FAFSA Status and the Application Process?

Answer 1

One of the most challenging things in planning for a college education is determining how it will be financed. While some families plan from the birth of a first child, others are pressed by circumstance to simply earn enough to manage basic costs of living. It may seem for those that can't save adequately that there is no opportunity to pursue a college degree, but with federal financial aid opportunities, it's still possible to pursue this dream. Learning of one's FAFSA status is an exciting moment because it portends hope and opportunity.

In order to obtain the best opportunity of adequate financial resources for the year, it's important to fill out the FAFSA form early. It can be completed beginning in January preceding the academic year in question, but tax information may not yet be ready for final entry on the form. It's acceptable to complete the application with the understanding that it will be updated as finalized tax returns become available. Your FAFSA status may be adjusted according to this information.

Once your application has been filed, the agency must process and verify the details provided. Following the verification process, information about your FAFSA status will be updated. This will include details of your eligibility and potential award amounts. This is not a complete picture of what aid you will receive though. During the application process, your inclusion of potential learning institutions is essential as these schools will further assess your eligibility for awards in their systems. You will receive communications from each school included, informing you of required forms and information, expected award announcement dates, and expected disbursement dates.

Some schools determine final award amounts quickly, prior to the end of the academic year. Others don't finalize amounts until very close to the beginning of the next academic year. It's easier to plan when your FAFSA status is clear at an early date. However, your original information can give you a guideline for your maximum award possibilities. Your FAFSA status will also provide you with a summary of potential loan amounts if your grants aren't sufficient to cover your expected expenses. The most important steps in the process are early application and quick responses to additional needs for details.