After submitting your FAFSA, here’s what to expect next and how you can prepare to make the most of your financial aid opportunities.
Key Takeaways
- Review your FAFSA Submission Summary (FSS) for accuracy. Check it carefully and fix any mistakes by logging back into your FAFSA account.
- Watch for verification requests and other tasks. About one-third of FAFSA applicants are selected for verification, which means your college may ask for extra documents to confirm your information.
- Compare your financial aid offers and plan your budget. After you’re accepted to colleges, each one will send you an award letter detailing the aid you can get.
The Free Application for Federal Student Aid (FAFSA) is the form the federal government uses to figure out how much financial aid you may qualify for to help pay for college. It looks at basic information about you and your family’s finances to determine if you’re eligible for grants, work-study, and federal student loans.
Submitting the form is the first step that allows colleges to build your personal financial aid offer. Once your data is in the system, you can begin reviewing your offers and choosing the path that works best for you. This guide takes you through what to do after your FAFSA is processed to help you avoid delays, fix errors, and make informed decisions about paying for college.
What Should You Do After FAFSA Is Processed?
Once your FAFSA is processed (which means the government has reviewed it and calculated your Student Aid Index), there are a few steps you should take to make sure everything is on track.
1. Review Your FAFSA Submission Summary
After your FAFSA is processed, you’ll receive a FAFSA Submission Summary (FSS). The FSS is basically a summary of all the information you provided on your FAFSA. You’ll get an email with instructions on how to access your FSS online, or it may be available on your StudentAid.gov account.
Take your time to go through this summary carefully. Make sure your personal information (like your name, date of birth, etc.) is correct and that all the financial information matches what you intended to report. If you spot any errors or typos, you can log back into your FAFSA account to fix mistakes or update information.
2. Watch for Verification Requests
Watch for any verification requests or other follow-up emails from the colleges you applied to. Verification is a process where a college double-checks the information on your FAFSA by asking for additional documents. Don’t be alarmed if this happens. Roughly one-third of all FAFSA applications get selected for verification each year. It doesn’t mean you did anything wrong. It just means your school needs to verify some details before finalizing your financial aid.
If you get asked for additional documents, respond promptly because your school cannot finalize or pay out your financial aid until verification is complete. Delaying will only postpone when you get your aid, and if you don’t complete the verification, you risk not getting any aid at all.
3. Compare Financial Aid Offers From Schools
Once you’ve been admitted to a college and they have your FAFSA data, their financial aid office will put together a financial aid offer letter for you. Depending on the college, you will start receiving these offer letters in the winter or spring (if you’re applying to universities for fall admission), around the same time or shortly after you get your acceptance letters from the colleges you applied to.
Each school’s financial aid offer can be a bit different in format, but they usually include:
- Cost of Attendance: An estimate of what one year at the school will cost, including tuition, fees, room and board, books, and other expenses.
- Student Aid Index: The number from your FAFSA that colleges use to determine how much financial aid you may qualify for.
- Grants and Scholarships: Free money that doesn’t have to be repaid (this can include federal Pell Grants, state grants, or private scholarships).
- Work Study: An amount you can earn through a work-study job, if you’re eligible.
- Federal Student Loans: The types of federal loans you’re eligible for (like Direct Subsidized/Unsubsidized Loans) and the amounts for the year.
When you get these letters, review each one carefully and compare them. A helpful way to compare offers is to look at how much free money you’re getting versus how much you might have to pay or borrow. While grants are gifts, you’ll eventually have to pay back loans with interest, so consider how much debt you’d be taking on at each school before accepting.
4. Submit Any Missing Documents to Your College
In addition to verification documents, sometimes colleges might require other paperwork or steps after FAFSA processing to finalize your financial aid. This can vary by school and by student, but it’s important to follow up with each college’s financial aid office (or check your student portal) to see if they need anything else from you.
5. Create or Update Your College Budget
After you receive your financial aid offers and have a clearer picture of your costs, create or update your college budget. Start by listing all your resources, including:
- Financial aid
- Savings
- Family contributions
- Scholarships
Then list your expected expenses for the year, such as:
- Tuition and fees
- Housing expenses
- Meals
- Books and supplies
- Personal costs
- Transportation
You can get most of these numbers from the Cost of Attendance. Next, compare the money coming in with the money going out. Add up your resources and subtract your expenses. If you end up with money left over, you’re in good shape and may even have a cushion.
If not, you may need to adjust your plan by saving more, working part-time, or looking for additional scholarships. The good news is that there are many resources available to help students make college more affordable.
Can You Edit FAFSA After Submitting It?
Yes, you can make corrections or updates to your FAFSA after it’s been submitted. Go to the “My Activity” section and choose your FAFSA.
If the system shows that something needs to be fixed, click the option listed under “Errors Found in Your Application,” such as “Start Your Correction” or “Provide Signature,” and follow the steps.
If you’re making a change that you noticed, select the “Actions” button and then choose “Make a Correction” to begin.
How Long Does FAFSA Take To Process?
For online FAFSA submissions, processing usually takes about 1 to 3 days, though it may take longer during peak application periods. If you mailed a paper FAFSA, expect processing to take roughly 7 to 10 days.
Is FAFSA Automatically Sent To Schools?
When you fill out the FAFSA, you have the chance to list up to 20 schools to receive your information. Once your FAFSA is processed, the Department of Education automatically sends your FAFSA data to every school you listed on the form.
If you decide later to apply to another school or you want a different school to get your FAFSA, you can log in and add that school as a correction. The FAFSA system will then send your info to the new school as well.
FAFSA Helps Pay for Your Education at The University of Olivet
After your FAFSA is processed and sent to colleges, each school has its own way of building and sharing financial aid offers. At The University of Olivet, we review your FAFSA as soon as it arrives and work directly with you to explain your options for grants, scholarships, and other aid.
Every undergraduate student at Olivet receives financial assistance, and our admissions team is ready to walk you through the next steps, from understanding your award letter to finishing your required paperwork.
If you’re looking for an affordable private university in Michigan, apply to The University of Olivet and see how we support students throughout the financial aid process.