Q: This will be the first year I am receiving FAFSA money for college. I start college in August, and received a conformation awhile back that my financial aid package has been approved, however my first semester starts in less than a month and I still have not received my FAFSA money. When do I get my FAFSA money?
A: A common question many new students or those new to FAFSA have is, when do I get my money from FAFSA? It is actually not FAFSA that gives out money directly to students. FAFSA is a tool used to calculate EFC (Expected Family Contribution), which schools use, along with the cost of attendance, to help determine if a student qualifies for financial aid, and if so, what types of financial aid, and how much financial aid. A students financial aid award package conformation will typically detail the total amount of financial aid the student will receive for that particular academic year, as well as the amount of financial aid the student will receive each semester.
Any financial aid money a student receives from the Federal Government will be dispersed or paid directly to the students school or college. Once a students tuition expenses are taken out, the school or college will pay any money left over to the student by check, direct deposit, etc. Also keep in mind that if your federal financial aid award package is less than the amount of your college tuition, you may not receive any left-over money. The exact date a student receives this money can differ from one school to the next. The only way a student could get more information as to when they would receive their financial aid money, would be to contact a financial aid officer at their specific school or college.