Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 3412 A Summary of the Financial Aid Process Students receive financial aid in the form of grants, schol- arships, work-study, and loans. While some financial aid is merit-based (scholarships), most financial aid is based on financial need. To receive need-based financial aid, parents and students must submit a FAFSA. They must also complete the college’s financial aid application, and in some cases, the CSS/Financial Aid PROFILE. Within 1-3 weeks of submitting the FAFSA, students receive their official Student Aid Report (SAR). This report will give them their Expected Family Contribution (EFC). The EFC is the amount the family will be expected to pay for college the following year. Students have a financial need if their EFC is less than the cost of attendance. College financial aid officers put together financial aid pack- ages for the students who qualify. These packages are made up of grants, scholarships, work-study and/or loans. Since financial aid packages vary, families need to carefully compare the packages they receive. Just as taxpayers want to understand tax lawssotheycanlowertheirtaxes,parents should take the time to learn how the financial aid system works. There are a number of excellent print resources available on financial aid, and there is a wealth of information online. See Part VII for a list of recommended books and websites.