When do i get money from my fafsa

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Receiving Your Aid Letter For any school that you have listed on your FAFSA form and to which you have been accepted, you will receive a letter showing how much aid you are eligible for at their specific school.

Accepting the Financial Aid Offer Do not accept your entire aid package blindly. See specific refund dates. Refunds will be deposited to your selected refund preference with BankMobile.

Refunds cannot be released to students until financial aid funds are received by the college. Some or all of the first payment may be needed to pay remaining charges. You will be able to use your financial assistance by the time the school year starts, but the DOE, individual states, and institutional awards all have different deadlines.

According to the DOE, deadlines for the upcoming academic year are :. Each college has different deadlines, but many occur around academic semesters. This is usually in the late summer or early fall and the end of winter or beginning of spring. Colleges that you list on your FAFSA will receive this form and send you information without you needing to meet their specific deadlines. You can list colleges that you are interested in attending on your FAFSA, and you do not need to submit an application to them that school year.

Each state also has specific deadlines. Consider that free financial aid, like the Pell Grant or need-based scholarships, have finite amounts of award money available. Filling out the FAFSA as soon as possible means you have information on all these types of financial aid, so you can apply immediately. When money is awarded on a first-come, first-served basis, you should apply well before the final deadline. While you may be concerned about how fast your financial information will be processed, rest assured that the DOE will process your FAFSA as soon as possible.

When you submit this document online, your information will be processed within three to five days. You can log on to your FAFSA account to see what federal money you are eligible for after a week, so you can begin making financial plans for school. This will include calculations about your expected family contribution EFC , which is how much you and your family can directly contribute to the annual cost of your education.

This results in a specific numerical value that is used to determine what need-based and non-need-based financial aid you qualify for. The numerical value on your SAR that determines your financial need can fluctuate, depending on the cost of the school you want to attend.