You’ve submitted your Free Application for Federal Student Aid (or FAFSA®) form, and you’ve received your FAFSA Submission Summary. Now, you may be wondering
where your financial aid is. The colleges, career schools, or trade schools that you listed on your FAFSA form and that have accepted you
for admission will use the information you provided and
your Student Aid Index (or SAI) to determine what financial aid you
may be eligible to receive. Each school’s financial aid office will
prepare your financial aid package and send out your aid offer. If you’re beginning school in the fall, many schools will send their
aid offers the spring before. When you receive your aid offers, make sure you review them carefully, and remember that aid offers
will vary by school. However, even if your aid
offers look different, they will all include the same
important information, including a deadline that you’ll
need to respond by. Each aid offer will include the cost
of attendance at the school. Cost of attendance includes expected
costs such as tuition and fees, housing and food, and
personal expenses; and for some schools, it may include the cost
of equipment, books, and supplies. Make sure you research to understand what each school
includes in their calculation. Each aid offer will also list the types
and amounts of financial aid you're being offered. Types of aid in your offer
can include grants, scholarships, work-study funds, and student loans. If you have questions
about the financial aid in your aid offer, you can contact the school's
financial aid office. When reviewing your aid offers, you should not only compare the different
amounts of financial aid each school is offering you, but you should also compare the net
costs listed on the aid offers. Net cost is the cost of attendance minus the amount of grants and scholarships
you’ve been awarded. It is the amount you will have
to pay out of pocket, so comparing net costs can
help you determine which school is most affordable for you. If you’re ready to accept the financial
aid in your aid offer, keep in mind that you can decide which
aid you do and don’t want to accept. You should accept free money,
such as grants and scholarships, first since these funds do not need to be repaid. Earned money, such as Federal
Work-Study funds, should be accepted next. The Federal Work-Study Program provides part-time jobs for students to earn money to help pay
education expenses. Student loans, which will need to be repaid with interest, should be the last type of financial
aid that you accept. Always compare student loan terms and make sure you understand the amount
of debt you’ll be taking on. Your aid offers will let you know if any additional information or documentation
is needed from you. To accept part or all of your
financial aid offer, follow the next steps explained on the
aid offer by the listed deadline. And remember, if you have any questions, make sure you contact the school’s
financial aid office. Once you enroll in your chosen school, the school will disburse (or pay out)
your financial aid. Each school has its own disbursement schedule. For more information about the FAFSA form and the financial aid process, visit StudentAid.gov.