Wading through the world of financial aid can feel overwhelming, especially when you’re met with acronyms like SAI, SAR, and FAFSA. But don’t worry—I’m here to make it simple! Whether you’re applying to college or the parent of a soon-to-be-college student, understanding these terms is key to getting the financial support you need for college. Here’s a few basics you should know:
What Is SAI?
Let’s start with SAI, or Student Aid Index. This is the number colleges use to figure out how much financial aid you’re eligible to receive should you attend their school. Despite its name, the SAI doesn’t represent the exact amount your family will pay. A negative or lower SAI indicates that you have a higher financial need. Again, this is not the number that your family is expected to contribute. It’s simply a way for a school to gauge what you might receive.
What Is SAR?
Once you complete the FAFSA (Free Application for Federal Student Aid), you’ll receive a SAR or Student Aid Report. This document summarizes the information you submitted on your FAFSA. It’s important to review the SAR for any errors that could affect your financial aid package.
What is COA?
COA or the Cost of Attendance refers to the total amount it will cost to attend a college, including tuition, room and board, books, and other expenses. Understanding your school’s COA helps you gauge how much financial aid you’ll need.
The FAFSA
Speaking of the FAFSA, it’s the first step in applying for federal financial aid. You’ll provide information about your family’s income, assets, and other financial details. Colleges use this to determine your eligibility for grants, loans, and work-study programs. I’ve shared posts recently about FAFSA terms to know – check those out here!
CSS Profile
Some private colleges and universities may also require the CSS Profile, which asks for more detailed financial information. It’s similar to the FAFSA but used by schools to offer institutional aid in addition to federal aid.
Understanding these key terms and forms will make the financial aid process a lot less daunting. Plus, you’ll feel more confident about securing the best possible aid package for college. Good luck!
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.