After Submitting the FAFSA

After you submit the FAFSA, your application is processed and the results are sent electronically to the schools you listed on your application. You will also be sent a student aid report (SAR).

The SAR

The SAR summarizes all the information you provided on your FAFSA. Generally, it takes less time to process and send your SAR if you provide a valid email address when submitting your FAFSA. You should get your SAR via email in 3 to 5 days, whereas it takes 7-10 days to receive your SAR by mail. If you completed the paper form of the FAFSA, you can expect to wait 2 to 3 weeks before your SAR is available.

Once you receive your SAR, you want to review it for accuracy. It must be correct before you can receive federal aid. If you need to make corrections, you can make them online using your PIN. You can also check with your school, as they may be able to make the changes for you electronically.

The Financial Aid Award

If you listed a school on your FAFSA and have been offered admission by that school, the financial aid office at the school will send you an award letter (most likely electronically). The award letter includes the types & amounts of financial aid you may receive from federal, state, and school sources. This combination of aid is your financial aid package.

Review each award letter carefully and compare the amounts and types of aid you receive at each school. Pay attention to letters or emails from schools, follow all directions, and contact the financial aid office if you do not understand what the school is offering you.

Your financial aid package may include federal student loans. Keep in mind that whatever amount you borrow must be paid back with interest. While loans can be a good investment in your future, taking out any student loan is a serious obligation.

Receiving Financial Aid Money

Schools must pay you at least once per term (semester, trimester, or quarter) or twice per year. Your school will:

• Credit your financial aid funds into your school bursar account
• Pay you directly (either by paper check or directly depositing the funds into a bank account)
• Combine these methods (apply the money to your school tuition and fees first, then disburse the remaining funds to you)