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Financial Aid Overview

STEP 4: The Student Aid Report, Award Packages,
and Funds Disbursement

You've sent in your FAFSA form to the processing center which analyzes your information using a federally approved need analysis system. After determining the federal aid you're eligible to receive, the center sends the results in the form of a Student Aid Report (SAR) to you and to financial aid offices of the university campuses you listed on your FAFSA form.

When it's ready, you will receive a copy of your Student Aid Report for you to check for errors and make corrections. Look it over carefully. If something's not correct, was left out, or has changed since you filed the form, make the corrections and provide copies of your corrected SAR form to the campus financial aid office(s). If everything checks out okay on your SAR, do nothing and wait patiently for the financial aid office to contact you.

If you receive a request from a college for further information or documentation, respond right away.

FINALLY...

The Award Package
Using your Student Aid Report, the financial aid office personnel will assess your case and then they will create a financial aid package for you. A package is what the financial aid office calls the combined financial aid programs and services you're eligible to receive for that year. It's determined on the basis of your financial need and the available programs and the amount of funds available in those programs.

For example, a student's financial aid package could be a Pell Grant, a Cal Grant, and a Stafford Loan option, while another student's package could be just a Stafford Loan option because that's all s/he qualifies for.

Acceptance and Completion
Once you have notified the particular CSU campus' admissions office of your intention to attend, you need to make sure that their financial aid office knows that as well. If possible, make a visit to the financial aid office and let them know of your intentions in person. That way they can move forward with your aid package. While you're there, it would be advantageous to find out if they need any more information from you to complete your file and to ask any questions you may have about your financial aid package. At this time you may be asked to fill out a student loan application (and possibly choose a lender if the campus is not participating in Direct Lending) if that is part of your financial aid package.

Receiving Funds
The financial aid office will notify you of the disbursement schedule. Disbursement checks are usually handled by the campus' bursar's office. Your tuition is usually automatically deducted from the check amount. If your award amount includes money meant for housing, books, supplies, etc., the check will be made out for the balance of your total award amount. Budgeting and money management is up to you, but there may be services or workshops offered at the campus that can help those that need it.

- Step 1:
  Estimating Your
  Financial Aid
  Eligibility
- Step 2:
  Filing a FAFSA

- Step 3:
  Types of
  Financial Aid

- Step 4:
  The Student Aid
  Report, Award
  Packages and
  Disbursement

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