What Is a Student Aid Report?

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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.

Keep reading to learn more about what a Student Aid Report is, when you’ll get one, and how to read it:

• What is a Student Aid Report?
• When you’ll receive the Student Aid Report
• How to read your Student Aid Report
• Consider filling funding gaps with private student loans

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.

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:

1. Visiting StudentAid.gov and selecting “Log In” on the home page
2. Entering your FAFSA ID ( account username and password)
3. Selecting “View SAR” from the “My FAFSA” page

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.

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.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.48%+10	6.03%+10
Fixed APR: 4.48%+10 Variable APR: 6.03%+10 Min. credit score: Does not disclose Loan amount: $2,001* to $400,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 on-time principal and interest payments Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.43%+1	5.8%+
Fixed APR: 4.43%+1 Variable APR: 5.8%+ Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.41%+2,3	5.49%+2,3
Fixed APR: 4.41%+2,3 Variable APR: 5.49%+2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: College Ave Servicing LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.43%+	5.36%+
Fixed APR: 4.43%+ 11 Variable APR: 5.36%+ 11 Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit)11 Loan terms (years): 7, 10, 1511 Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay11 Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident. Customer service: Phone, email Soft credit check: Yes Cosigner release: After 36 months11 Loan servicer: American Education Services Min. income: $1
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.25%+7	8.11%+7
Fixed APR: 6.25%+7 Variable APR: 8.11%+7 Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.6%+8	7.37%+8
Fixed APR: 4.6%+8 Variable APR: 7.37%+8 Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 12 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.35%+	N/A
Fixed APR: 5.35%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.50%9 - 15.49%9	6.37%9 - 16.70%9
Fixed APR: 4.50%9 - 15.49%9 Variable APR: 6.37%9 - 16.70%9 Min. credit score: Does not disclose Loan amount: $1,000 up to 100% of school-certified cost of attendance Loan terms (years): 10 to 209 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee, non-sufficient funds (NSF) fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements. Loan servicer: Sallie Mae
Compare private student loan rates without affecting your credit score. 100% free! Compare Private Loans Now Trustpilot
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 10Ascent Disclosures | 1Citizens Disclosures | 2,3College Ave Disclosures | 11Custom Choice Disclosures | 6Discover Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Learn More: 8 Best Private Student Loans – Objectively Reviewed

About the author

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.

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