It can take up to three weeks for the United States Department of Education to process your FAFSA application. If you completed your application online, your application will likely be processed within three to five days.
You can view your federal student aid options after your application has been processed. You may receive additional directions and steps to accept your student aid. For example, you may be required to sign a form and mail that form back to the school you will be attending. In addition, if you intend to accept federal student aid loans, including the FAFSA grad plus loan, you will be required to sign a promissory note that includes the terms and conditions of your loan. The promissory note is a promise to repay your student loans.
You may have multiple options for student aid depending on the information you provided on your FAFSA. If you have multiple options, it is recommended that you accept assistance as needed in the following order.
· Grants and Scholarships: Grants and scholarships are free money that you generally do not need to repay. However, pay attention to any eligibility requirements associated with this type of student aid. If you do not meet these requirements, you may need to repay the student aid. For example, some scholarships require you to maintain a minimum grade point average. Additionally, a TEACH grant will require you to teach for a specified amount of time after graduation to avoid the grant becoming a loan later.
- Federal Work-Study: Work-study programs allow you to work part-time in exchange for student aid that you are not required to repay.
- Federal Student Loans: Federal student loans are a type of federal student aid that must be repaid with interest after no longer attending school or drop below part-time enrollment.
- State or Local College Loans: Like federal loans, state and local college loans must be repaid with interest.
- Private Loan Options: These are loans that banks or other financial institutions offer. However, these loans are generally not as good as federal loans as they may have higher interest rates.
The type of federal student aid you accept will determine when and how you will receive financial assistance. For example, grants and loans are generally provided in at least two payments per semester, trimester, or quarter. If you are a first-time student loan borrower or accept a FAFSA grad plus loan, you will need to complete entrance counseling with your school before receiving your loan. Additionally, grants and student loans will go towards the cost of your tuition, room and board, and other fees before any leftover aid is provided to you.
By Admin –
