have made it more difficult for many families to pay for college, there are steps you can take to make your college costs more manageable.
Start to save early. No matter the amount that you can save, the earlier you start, the more money you'll have to help pay for your student's education. Two of the more popular savings options include Section 529 Plans and Coverdell Education Savings Accounts.
Encourage your student to search for scholarships. Scholarships are available from local civic and service organizations, businesses, labor unions, foundations, and religious organizations, just to name a few. Your college-bound student can start their scholarship search at www.EducationPlanner.org, our award-winning career and college planning site.
Persuade your student to consider all their options. Some colleges and universities may be out of your financial ballpark, but that does not mean your student can't get a quality education. Tuition for in-state students planning to attend a four-year public school is lower than going out-of-state. Community colleges offer quality education with a far less expensive price tag. Many careers do not require a four-year degree. Many majors can be completed in two years or less.
Do some comparison shopping. Colleges and universities across the country are competing for students and many offer institutional aid that can significantly reduce the cost of attendance. Contact the financial aid administrator at the schools that your student is interested in attending to determine the amount of institutional aid they may offer.
Last, but not least, apply for federal student aid. Many families assume they will not qualify for some type of federal aid, so they don't apply. It doesn't cost anything to complete the FAFSA (Free Application for Federal Student Aid); the information you and your college-bound student provide on the FAFSA determines your student's eligibility for federal and state grants, work-study, institutional aid, and reduced-cost federal student loans. You should complete the FAFSA as soon as possible after January 1st of your student's senior year of high school.
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