Submitting your Free Application for Federal Student Aid is a huge milestone in the college application process, but it’s just the beginning of your financial aid journey. After hitting that “submit” button, a few important things happen behind the scenes to determine your eligibility for financial aid. So, what exactly should you expect next? Here’s a breakdown of the next steps after you submit your FAFSA.
1. Confirmation of Submission
Once you submit your FAFSA, you’ll receive a confirmation that your application has been successfully submitted. This confirmation will include a Student Aid Report (SAR), which summarizes the information you provided on your FAFSA. It’s important to review this report for any errors or missing information.
2. Student Aid Index (SAI) Calculation
Once your FAFSA is processed and any verification is completed, the federal government will calculate your Student Aid Index (SAI). This is essentially used to determine your ability to pay for college and the amount of aid you should receive. It replaces the old Expected Family Contribution. One other big change is that parents no longer receive a benefit for sending multiple children though college at the same time.
3. Receiving Financial Aid Offers
After your FAFSA has been processed, each college or university you’ve applied to will receive your FAFSA data. The school’s financial aid office will then use this information to create a financial aid package for you. You will receive your financial aid offer from each school in the form of an award letter.
4. Reviewing and Comparing Financial Aid Packages
Once you receive your financial aid offers, take the time to carefully review each one. Financial aid packages can vary significantly from school to school, so it’s important to compare them to see which one offers the best financial assistance. Pay close attention to grants, scholarships, work-study, and loans offered. The payback options for each of these differ and should be carefully considered.
5. Accepting Your Financial Aid
Once you’ve reviewed and compared your offers, you can begin the process of accepting your financial aid. For each school, you’ll need to accept or decline the aid package sent to you. Be sure to complete the paperwork and sign off on any letters they send.
Remember, FAFSA needs to be submitted each year to continue receiving federal financial aid. Your family’s financial situation may change, so it’s important to reapply for FAFSA to ensure you’re receiving the financial aid you’re eligible for.
Submitting your FAFSA is the first step toward securing financial aid for college, but there are several key steps that follow to ensure you get the most out of the process. Good luck!
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.