Steps to the Financial Aid Process
- Complete the FAFSA each year.
- After your FAFSA form is submitted and processed, you can access your FAFSA Submission Summary—an electronic or paper document that summarizes the information you reported on your FAFSA form. It includes your estimated eligibility for a Federal Pell Grant and federal student loans, your Student Aid Index (SAI), and whether you’ve been selected for verification.
- The financial aid office (FAO) at the schools you choose on the FAFSA will receive an ISIR, an electronic version of the FAFSA.
- The FAO(s) will send you an Award Letter (email or snail mail).
- If you choose to accept the school's aid, notify the FAO.
- If you accept federal loans, there are a few additional steps.
- The bursar (treasury) office of the school will disburse your aid first to pay direct costs, such as tuition, housing, and meal plan.
- Additional funds not paid to the school will be disbursed to the student. This is called a “refund.”
The FAFSA is using tax information from two years ago. That can be very old information. What happens if you or your parents’ financial information has changed? It could be there is less income in your household now due to a job loss, death or divorce. Colleges have a process known as Professional Judgment. This allows the FAO to change financial data used to calculate the Student Aid Index (SAI) based on documentation of the life change. Be sure to alert the FAO as soon as possible if something happens that could impact your EFC.
