Congratulations! You submitted your 2018–19 Free Application for Federal Student Aid(FAFSA®) form! Wondering what happens next? Here are a few things to look out for:
After you complete the FAFSA form online and click “SUBMIT,” you’ll see a confirmation page like the one below. This is not your financial aid offer. You’ll get that separately from the school(s) you apply to and get into. Your school(s) calculate your aid.
The confirmation page provides federal aid estimates based on the information you provided on your FAFSA form. It’s important to know that these figures are truly estimates and assume the information you provided on the FAFSA form is correct. To calculate the actual amount of aid you’re eligible for, your school will take into account other factors, such as the cost to attend the school. Additionally, these estimates only take into account federal aid and not outside scholarships or state and institutional financial assistance you may also be eligible for.
TIP: Each school you are accepted to and include on your FAFSA form will send you a financial aid offer. Until you receive this notification, it may be difficult to know exactly how much aid you might be eligible to receive from a specific school. To get an idea of how much aid schools tend to give depending on your family’s income, visit CollegeScorecard.ed.gov and type in the school(s) you want to look up.
The information you report on your FAFSA form is used to calculate your EFC. It’s very important to note that the EFC, in most cases, is not the amount of money your family will have to pay for college. Instead, the EFC is an index number used by financial aid offices to calculate your financial need. The formula they use is:
Cost of attendance
– Expected family contribution
Your financial “need”
Each school will do its best to meet your financial need. Some schools may meet 100% of your financial need, and other schools may only meet 10%—it just depends on the school and the financial aid they have available that year. You should complete the FAFSA form annually because there are many factors that can change from year to year.
NOTE: Contrary to popular belief, the EFC formula considers more than just income. Factors such as dependency status, family size, and the number of family members who will attend college are just a few of the additional factors considered.
As I mentioned previously, many schools won’t be able to meet your full financial need, so you’ll need a way to pay the difference between the financial aid your school offers and what the school costs. Scholarships are a great way to fill the gap. (Who doesn’t like free money?)But don’t wait until after you receive your financial aid offer to start applying for scholarships. There are thousands of scholarships out there, but many have early deadlines. Set a goal for yourself; for example, maybe you aim to apply to one scholarship per week. There’s tons of free money, but you can’t get it unless you apply. Make scholarship applications your focus while you wait for your financial aid offer. The applications may take some time, but the possible pay out makes it all worth it.If you still don’t have enough money to pay for school after financial aid and scholarships, consider these options.
The 2018–19 FAFSA form is available on Oct. 1, 2017. Even if you submit it early, that doesn’t mean you’ll get an aid offer right away. Each school has a different schedule for awarding and paying out financial aid.Remember that your school disburses your aid, not the “FAFSA people” (Federal Student Aid). Contact your school’s financial aid office for details about when they send out aid offers. If you want to see an estimate of your school’s average annual cost, use the College Scorecard. If you want to report significant changes in your family or financial situation, contact your school’s financial aid office.
TIP: After your FAFSA form has been processed successfully, it’s a good idea to make sure the schools you listed on your FAFSA form have received everything they need. You should find out if your school requires additional applications or documentation and submit any required documentation by the appropriate deadlines.
Lastly, after your FAFSA form has been processed (which takes about 3 days), you can go back and submit a correction to certain fields. This includes correcting a typo or adding another school to receive your FAFSA information. Log in with your FSA ID, and then click “Make FAFSA Corrections.” You can add up to 10 schools at a time. If you’re applying to more than 10 schools, follow these steps.
NOTE: Parents of dependent students cannot initiate a FAFSA correction. Students have to begin the correction process by logging in with their FSA ID, clicking “Make FAFSA Corrections,” and creating a Save Key they can share with their parent.