Did you recently submit a Free Application for Federal Student Aid (FAFSA)? If so, you can expect to receive a Student Aid Report, or SAR. This document summarizes the information you included in the FAFSA and provides details about your eligibility for federal aid to attend college.
What is a Student Aid Report?
A Student Aid Report, or SAR, is a document that provides basic information about your eligibility for federal student aid, including grants, scholarships, and federal student loans. You might receive your SAR in the mail or in electronic form by logging into your StudentAid.gov account.
The SAR is different from a financial award letter: It confirms the information sent to your schools and the types of financial aid you’re eligible for. You should also receive individual award letters from each school that’s accepted you for admission with specific financial aid offers from federal, state, private, and school sources.
Check Out: How to Apply for FAFSA 2022-2023: Deadlines, Tips, and FAQs
Why is the Student Aid Report important?
Your SAR acknowledges that the U.S. Department of Education received your FAFSA and lists the information you provided on your FAFSA.
The colleges and universities you’ve applied to have access to the information on your SAR, and they use that information to make financial aid decisions. So it’s important to review the information on your SAR to ensure it’s accurate and make corrections if necessary.
Tip: You can follow the steps at StudentAid.gov to correct or update your FAFSA.
When you’ll receive the Student Aid Report
When you receive your SAR depends on when you submit your FAFSA. But you can typically access your report online within two weeks of submitting your FAFSA.
You’ll receive your SAR via mail if:
- You didn’t provide a valid email address on your FAFSA.
- The Social Security number on your FAFSA didn’t match the one on file with the Social Security Administration.
- You didn’t sign your FAFSA.
How to find your Student Aid Report
If you provided a valid email address on your FAFSA, you should receive an email from the U.S. Department of Education with instructions for accessing a digital copy of your SAR. You can also access your SAR by:
- Visiting StudentAid.gov and selecting “Log In” on the home page
- Entering your FAFSA ID ( account username and password)
- Selecting “View SAR” from the “My FAFSA” page
Good to know: The FAFSA deadline for the 2022-2023 academic year is June 30, 2023. But keep in mind schools and states can each have their own deadlines.
How to read your Student Aid Report
In addition to the information on your FAFSA, your SAR includes several other important pieces of information:
- Expected Family Contribution (EFC): Your expected family contribution is a number calculated according to a formula established by federal law. If that number seems high, don’t worry — it’s not necessarily the amount you’ll have to come up with to pay for college. Instead, schools use the EFC to calculate your federal aid award. If your SAR doesn’t have an EFC, then your SAR won’t include one. Instead, the “What You Must Do Now” section will have instructions for resolving any issues with your application.
- Verification: Your SAR will indicate whether the U.S. Department of Education has flagged your application for verification. If you’ve been selected for verification, you may need to submit additional documentation to your college in order to qualify for federal aid. This additional documentation might include bank statements, tax returns, or W-2s.
- Data Release Number (DRN): Your SAR will include a four-digit DRN. You’ll need this number if you want to allow your school to change information on your FAFSA.
- Federal Pell Grant eligibility: Federal Pell Grants are awards available to undergraduate students and based solely on financial need. Your SAR will indicate whether you’re eligible for a Pell Grant, whether you’ve received Pell Grants in the past, and the amount of any prior awards.
- Loan summary: If you have any outstanding federal student loans, they’ll be listed in the loan Loan Summary section of your SAR.
Good to know: The U.S. Department of Education has a sample Student Aid Report you can review so you know what to expect from your own SAR.
Consider filling funding gaps with private student loans
Once you’ve exhausted all your scholarship and grant options and taken out all the federal student loans you’re eligible for, you may still find yourself in need of extra money to cover your educational expenses. This is where private student loans come in.
Private student loan rates can be quite competitive with the rates offered on some federal student loans, especially if you have excellent credit or a cosigner. Plus, unlike many federal student loans, you can borrow up to your program’s total cost of attendance.
When considering private student loans, be sure to shop around to compare interest rates and terms. These can vary greatly from lender to lender, so looking at more than one option can help you find the best one for your individual circumstances.
The companies in the table below are Credible’s approved partner lenders. Whether you’re the borrower or cosigner, Credible makes it easy to compare rates from multiple private student loan providers without affecting your credit score.
Advertiser DisclosureOverview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Read full reviewLoan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Read full reviewLoan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Read full reviewLoan Amounts
$1,000 to $99,999 annually ($180,000 aggregate limit)
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Read full reviewLoan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Read full reviewLoan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Read full reviewLoan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Read full reviewMeet the expert:
Janet Berry-Johnson
Janet Berry-Johnson is an authority on income taxes and small business accounting. She was a CPA for over 12 years and has been a personal finance writer for more than five years. Janet has written for several well-known media outlets, including The New York Times, Forbes, Business Insider and Credit Karma. In 2021, Canopy named her one of the Top 10 Influential Women in Accounting and Tax.