When Do I Get My FAFSA Money

Q: This will be the first year I am receiving FAFSA money for college. I start college in August, and received a confirmation 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: This is a question that many new students or those new to FAFSA often ask, and it’s understandable to want clarity on when you’ll receive the financial aid you’ve been approved for. However, it’s important to note that FAFSA itself does not actually distribute money to students directly. Instead, FAFSA is used to determine your Expected Family Contribution (EFC), which is then used by your school to calculate your eligibility for financial aid. Your school will use the information provided in your FAFSA to create a financial aid package, which could include grants, loans, or work-study opportunities.

Once your financial aid package has been approved, your school will begin the process of disbursing the funds. This typically happens a few weeks before the start of the semester or at the beginning of the semester itself. The financial aid will be applied directly to your tuition and fees first. If there is any remaining amount, after those expenses are covered, it will be given to you in the form of a refund. This refund can be issued through check, direct deposit, or another method depending on the school’s policies.

Note: It’s important to keep in mind that if your financial aid package is less than your tuition costs, you may not receive any refund or leftover money. Some students may only get a portion of their tuition covered and will need to find other resources to cover the remaining balance, such as private loans or personal savings.

The exact timing for receiving your FAFSA money will vary depending on your school’s financial aid policies and the timing of your semester. Generally speaking, schools will disburse funds once the semester begins, and the timing could be affected by when you officially enroll or complete other requirements. However, if your semester is starting soon and you haven’t received any information, it’s a good idea to reach out to your school’s financial aid office for more details on when to expect your funds.

Steps You Can Take:

• Check Your Financial Aid Award: Double-check your award letter to make sure all paperwork and requirements have been completed. Sometimes, additional forms or documents need to be submitted before disbursement can occur.
• Contact the Financial Aid Office: Reach out to your school’s financial aid office for specific information on when funds are expected to be disbursed. They can give you a precise date or let you know if there’s been any delay in the process.
• Set Up Direct Deposit: If you haven’t already, set up direct deposit for faster access to any refund you may receive. Most schools offer this option, which helps speed up the process of receiving your leftover funds.

While FAFSA plays a critical role in determining the amount of financial aid you are eligible for, it is the school that actually handles the disbursement of funds. Make sure to check in with your financial aid office for the specific timeline, and prepare to have your aid applied to your tuition first before any refund is given.