College Planning Resources
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Free application for federal student aid
What is a SAR? EFC? DRN?
SAR: The Student Aid Report (SAR) summarizes the
information you report on your FAFSA. The schools you list on your
application can request electronic copies of your SAR and use the
information to determine if you are eligible for federal financial aid.
EFC: If your FAFSA information is complete, an Expected
Family Contribution (EFC) will appear on the upper right hand corner of
page one of your SAR (Student Aid Report) that you receive in the mail.
The EFC will be based on the financial information you provide on the
FAFSA, and your school will use it to award your financial aid.
DRN: In the bottom left hand corner of your SAR, you'll
find your four-digit Data Release Number (DRN). You can use it to:
How Do You Receive Financial Aid?
The schools to which you are applying use your SAR (Student Aid Report)
to prepare a financial aid package to help meet your financial need.
Financial need is the difference between your school's cost of
attendance (including living expenses), as calculated by your school,
and your EFC (Expected Family Contribution).
The amount of your financial aid award depends on whether:
You're a full-time or part-time student
You attend school for a full academic year or less
You believe you have special circumstances such as unusual medical or
dental expenses
Federal Student Aid will be paid to you through your school. The school
will notify you by sending you an award letter.
Federal Student Aid Programs
Your financial aid package is likely to include funds from the federal
student aid programs. These programs, described below, are administered
by the U.S. Department of Education and provide over $33 billion a year
to students attending post-secondary schools. Important Note: Not all
schools participate in all federal student aid programs. Check with your
high school guidance counselor or your school's financial aid office to
make sure your school participates in the federal program(s) you are
interested in.
Federal Pell Grants are available to undergraduate
students only. Grants do not have to be repaid.
Federal Stafford Loans are student loans that must be
repaid and are available to both undergraduate and graduate students. If
your school participates in the Federal Direct Loan (Direct Loan)
Program, the federal government provides the funds for your Stafford
Loan. If your school participates in the Federal Family Education Loan
(FFEL) Program, a private lender provides the funds for your Stafford
Loan, although the federal government guarantees the loan funds.
First-year undergraduates are eligible for loans up to $2,625. Amounts
increase for subsequent years of study, with higher amounts for graduate
students. The interest rate is variable, but never exceeds 8.25 percent.
If you qualify (based on need) for a subsidized Stafford loan, the
government will pay the interest on your loan while you are in school,
during grace periods, and during any deferment periods. You are
responsible for paying all of the interest that accrues on an
unsubsidized Stafford Loan.
Federal PLUS Loans are unsubsidized loans made to
parents. If you are independent or your parents cannot get a PLUS loan,
you are eligible to borrow additional Stafford Loan funds. The interest
rate is variable, but never exceeds 9 percent.
Campus-Based Programs are administered by participating
schools. There are three of these programs.
Federal Supplemental Educational Opportunity Grants are
grants available for undergraduates only; awards range from $100-$4,000.
Federal Work Study provides jobs to undergraduate and
graduate students, allowing them to earn money to pay education
expenses.
Perkins Loans are low-interest (5 percent) loans that
must be repaid; the maximum annual loan amount is $4,000 for
undergraduate students and $6,000 for graduate students.
See Your High School Counselor