What happens after I accept financial aid?

Once your student accepts any or all of their grants, scholarships or loans, the funds will be automatically applied to their tuition, college fees and any other charges on their account.

What happens after you accept your FAFSA?

Generally, your school will give you your grant or loan money in at least two payments called disbursements. In most cases, your school must give you your grant or loan money at least once per term (semester, trimester, or quarter).

How long does it take for financial aid to be disbursed after accepting?

Financial aid disbursement dates vary by school, but are generally between 10 days before the start of the semester and 30 days after classes begin. Factors affecting financial aid disbursement include the type of aid and your year in school.

What happens if you accept financial aid but don't use it?

What happens to the leftover financial aid money? Well, that depends on you and how you want to handle it. In general, you'll receive a refund. You can then decide whether to send the money back or keep it and use it for future educational expenses.

What to do after your FAFSA is approved?

After your FAFSA form has been processed successfully, it's a good idea to make sure the schools you listed on your FAFSA form have received everything they need. Find out if your school requires additional applications or documentation and submit any required documentation by the appropriate deadlines.

Next Steps After Submitting the 2023-24 FAFSA® Form

How long does it take for financial aid to direct deposit?

If there are Financial Aid funds remaining in your student account after all university charges are paid, you may either get your money or “refund” through Direct Deposit (within 2-3 business days of disbursement) or by paper check (available on Fridays).

How do I know if I completed the FAFSA correctly?

After the student successfully submits their FAFSA form, they'll receive a “Confirmation” page with a confirmation number. The confirmation number is proof that the student successfully submitted their FAFSA form or correction. The student should print a copy of their “Confirmation” page for their records.

How long does it take for Pell Grant to be disbursed?

Pell, SEOG, and Cal Grants students will be paid twice a semester. Once an award has been posted on the Financial Aid portal screen, the processing for that disbursement takes approximately 7 to 10 days.

Will FAFSA reimburse me if I pay out of pocket?

Yes, they will refund the funds you provided to cover student account. If some other expenses like housing are later put on your account they will take those out of your financial aid.

How much financial aid should I accept?

To determine how much loan money to accept, make a list of your college and living expenses and the resources you'll have available to pay them; in other words, make a budget to help ensure you borrow only what you need.

Can you keep extra FAFSA money?

Can you keep extra FAFSA money? There is no such thing as FAFSA money, so there is no extra to keep. FAFSA is simply an application you fill out that determines how much you an your family are able to contribute to your college expenses.

When should I expect my financial aid refund?

When can I expect my financial aid refund, and how is this refund calculated? Students can generally expect their refund during the first week of classes for their college. The refund is calculated by deducting any Tuition, Fees, or Room and Board charges assessed, and refunded anything in excess of those costs.

Does financial aid go to your bank account?

After you have your bank account set up, share the account and routing numbers with your school's financial aid office, and they will deposit additional aid funds directly to that account as early as 10 days before classes start.

How do I know if I received a Pell Grant?

Start on the Federal Student Aid Webpage

If they don't already have an account, they'll need to make an FSA account and ID. Once you are on the site, there's a section titled "My Aid," which shows borrowers' outstanding loan balances along with a breakdown of any grants they received while in college, Arcese said.

How long does it take for a school refund to direct deposit?

In most cases, deposited funds are posted to a student's bank account within three business days. If for any reason a student's bank account changes or is closed, the student is responsible for canceling or updating the direct deposit information on file. Failure to do so may cause a delay in processing the refund.

Do you have to pay back Pell Grants?

A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are typically awarded only to undergraduate students who have not earned a bachelor's degree.

Is FAFSA free money or a loan?

However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid.

Should I pay my tuition before financial aid?

Financial Aid Recipients

If your aid does not fully cover your tuition and fees, a payment for the difference must be made before you can register for classes.

Do you have to return unused FAFSA money?

If you have unneeded funds from your student loan refund and it is within 120 days of disbursement, it is financially smart to return that money. If you anticipate having unneeded funds following a future disbursement, you can request that the Office of Financial Aid cancel or reduce the upcoming disbursement.

What can I do with leftover Pell Grant money?

You can't use your Pell Grant to directly pay your student loan. However, if there are any funds left over after your school applies your Pell Grant toward your tuition and fees, those funds are given directly to you, and you then may use them to reduce your loan amount.

Do Pell Grants go to your bank account?

If you're eligible to receive this grant, your college or university will probably use it to cover whatever you owe, such as fees or the cost of room and board. If there's anything left over, you can receive it in the form of cash or a check. You may also be able to deposit the money directly into your bank account.

Is Pell Grant money first come first serve?

Unlike some other grants and scholarships, funding for the Pell Grant does not run out over the course of a year. But experts still encourage students to file the FAFSA early, as other financial aid can be first-come, first-served.

How do I know how much financial aid I will receive?

The Federal Student Aid Estimator provides an early estimate of what your federal student aid could be by using some initial data you provide. This can help you make decisions about college.

How long does it take a college to verify FAFSA?

How long does the verification process take? Verification processing time is generally two to three weeks during peak season (June-October), and one to two weeks during non-peak season (November-May). Therefore, students should start the process as soon as possible.