Who is involved in the college and financial aid process?
During your college application process and your financial aid process you may interact with several different parties. The goal of all the parties is to provide you with assistance and the information you need to make informed choices. Below is a description of the role each party has in the process.
You, the student: You are responsible for researching and applying to schools and scholarships. You also need to apply for federal student aid as soon as possible on or after January 1 of the year you plan to attend college by completing the FAFSA.
Next, watch for your SAR, which you’ll receive electronically if you provided an e-mail address when you submitted the FAFSA. Verify that the information on the SAR is correct, and update the income information upon filing your taxes if you used estimated amounts when you applied. When your potential colleges contact you, make sure you follow-up with any of their requests.
The U.S. Department of Education, Office of Federal Student Aid: We are responsible for processing your FAFSA and providing you and your colleges with information about your financial aid eligibility.
We are not responsible for the college’s curricula, policies or administrative practices, but we do oversee how the college administers our federal student aid programs.
Your college: Your college will determine whether to admit you to their school. Then the financial aid office at the college will take the information about your financial aid eligibility and determine the types and amounts of federal student aid for which you qualify. They will also determine what other funds you may qualify for, such as a state grant.
Lenders/Banks: If loans are a part of your financial aid package, you will have either a Direct or FFEL loan. If the college of your choice participates in the Direct Loan program, your lender is the U.S. Department of Education. If it participates in the FFEL Loan program, either a bank or private entity is your lender. But the federal government funds and guarantees both loan programs. You can request additional information from your college about their lending program.
FAFSA4caster Tip:
Not all colleges participate in the federal student aid programs. In addition, not all of the three types of federal student aid (grants, work-study and loans) may be offered at some colleges. Check with your college to find out which program(s) they participate in.
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