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Welcome to Knowledge for College brought to you by Chase, and thanks for joining us. This series of videos provides valuable information on the many important steps of going to college and financing an education.

Hi, I’m Chelsea Richardson. You’ve just received your Student Aid Report, but what does it mean? Ken Butler can explain the financial aid that might be available to you.

Many families wonder what happens to their information after they complete the FAFSA, the Free Application for Federal Student Aid.

First, a federal processor reviews your FAFSA and determines your eligibility for federal aid based on the information you’ve provided. Then, a Student Aid Report, also known as the SAR, is generated and sent to you. The fastest way to receive your SAR is to complete the FAFSA online, provide a valid e-mail address and sign it electronically using your federal Personal Identification Number (or PIN), which is assigned to you.

The SAR summarizes all your FAFSA information and provides the amount that you and your family are expected to pay toward your education for the upcoming year. This amount is known as the Expected Family Contribution or EFC.

After you receive your SAR, review it carefully to be sure all the information is correct. If you need to make any corrections, you can go to fafsa.ed.gov and access your information by using your federal PIN number. Then select “Make Corrections to a Processed FAFSA.” Or, if you receive a paper version of your SAR, make changes on the SAR itself and mail it to the address on the form. You can also call 1-800-4-FED-AID to make some corrections and to get further guidance.

The schools that you indicated you’d like to attend on the FAFSA will receive your Student Aid Report electronically. You can add or delete school codes only after the FAFSA has been processed—and if you have a PIN number.

It’s important to know that the SAR is the official Expected Family Contribution document that all colleges must use in order to offer you financial aid, including federal grants, loans or work-study awards.

Schools use the information from your SAR to also determine your eligibility for any financial aid provided directly by the school. They’ll prepare a financial aid package to help meet your financial need, which is the difference between the school’s Cost of Attendance and your Expected Family Contribution.

If you're asked to verify information you provided on the FAFSA, be prepared to supply documentation. And make sure you keep copies of all records you submit. For additional questions about the Student Aid Report, visit StudentAid.ed.gov or call 1-800-4-FED-AID.

Knowledge for College is brought to you by Chase to help you better understand college financing. If you have any questions on your specific situation, consult your financial advisor or the financial aid office of your school.

Important Information: This information was correct as of 11/01/08 and is subject to change. Contact Chase for the most up-to-date terms.

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