| Additional Documentation. |
| In addition to the FAFSA or Renewal Application, there are other documents that need to be turned in order to complete the financial aid application. About 3 days after the FAFSA or Renewal Application is submitted online (2 to 4 weeks if done by mail), the student will receive a Student Aid Report (SAR) in the mail. At the same time, the colleges that the student listed on the FAFSA will be receiving an electronic version of the same information. About two weeks after receiving the SAR, the student will receive a Missing Information Letter. On the Missing Information Letter will be listed the additional items the student needs to turn in to complete the financial aid application. Students may get more than one Missing Information Letter should additional items be needed after the first letter has been responded to. The first Missing Information Letters begin to be mailed each year on or before April 1st. Items listed on the Missing Information Letter must be turned in to the Financial Aid Office by May 1st, in order to meet the First Priority Deadline, or as soon as possible thereafter. |
| Award Notification Letter. |
| The Award Notification Letter is used to inform students as to what financial aid they are eligible for. Students whose application has been selected for verification should receive their award letter about four weeks after completing their application. Students not selected for verification should receive an award letter one to two weeks after completing their application. The first Award Notification Letters are produced by July 1st each year. The awards listed on the award letters assume full time attendance. Students can expect additional award letters throughout the school year if changes in units result in changes in awards. |
| Capitalize Interest. |
| Unsubsidized Direct Loans do not have their interest paid (subsidized) by the Department of Education. Students who borrow an unsubsidized loan must begin to either pay the interest on the loan while they are still in school or allow the interest to capitalize. Capitalized interest is added to the principal of the loan, causing the loan to grow while the borrower is in school. |
| Expected Family Contribution (EFC). |
| The Expected Family Contribution is the theoretical amount that the student's family can afford to pay toward the cost of the student's education. The EFC is produced by a need analysis formula using the information provided on the FAFSA. The EFC is a five-digit number that appears on the upper right part of the Student Aid Report (SAR) and is an indicator of financial need. |
| FAFSA. |
| The Free Application for Federal Student Aid (FAFSA) is the single application needed to apply for financial aid at LBCC. The FAFSA is also available as a Renewal Application for those who applied for financial aid the previous year. FAFSA's for the upcoming school year are available after January 1st each year and should be submitted (online or by mail) no later than March 2nd each year, the Cal Grant deadline. By far, the fastest and most accurate way to fill out a FAFSA is online at FAFSA on the Web, although paper FAFSAs are also available in the Financial Aid Office. |
| Missing Information Letter. |
| About two weeks after receiving the SAR, the student will receive a Missing Information Letter. On the Missing Information Letter will be listed the additional items the student needs to turn in to complete the financial aid application. Students may get more than one Missing Information Letter should additional items be needed after the first letter has been responded to. The first Missing Information Letters begin to be mailed each year on or before April 1st. Items listed on the Missing Information Letter must be turned in to the Financial Aid Office by May 1st, in order to meet the First Priority Deadline, or as soon as possible thereafter. |
| Renewal Application. |
Students who apply for financial aid using the FAFSA, will be sent a Renewal Application the following December, which can be used to apply for financial aid for the next year. Renewal Applications are pre-filled with the student's name and address, so can save time. There are a number of items that must be responded to on the Renewal Application and students are advised to read the application carefully. Renewal Appllications are also available online at FASFA on the Web.
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| Special note: Because the Renewal Application is mailed to the address used by the student the year before on the FAFSA, many of them get lost in the mail. If the Renawal Application does not arrive in a timely manner, students should fill out a new application at FAFSA on the Web so as not to miss the important financial aid deadlines. |
| Student Aid Report (SAR). |
| The Student Aid Report is produced by the Department of Education from the information that is provided on the FAFSA. It is an important document and should be read carefully. The front of the SAR contains several paragraphs which indicate any application processing issues that must be addressed. The inside of the FAFSA lists all of the information reported on the FAFSA and should be reviewed for accuracy. Also, on the upper right front of the SAR is the Expected Family Contribution (EFC), an indicator of the student's need for financial aid. |
| Verification. |
| About 30% of the FAFSAs processed are selected for verification. FAFSAs that are selected have an asterisk (*) next to the EFC and a paragraph on the SAR saying that the application has been selected. Dependent students who are selected for verification must fill out a Dependent Verification Worksheet and provide tax returns for both themselves and their parents. Independent students who are selected for verification must fill out an Independent Verification Worksheet and provide just their own tax return. The verification worksheets are available under the Forms link, to the left. |
