How much money does financial aid pay per year?

Answer 1

How much money a student qualifies for is dependent on what the federal and state agencies feel the need is. They have their methods of determining this by the questions asked on the Free Application for Federal Student Aid (FAFSA) application.

If you are applying for the 2008 Fall semester, you should apply right after the new year. The best way to apply is by doing it online rather than using the mail in application. Doing it online will give you a response within two weeks. If you apply using the mail in application, you may not receive an answer for eight to nine weeks.

Online Application Procedure

First, you must apply for a PIN. The PIN is a personal identification number that allows you to sign documentation electronically. If you are a dependent, your parent or guardian must also apply for a PIN. The PIN you keep forever so put it in a safe but accessible area. You apply for the PIN buy going to http://www.pin.ed.gov. You should receive the PIN within two to three days by email. Once you have received the PIN, you may then go to the FAFSA site at http://www.fafsa.ed.gov/ and apply for the financial aid. Within two weeks you should be sent a student aid report (SAR) giving you your eligibility status and further procedural information. If you are having a hard time, and need certain questions answered, the site will give you a toll free number to call where you can speak with a representative who will be able to help you.

For your convenience, just click on the related links section below where I included a direct link to the PIN and FAFSA sites. Best wishes!