Financial Aid for Students

0:00 So you've filled out the FAFSA. Now what?

0:03 The information you submitted will be processed by the

0:06 U.S. Department of Education's office of Federal Student Aid,

0:10 and the colleges or career schools you listed will be notified

0:13 so they can begin their process of awarding aid.

0:16 The great thing about filling out the FAFSA online

0:19 is that you can check its processing status immediately.

0:22 This comes in handy when you're thinking, "I wonder if it went through."

0:25 Within a few days of filling out the FAFSA,

0:28 you'll get your Student Aid Report (or SAR).

0:31 You'll hear that abbreviation again, so just remember,

0:34 your SAR is your Student Aid Report.

0:36 Basically, it summarizes all of the information you submitted on the FAFSA.

0:41 You can access your SAR online at FAFSA.gov

0:46 using your FSA ID (which is your user name and password).

0:50 Check your SAR for any mistakes.

0:52 Then make corrections if you need to,

0:54 but only if you estimated your tax information or provided incorrect information

0:59 the day you filled out the FAFSA.

1:00 On your SAR, you'll see reference to your EFC

1:04 or Expected Family Contribution.

1:06 This number is used to determine your eligibility

1:08 for federal student aid;

1:10 it doesn't mean you actually have to contribute that amount.

1:12 The financial aid office at each college or career school

1:15 you list on your FAFSA will receive your information.

1:19 Each office will then use your FAFSA information

1:21 to determine how much aid you can get at that school.

1:24 It's possible that your college or career school

1:27 may require you to verify the information you submitted on your FAFSA.

1:31 If that happens, your school will tell you what you need to do.

1:34 Once you're accepted into a college or career school,

1:37 you'll get an award letter from the school's financial aid office

1:40 that explains the aid being offered to you.

1:43 We'd recommend comparing award letters from multiple schools.

1:46 That way you can make the best decision for your situation.

1:50 If you have any questions about your financial aid offer,

1:53 contact the school's financial aid office.

1:57 If your aid offer includes a federal loan

1:59 and you're a first-time borrower, there are a few more

2:02 steps before you get your loan.

2:04 You'll need to complete entrance counseling

2:06 and sign the Master Promissory Note (or MPN),

2:09 which is your agreement to pay back the loan.

2:12 Your school will provide you with the necessary information.

2:15 So, how do you get your money?

2:17 Well, usually, your grants and loans will be applied to

2:20 tuition, fees and other charges on your student account first.

2:24 Then any leftover money is paid to you.

2:27 Work-study funds are earned throughout the term.

2:30 Remember, filling out the FAFSA is not a one-time thing;

2:33 you must complete it every year you attend school.

2:37 If you have questions or need more information,

2:39 please visit StudentAid.gov.

0:00 If you need help paying for college or career school,

0:03 the office of Federal Student Aid might be your best option.

0:07 We offer more than $150 billion to students each year

0:11 in the form of grants, loans, and work-study funds.

0:14 And federal student aid can be used to pay for school expenses

0:18 such as tuition, room and board, and books and supplies.

0:22 After you've filled out the Free Application for Federal Student Aid or FAFSA,

0:26 you'll receive an award letter from each school you list on your FAFSA.

0:30 This letter explains both the federal and non-federal

0:32 financial aid options that a school is offering you.

0:35 So let's talk about federal aid.

0:37 If you qualify for and receive a federal grant, you won't have to repay the money.

0:41 That will definitely help offset the cost of school, but you may still need additional help.

0:47 If so, a federal student loan might be your answer.

0:50 Remember, a student loan is just like any other loan;

0:53 it's borrowed money that will have to be repaid with interest.

0:56 If you plan to take out a loan, consider federal student loans first.

1:01 Compared to private student loans, federal student loans often have lower fixed interest rates

1:05 and offer many benefits that you won't find otherwise.

1:09 For example, when it's time for you to repay your federal student loan,

1:12 your loan servicer can work with you to find the best repayment plan for your individual needs.

1:18 Plus, you may be able to adjust your loan payments based on your income.

1:22 You also may be able to defer your federal loan payments, deduct student loan interest on your taxes,

1:28 and even consolidate your eligible federal student loans into one loan with one monthly payment.

1:34 Federal loans can even be forgiven based on certain types of employment.

1:39 Getting a work-study job is another great option to help pay for school.

1:42 Eligible undergraduate and graduate students will be able to earn at least minimum wage.

1:47 If you have questions or need any assistance, you can contact the financial aid office at your

1:52 college or career school or visit studentaid.gov for more information.