Congratulations! Your applications are in and you can take a deep breath! Now that you’ve submitted your FAFSA, here’s a look at what happens behind the scenes. Understanding what happens next can help you stay relaxed, informed, and ready.
Processing & Submission to Schools
If your FAFSA was submitted online, it is usually processed within 1-3 business days according to Federal Student Aid website. However, if you submitted on paper, it will take slightly longer to process between 7-10 days. After processing, FSA sends your FAFSA information to every school you listed. Having your form received doesn’t guarantee you’ll get an award, as you typically need to be admitted to the school first. However, it’s necessary for schools to begin evaluating your eligibility.
Review Your FAFSA Submission Summary
Once processed, you’ll be able to log into your account at StudentAid.gov and access your FAFSA Submission Summary. In this summary you’ll be able to review and correct your submitted data, if necessary. There will be a “Next Steps” tab highlighting whether you need to submit additional documentation, or correct errors. If your Summary shows you’ve been selected for verification, it will note that and indicate next steps. Verification Explained: What to Do If You’re Selected
Your Student Aid Index (SAI) Gets Finalized
In your financial aid summary, once all your FAFSA is processed and all required verification is complete, you’ll also find your calculated Student Aid Index (SAI) that is used by schools to determine aid eligibility. The lower (or more negative) the SAI, the higher your determined financial need. For more information, see my recent blog, Understanding the Student Aid Index (SAI).
It is important to note that the SAI is not the amount of money a family will have to pay for college. It’s also not the amount of federal student aid the student will receive. Rather, it is an estimated amount of financial need based on the data provided!
Schools Create & Send Your Aid Offers
With your FAFSA data and SAI in hand, each college’s financial aid office will build an award letter for you, if you meet admission and eligibility requirements. The timeline in which you receive award letters will vary due to the timeline each college has for accessing the information, your admission application status with each school, the date you submitted the FAFSA, and the number of FAFSA forms that school received in total.
In an award letter, you will see the aid offer with details of the costs of attendance for each year, as well any grants, scholarships, work-study, and loans that you’re eligible to receive.
Submitting your applications is a huge milestone, but the process doesn’t stop there. Continue to review your FAFSA Summary, respond to any verification requests, and track your aid offers.
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.