What to Expect After Applying for Federal Student Aid

Applying for financial aid is critical to obtaining your college education. The application process can be tedious and time-consuming, and waiting for a response can feel even longer. If you are just starting out on your application, then submitting your FAFSA online, with a verified PIN number, can ensure that you maximize your aid, as well as receive a quicker decision.

After submitting your FAFSA form, you play the waiting game for three to five days before you get your decision. Here is a little insight into what you may expect.

The Application Process
After applying, the Department of Education will send your Student Aid Report, also known as the SAR for short. They will then email you your SAR for your review, and you should take your time to ensure that all information is correct.

One of the most important parts of your SAR is your Expected Family Contribution (EFC). Your EFC is a preliminary estimate based on your FAFSA application. Your school will use your EFC to determine your federal student aid amounts.

Following Up
You can check the status of your FAFSA at anytime by logging in online. It is recommended that you check your FAFSA status one week after submission (if you used your PIN), or two to three weeks if you printed and mailed in your signature.

You can access your processed application information online should you wish to check the status. You will also receive emails electronically if you filled out your FAFSA online with your PIN. The emails will contain important information on how to access your documents, as well as other useful tips. You can also print the documents for your records, which is highly recommended. If you did not complete the online form, you will receive a paper copy of your SAR through the mail. Remember that you will need your PIN number to access these documents online, even if you have received the emails.

An important thing to remember is that you cannot make corrections to your FAFSA until after the application has been processed. Corrections can be made online, but you must use your federal pin number.

If circumstances change, such as winning the lottery, parents losing a job, large inheritance, student losing a job, loss of assets, house burning down, or similar events, you need to submit these changes promptly. If you do not, the government will most commonly discover this information. In turn, they will initiate changes to your financial aid. It is very important to be honest and upfront during this process.

Securing the Aid
Receiving financial aid is the end goal for the FAFSA. If the student is enrolled for the entire academic year, their financial aid will be disbursed in two installments: one in spring and one in fall. The student’s enrollment must be verified before receiving federal student aid.

There are two types of financial aid: need-based and non-need based. Your financial aid office will determine which would be most applicable based on your FAFSA, SAR, and EFC. They may also look at whether one of your parents is an alumnus, your overall grades, and other factors.

The three main types of financial aid are grants, loans, and work-study. Grants and work-study are mainly need based, while loans are normally non-need based.

To accept multiple loans, you need to fill out a MPN (Master Promissory Note). The loans may be deferred until after you graduate or require immediate repayment. It is clearly best to choose loans that can be deferred until your graduation.

Although each individual may receive varying types of aid and different responses after filling out a FAFSA, the outlined process highlight the standard format that you may expect after applying for federal student aid.