What is the SAI?

The federal formula to determine financial aid eligibility is changing. The calculated number determined by that formula, formerly called the Expected Family Contribution, is now called the Student Aid Index, or the SAI. The SAI is formulated using the information from your FAFSA. Once you complete the FAFSA by entering the relevant income and asset information from all parties, your Student Aid Index will be presented to you on the last screen.

This is the amount that is supposed to represent your family's financial strength and ability to pay for college. It's important to note that the SAI itself is not necessarily what you will pay for college. Rather, it determines how much aid you can receive. Let me explain that. If your college costs $50,000 and your Student Aid Index is $10,000, it means you're eligible for the difference of those numbers in need-based financial aid.

In this case, $40,000.

But you're not guaranteed to receive every dollar that you're eligible for. That's often up to the college. And frankly, it's more common not to receive all of the aid for which you're eligible. But a low SAI is still a good thing as it means you qualify for more financial aid. In fact, one change that comes with the SAI is it's now possible to have a negative SAI whereas previously zero was as low as it could go.

To find out your SAI, visit the SAI Calculator on mefa.org.