The FAFSA is done, finally! While you should take time to congratulate yourself on reaching this milestone, now isn’t the time to disengage from the process! There are still things you should be doing while you wait for award letters. Here’s what happens next and what you should be doing while you wait.
It’s important to remember that it can take 1–2 weeks for colleges to receive your FAFSA data. Once your FAFSA is submitted and processed you can view your Student Aid Index (SAI) on your Federal Student Aid account.
Speaking of your account, you should be checking your account weekly at the very least. If verification or more information is needed, you will be notified on your account. It is important to check this often. Missing information will cause a delay in your estimated federal student aid and SAI, which means your college can’t create an award package.
It might be as simple as a missed signature or a data field left unanswered. You could also be randomly chosen for verification. No matter the reason, the quicker you respond, the quicker your application will be processed, and you’ll receive an award letter. Worried about verification? Read my recent blog post about the steps to take if you’re chosen for verification.
FAFSA Submitted! Here’s What Happens Next
Once processed, schools will begin reviewing your FAFSA and building an award letter for you. However, you must first meet their admission and eligibility requirements! These letters lay out what the school is offering in grants, scholarships, work-study, and loans. It also include the types and amounts of financial aid you may receive from federal, state, private, and school sources. This combination of aid is your financial aid package.
Should you need to add more schools to your Federal student aid account, use the Add School feature. It’s quick and easy. Once added, your information will be sent to those new schools as well.
If you get a tentative aid offer from a school and then find that it changes later, don’t stress. This could happen for a variety of reasons. For instance, if you indicated that you plan to live on campus when you submitted your FAFSA form, but then later decided to live off campus, or if you are selected for verification and new information changes the offer.
Time to Review, Compare, and Decide
Now for the exciting part: when award letters start rolling in! Keep in mind though that award amounts can vary greatly from one school to another. This is because your financial aid package is based on your financial data and the cost of attending a particular school.
As you review your award offers, it is important to compare total net cost (tuition minus grants/scholarships) for each school.
Understand which parts of the aid are grants/scholarships (free money) vs. loans (which must be repaid). Also, because your aid offer might include student loans, you should compare the amount of debt you would be taking on at the schools you’re considering. After you’ve reviewed and understand the various offers, you will need to either accept or decline each offer, as schools often require an official response.
If you have any questions about your aid offer, contact the financial aid office at the school. It’s there to help!
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.