 |
"How will I know how much financial aid I qualify for?"
- Each school the student lists on the FAFSA will have access to the results. However, you may be asked to send a copy of the Student Aid Report (SAR) to the school. This information is necessary when considering your application for financial aid and the school making their decision.
- Many schools now receive the information electronically, but may still need a copy of your SAR. Contact the financial aid office at the school to determine what are their requirements.
- Your school will determine your eligibility and prepare a financial aid package for you. The Federal government does not make award decisions or distribute the funds-this decision rests with the school. Each school will make these decisions and therefore, each can offer different financial aid packages to the student. The decision is based on several factors: the cost of attendance, the expected family contribution, other available financial resources, and the amount of financial aid funds available at the school. Basically, the school will determine the student's need for financial assistance using the following formula:
- Your school will send you a financial aid Award Letter. The postsecondary institution will contact you directly with an Award Letter. You must sign and return the Award Letter to let the school know that you have accepted the package. You can make any changes on the Award Letter (cross out any aid, such as loans, that you do not need) and can identify a lender (Bank of North Dakota's Lender Code: 816386) if a student loan is part of the package. Respond to the Award Letter as quickly as possible.
- Once the student has accepted the Award Letter, the student should follow-up on the aid offered. For example: If work-study is part of the package, the student is responsible for obtaining the job and must work the necessary hours to be paid that amount of the Award; or, if a student loan was part of the aid, the student must secure a loan application. Remember, the financial aid office will assist students and provide information, but the student is ultimately responsible for obtaining the job or acquiring a master promissory note for a loan.
|
