Understanding Your FAFSA Submission and Financial Aid Offers

After Submitting FAFSA

• You will receive a FAFSA Submission Summary.
• Colleges, career schools, or trade schools listed on your FAFSA will use this information to determine your eligibility for financial aid.

Financial Aid Package Preparation

• Each school’s financial aid office prepares the financial aid package based on your Student Aid Index (SAI).
• Aid offers are generally sent out in the spring before the academic year begins (for fall start).

Reviewing Aid Offers

• Review all aid offers carefully as they may vary by school but will include:
  • Deadline: The date by which you need to respond.
  • Cost of Attendance: Includes:
    • Tuition and fees
    • Housing and food
    • Personal expenses
    • May also include costs for equipment, books, and supplies.

Types and Amounts of Financial Aid

• Aid offers may include:
  • Grants
  • Scholarships
  • Work-study funds
  • Student loans
• Contact the school's financial aid office for any questions regarding your aid offer.

Comparing Financial Aid Offers

• Compare not just the amounts of financial aid, but also the Net Cost:
  • Net Cost = Cost of Attendance - Grants and Scholarships awarded.
  • Helps determine the most affordable option for you.

Accepting Financial Aid

• You can choose which aid to accept:
  1. Accept free money first: Grants and scholarships (do not need to be repaid).
  2. Next, accept earned money: Federal Work-Study funds (part-time jobs for students).
  3. Lastly, consider student loans: Must be repaid with interest, so compare terms carefully.

Additional Steps and Documentation

• Aid offers may indicate if further information or documentation is needed.
• Follow the steps outlined on your aid offer to accept the aid by the deadline.

Disbursement of Financial Aid

• Once enrolled, the school will disburse your financial aid based on its own schedule.

Resources

• For more information on FAFSA and financial aid, visit StudentAid.gov.