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Your Questions About Fafsa

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Mandy Your Questions About Fafsa

Mandy asks…

How long does it take for a school to receive my fafsa if I do it online?

My mom is finishing up her taxes now and is going to file them in the next couple days. My first choice school’s deadline to receive my fafsa and the collegeboard profile thing is February 1st. How long, after completed and submitted, does my fafsa take to get processed and arrive at the school? Thanks.

lizzyrose cropped Your Questions About Fafsa

Our pick of the answers:

Once you finish the FAFSA you have to wait for it to be processed. This means they are taking in your information, seeing if anything is missing. It can take up to 2 weeks if you did it online (usually less). You can log onto your FAFSA and it will say processed when it has been processed. You wont get an email about the processing status, just check daily yourself. Then you wait while they put that information into a formula they used which the result will be your EFC, estimated family contribution. This number is not how much you get or how much you pay. This is just a result of the formula they use and a measure of your financial strength. They will then put this EFC and a recap of your FAFSA in a report called SAR, student aid report. From the time your FAFSA says processed to the time your SAR is ready will be up to 2 weeks (usually less). You will get an email saying our SAR is ready. You just log into FAFSA to view it. They will also send this SAR directly to the colleges you listed on your FAFSA. Those colleges which you applied to who offer you admittance will then create a financial aid award offer for you based on your EFC. The lower the EFC the more financial aid you need based on your FAFSA results. They will then create a financial aid award offer for you. This can include grants, student loans, parent loans, federal work study and aid your college offers and state offers. Usually for fall the award offers will get to you by early mid april by email, snail mail or both. Then you look over the offers from the different colleges, choose a college to attend, and then you will accept and deny each type of aid they may offer you. The way you receive the aid differs per school but federal aid is most always deposited into your college account. My daughter gets hers per semester on the disbursement dates which is about 2 weeks before the semester. These dates she knows because they are posted on her account she logs into. The college will automatically take out their charges like tuition, fees, housing and meal plan and any left over is your refund. They could mail it or my daughters college uses a debit card visa

Carol Your Questions About Fafsa

Carol asks…

How will getting a new car affect my FAFSA school aid?

My family is considering getting a new car, and was planning to buy one under my name to help raise my credit score. I was wondering if this would affect my chances of receiving government aid from FAFSA?

lizzyrose cropped Your Questions About Fafsa

Our pick of the answers:

One has nothing to do with the other.

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