What happens after you submit the FAFSA?

Screen Shot 2020-10-15 at 12.10.28 PM.png Once you submit your FAFSA application you will receive a confirmation that the schools you referenced in FAFSA are receiving your information which is called a Standard Aid Index. Schools will utilize this information in order to determine financial need and what their offer will be to you. Be sure to review this information, and edit any mistakes you notice inside your FAFSA application.

If I meet the basic eligibility criteria for federal student aid, who decides how much money I’ll get?

Here’s the short answer:

Your eligibility depends on your Student Aid Index (or SAI), , your year in school, your enrollment status, and the cost of attendance at the school you will be attending. The financial aid office at your college or career school will determine how much financial aid you are eligible to receive. This is often referred to as the school’s financial package. You will receive a financial package offer once you have listed a school on your FAFSA, applied for admissions to that school, and have been accepted. Each school will be able to offer its own unique financial aid package.

The financial aid staff starts by deciding upon your cost of attendance (COA) at that school. COA is the estimate of how much it will cost to attend a specific school. COA includes: tuition and fees, books, transportation, supplies, and room and board.

They then consider your SAI (Standard Aid Index).

They will consider your SAI and your COA to determine the amount of your financial need and therefore how much need-based aid you can get.

To determine how much non-need-based aid you can get, the school takes your cost of attendance and subtracts any financial aid you’ve already been awarded.