1:  FAFSA Submission Summary (FSS)

The FAFSA Submission Summary is a document that gives you basic information about your eligibility for federal financial aid. It also gives you a chance to review and correct the information listed on your FAFSA, if needed. The five key pieces of information on the FAFSA Submission Summary are: the Student Aid Index number, verification, Data Release Number, Loan Summary, and FAFSA changes. Students will receive an email when their FAFSA Submission Summary is available to review on StudentAid.gov

2:  AWARD LETTER

Also known as the Financial Aid Offer Letter, this refers to the correspondence a student will receive directly from their chosen postsecondary institutions. It typically shows a total monetary amount for which the student is eligible, based on their FAFSA. These letters should include both what the college or university is offering the student, and what the student can receive from the federal government.

3: Student Aid Index (SAI)

The SAI is not the amount of money the family is expected to contribute to the student’s education but it is used as an index to determine the types of aid a student could receive. The SAI formula includes family income, adjusted gross income, the number of people in the household, among other things. This amount determines if a student is eligible for Pell Grants and if so, how much. It also informs if and how much of a subsidized loan a student could take out. Note: even students with high SAIs are eligible for unsubsidized student loans.

4: COST OF ATTENDANCE (COA)

The COA is a number created individually by every institution. It is an estimate for the (annual) cost to attend school and the cost of living in that location (for a year). So it includes things like room and board, books, and miscellaneous expenses in addition to tuition. This budget is used for financial aid purposes and may or may not represent the actual cost for an individual. Students are not able to receive more than the Cost of Attendance in federal financial aid.

5: NET PRICE CALCULATOR

An estimator that is provided by every public institution (and some private institutions) where a student or parent can input some approximate income information and see the federal and institutional aid for which a student is likely to qualify. This is useful for students wishing to get an idea of what they might be offered and/or to demonstrate how a college could be more affordable than its sticker price suggests.

6: VERIFICATION

All colleges that accept federal aid must check a certain amount of FAFSAs for accuracy. Depending on the school and the situation, this verification process may be required if a form has conflicting answers or if an unusual result is calculated. Other times it is just a random selection. If chosen for verification, a student will generally be asked for some additional information and to provide a copy of the tax returns or tax transcripts that were referenced when completing their FAFSA. This could, but does not necessarily, change the aid that a student is eligible for if the information on the FAFSA is found to be incorrect. Verification is a long manual process. Students are encouraged to return any requested paperwork to their institution as quickly as possible. It is a good idea for students to check their college email account for notification of verification selection, but be aware that each institution notifies students differently.

7: MASTER PROMISSORY NOTE (MPN)

An MPN is required for all students who wish to take out federal student loans. This is a document completed online here and serves as the student’s signature on loans; it is a binding agreement to repay. This form asks for general information and a few personal references. Students generally only need to complete this once within their undergraduate career.

8: LOAN ENTRANCE COUNSELING

Loan entrance counseling is required for all students who wish to take out federal student loans. This is completed entirely online at studentaid.gov/entrance-counseling and walks a student through the terms of their loans and what repayment would look like after they graduate. Again, this generally needs to be completed only once as an undergraduate student.

9: DIRECT DATA EXCHANGE TOOL

Applicants will consent to providing their Federal Tax Information (FTI) via a direct data share with the IRS. This tool will import tax information directly from the IRS site which can minimize errors and make the verification process easier.

Source: MCAN