How does FAFSA work?

Question

I applied for FAFSA, and got a "code" or something and you give that to your college to get financial aid. But how does it work? Do I get a check? Does money go directly to the school? How do I know how much they're gonig to pay and what my share is?

Answer 1

You apply on the FAFSA website and they give you a code to access your application to see the progress through the system. Before the semester you have applied for begins, you will be notified (I was able to see when my aid was applied to my tuition on the university website) that your tuition has been paid and any remaining amounts will be paid to you, either by check or direct deposit. You should contact your university Financial Aid office to find out the exact amounts that will go toward your tuition. The amount you receive from Federal aid depends upon your financial situation and what you applied for on the FAFSA application. I would suggest that you don't take more than you need to live or you will be repaying until your retirement. Generally, payments are dispursed just a week or so before classes start for the semester. Fall semester fees were usually paid around the middle of August for classes beginning at the end of August and, for Spring semester, money was dispersed around the 10th of January for classes beginning around the middle of January. I didn't understand the process either but you will eventually understand what you need to live and how the funds are distributed after receiving payments for your first year of college. Good Luck!

Answer 2

Hello there
When you completed the FAFSA, the code you spoke about is called the EFC or the estimated family contribution. The department of education determines what they think you and your family can provide in financial support for the upcoming academic year. In short, it's a dollar figure. So for instance if your EFC is 3000.00. The department of education is saying they feel that you and yours should be able to afford 3K per year towards your education. Depending on the college you are attending, the amount of aid offered could vary a great deal. If you going to an Ivy league compared to a State school..tuition varies, so financial aid will vary. Your EFC remains constant.....hope this helps-

Answer 3

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RE:
How does FAFSA work?
I applied for FAFSA, and got a "code" or something and you give that to your college to get financial aid. But how does it work? Do I get a check? Does money go directly to the school? How do I know how much they're gonig to pay and what my share is?

Answer 4

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Yes, you need to do it for every school year. If you need it for this coming spring or summer then you need to fill out the FAFSA for the 2006-2007 school year. If you need it for this coming fall then you need to fill out the FAFSA for the 2007-2008 school year, which will not become available until January. Hope this helps!

Answer 5

When you register for classes and go in to pay your fees, the balance will be on your receipt. If there is any left over, they will give you a change check, or you will have to pay the difference if financial aid didn't cover it all. They should be mailing you paperwork that will tell you how much aid you have available for each semester. Call your school's financial aid department, and they can probably look it up for you also.

Answer 6

The money will go to your school and the school uses it to cover all of your fees; once you're paid up, anything left gotes to you in the form of a check or direct deposit to your bank account.

Some schools will issue an ATM card to use for drawing out of that account. Once the account is empty, you're SOL until the next Fin. Aid cycle next semester.

Answer 7

Call the school, they can tell you what will be paid and how much you will owe. My aid went directly to the school and then whatever is left over after schooling costs are paid they cut a check.