FAFSA: FAFSA is an acronym for Free Application for Federal Student Aid. You should never pay to have your FAFSA processed. If you wish to complete your FAFSA online go to www.fafsa.ed.gov
If you require assistance with completing the FAFSA, please contact the Financial Aid Office. The FAFSA is the basis for determining the types and amount of Federal Aid a student is eligible for. Any student wishing to apply for Federal loans must complete a FAFSA.
SAR: The SAR, or Student Aid Report, is the document a student will receive from the Department of Education once their FAFSA has been processed.
EFC: The EFC stands for “expected family contribution”. This number will appear on the upper right hand corner of the SAR. This number is used by the Financial Aid Office to determine a student’s eligibility for Federal Aid programs.
Pell Grant: Pell Grant eligibility is determined by the FAFSA. The Pell Grant is a Federal grant.
Subsidized Stafford loan: This is a Federal Student loan. First year students are limited to a maximum of $3,500 per year. Repayment of the loan will begin six months after graduation or withdrawal from school. The interest on this loan is paid for the student on this loan while the student is in school and during the six month grace period before repayment begins.
Unsubsidized Stafford loan: The interest on this loan is not paid for the student. The student is responsible for payment of all interest in addition to the principle balance. The unsubsidized Stafford loan has the same grace period as the subsidized Stafford loan. The student may choose to make interest only payments while in school or allow the interest to be capitalized which will result in a larger principle balance.
PLUS loan/ Parent Plus: The Plus loan is a Federal loan program designed to assist dependent students with the costs of attending school. The parent may borrow up to the cost of attendance less any financial aid received. Repayment of the Parent Plus loan begins 30-60 days after the loan has been fully disbursed.
Cost of Attendance: The cost of attendance is the maximum amount a student may receive in any combination of student loans and financial aid. The cost of attendance includes the cost of the Audio Technology Program tuition and a modest amount for living expenses. The cost of attendance for the Audio Technology Program is $31,050 ($18,900 total cost of the Audio Technology Program + $12,150 living expense allowance). A student may not exceed this maximum amount with any combination of the following: Federal Financial Aid, Alternative Student loans and other aid.
The following are the maximum amounts of Federal Financial Aid available to our students. All students at SAE are considered first year students. Not everyone will qualify for the maximum amounts.
Dependent Students, Maximum Federal Aid Amounts:
(A Dependent Student is classified as anyone under age 24 who is unmarried or without dependents)
Pell Grant (based on Financial Need as determined by your FAFSA): $4,731
Subsidized / Unsubsidized Stafford Loan: $5,500 (no more than $3,500 of this amount may be in Subsidized loans)
Total: $10,231
Parent Plus Loans- Dependent Students Only:
Parent Plus loans are amounts are available to the parents of dependent students to help bridge the gap of what is not covered by the Federal Aid package offered to the student. The amount of the Parent Plus loan may not exceed the Cost of Attendance less any financial aid received. If a parent applies for a Plus loan and is denied, the student will be eligible for an additional $4,000 in Unsubsidized Stafford loans.
Independent Students and Dependent Students whose parents have been denied a PLUS loan, Maximum Federal Aid Amounts:
(An Independent Student is a student who meets any of the following conditions: over age 24, married, providing support for children or other dependents, a veteran, or an orphan or ward of the court)
Pell Grant (based on Financial Need as determined by your FAFSA): $4,731
Subsidized / Unsubsidized Stafford Loan: $9,500 (no more than $3,500 of this amount may be in Subsidized loans)
Total: $14,231
After your FAFSA has been processed, you may be selected for a review process called Verification.
If your application has been selected for verification, you will be notified by mail. You will receive a worksheet that you must complete and return along with signed copies of your tax returns and W-2s or 1099s. If you are a dependent student, you will need to include signed copies of your parents' tax returns and W-2s or 1099s. Please be advised that other documentation may be requested during the verification of your FAFSA.
All incoming students who are selected for verification must submit a completed verification worksheet and supporting documentation to the Financial Aid Office before the first day of their scheduled class. Failure to submit verification documents before the first day of your scheduled class will result in the cancellation of your federal financial aid award.
Students who are selected for verification after beginning classes must submit their verification documents no later than 30 days after receiving notice of their selection. If a student will be graduating before the end of the 30 days, they must submit complete documentation before final exams. Failure to submit verification documents within the given timeline will result in withdrawal of any offer of federal financial aid.
After the Financial Aid Office has received your verification documents and your FAFSA has been reviewed, you will be notified by mail of any changes to your Financial Aid award as a result of corrections made during verification.
- Why was my application selected?
Most applications are randomly selected, however, you will be selected if you report an unusually low income or provide suspicious information.
- I don't have a copy of my tax return, what can I do?
If someone else prepared your taxes, your preparer should have a copy for you. If you prepared your own taxes, you can request a copy from the IRS. You can download a form here: http://www.irs.gov/faqs/faq1-6.html
- My parents are divorced, do you need both of their tax returns?
No, you are only required to provide the returns for the parent that completed and signed your FAFSA.