If you’ve filed your FAFSA, you’re one step closer to unlocking federal, state, and college-based financial aid. But what happens next? We sat down with Jacquie Butler, senior college planning specialist at EducationQuest, to break it all down.
What is the FAFSA, and why is it important?
The FAFSA (Free Application for Federal Student Aid) is your gateway to financial aid for college. Completing it is essential to access scholarships, grants, work-study, and student loans.
How do I complete the FAFSA?
The FAFSA process starts with creating FSA IDs for both the student and parent at StudentAid.gov. Allow at least three days for verification. Once that is done, follow these steps:
- Log in to StudentAid.gov using the parent FSA ID (starting with the parent side is recommended).
- Both the student and parent fill out their sections, which are linked via an invitation process.
- Approve consent to securely transfer federal tax information from the IRS into your FAFSA.
The FAFSA process is intuitive, so don’t stress—it guides you every step of the way. For a detailed walkthrough, check out EducationQuest’s FAFSA Demo.
What should I expect after submitting the FAFSA?
Students will receive an email within three days of submission confirming their FAFSA has been processed. This email will indicate if you’ve been selected for verification and includes your Student Aid Index (SAI), which colleges use to calculate your financial aid. Keep an eye on your college’s communications via email or your student portal. They’ll notify you when financial aid offers are ready.
What is the Student Aid Index?
The Student Aid Index (SAI) represents your FAFSA results and plays a key role in determining your eligibility for financial aid. Colleges use it as part of their formula to craft your financial aid package.
When should I expect financial aid offers?
Colleges often post financial aid offers on student portals or via the mail. Offers may include scholarships, grants, work-study opportunities, and student loans. Remember that only colleges that have accepted you for admission will send a financial aid offer. Depending on when you completed the FAFSA, you can expect financial aid offers as early as January, but more commonly in February or March.
What is verification?
Verification confirms the information you provided on your FAFSA. Not all students are selected for verification, but if you are, your college will request documents through their portal or by mail. They won’t send a financial aid offer until verification is complete. Check your student portal regularly to avoid delays.
How can I borrow student loans responsibly?
If your financial aid offer includes student loans, the offer will indicate how much you can borrow. Before accepting, use EducationQuest’s Loan Chart to understand interest rates and repayment. Only borrow what you truly need—loans add up quickly! To take out loans, you’ll need to complete a Master Promissory Note and Entrance Loan Counseling at StudentAid.gov. Your college will provide more details about this process. Wait until June or July to apply. By then, you’ll have a clearer picture of your financial aid and outside scholarships. This helps ensure you only borrow what’s necessary.
Need help?
The FAFSA can feel overwhelming, but you’re not alone! Reach out to EducationQuest for free assistance. We’ve got you covered.
By Jeannine Phelan
Assisted by AI