“When applying for FAFSA when do you actually receive your financial aid?”
-Derek R., Nashville, TN
Derek,
The FAFSA form itself it only determining your eligibility for federal aid. So, when you complete and submit the form, what is actually happening with that information is as follows:
· The government gets your FAFSA (whether the paper or electronic version) and reviews it for errors and looks for any information that would invoke a “red flag” and result in a hold on the form. (Red flags occur when they see really low or really high income, when you report you received supplemental income but your “total wages earned” information doesn’t match, etc.)
· If the information is wrong or is “red flagged”, the government will then mail you paperwork to make changes, or you can make these changes online with your PIN. Once you’ve made changes, the process starts over again. You wait for them to review and confirm that everything else is okay. This can take WEEKS.
· Then, they sent you a Student Aid Report (SAR) that reflects your generalized federal aid options. This means that you will find out if you are Pell Grant eligible, and what type of Stafford Loan you can receive.
· The next crucial step is that this information is also sent to the schools you listed on the FAFSA form. They will also calculate what type of aid you will receive (specific amounts) and either send you a form letter or wait until you have applied to share this information with you.
· From there you will need to make a decision: Do I still want to attend this school? Do I only want to take the grant money or do I also need these loans? If so, do I want all of it? Once you make your decision, your Financial Aid Administrator will work with you on the paperwork you will need to receive the actual disbursement.
· The specific answer to your question is that you will actually have the $ in your hands (or, more accurately, in the pockets of the institution) as soon as you actually begin classes. So, as you can imagine, if you are moving across country to begin college, you will need to cover those expenses up front as your federal aid won’t be available for you until after you begin. Also, the money goes directly toward your institution and other eligible expenses, not to you. So don’t assume you can use the grant money to go out and buy that fancy new flat screen TV or Xbox you have always wanted!
Tags: fafsa, financial aid
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