They will use it to prepare your financial aid package. If you are admitted to a school that you applied to, the school will review your FAFSA information and prepare a financial aid package. This will detail the loans, grants, scholarships, work study funds, and other sources of aid you are able to receive.
The length of time it takes schools to prepare these forms can vary by program. In general, you will usually receive a financial aid award letter along with your admission letter or shortly after you have been notified that a school has accepted you.
After you receive your financial aid package, you'll need to let your school know which sources of aid you plan to accept. Grant, scholarship, and loan money will first be applied to cover the cost of tuition and school fees, and any excess will be returned to you to cover your living expenses. Schools generally give you your grant or loan money in at least two payments. These are called disbursements and they usually happen once per term, such as at the start of the semester or the start of the quarter.
First-year undergraduates and first-year borrowers may be subject to an additional delay, as they may be required to wait 30 days after the first day of enrollment in order to receive student loan money. However, not all schools apply this rule. All first-time borrowers do have to complete Entrance Counseling before their school is allowed to distribute their loan funds.
Graduate and professional students who are taking out PLUS loans for the first time must also complete Entrance Counseling. Students who have been awarded work study funds, payments will be made as work is performed, but must be made at least once per month. The length of time it takes to receive your financial aid money depends on when and how soon you apply; how you submit your FAFSA; how quickly your school acts; and the type of aid you've accepted.
In general, though, you should have the funds you need right around the time each semester, trimester, or quarter begins. In some cases, the FAFSA will not provide enough money for you to live on and to cover all of your educational costs. If that's the case, you can consider additional options such as private student loans. Often, you can be approved quickly for private loans and can get funds above-and-beyond what your school or the Department of Education is willing to provide.
Unlike federal loans, though, private loans don't just come at one standard rate. Rates and terms can vary dramatically from one lender to another and based on your financial credentials. If you are interested in private student loans, Juno can help you get the best possible rates by grouping you with other students and negotiating with lenders on your behalf. Join Juno today to find out more about your options for affordable private student loans to help fund your degree. Christy Rakoczy Bieber is a full-time personal finance and legal writer.
This number is just as it sounds — the amount your family is expected to contribute toward your college education. Details you submitted on your FAFSA form that determine your EFC include taxed and untaxed income, additional assets, benefits, and the number of people in your family. Remember that some schools have similar names or multiple campuses, and this can affect the cost of attendance or confuse your approval process if your form goes to the wrong place.
Carefully selecting the proper Federal School Code prevents this error. Keeping the government accurately informed will go a long way toward making sure you receive your FAFSA money when and where you need it. Some schools select students randomly while others require verification for all applicants. Apply Pick the loan you would like to apply for or Find Your Application. Complete additional financial forms, if needed.
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By Mail business days Up to 2 weeks. Lynne DeAmelio-Rafferty. Lynne is a freelance writer with experience in writing, teaching, and management. She has a M. Her Bachelor's is in Psychology and Criminal Justice. She is also certified in Early Childhood Teaching and Administration. Share This:. Edmit's advice helps you to be better off after graduation. Merit and financial aid estimates based on your student profile Earnings estimates and financial scores for your college and major Recommendations to save thousands on college.
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