Finance Authority of Maine
FAME's 5 on the 5th
March 2012

 

What Happens After You File the FAFSA?

 

You've filed your FAFSA - good job! You've taken the first and most important step toward applying for and receiving student financial aid. In fact, we make such a big deal out of the Free Application for Federal Student Aid (FAFSA), that some students feel a little lost after they've hit the submit button. Now what? Here are 5 key points that will help you prepare for and understand what happens next.

 

 

1. FAFSA Processing

 

Your information will be processed by the Federal Processing Center. Processing usually takes about 3 days (longer if you did not file online.) While your application is being processed, you will not be able to make corrections to your FAFSA. Once your FAFSA has been processed, the information will be sent to all of the schools you listed on your FAFSA.

 

 

2. Student Aid Report (SAR)

 

You will receive your Student Aid Report (SAR) by email or mail (if you did not provide an email address). The SAR includes a summary of the information you provided on your FAFSA, your Expected Family Contribution (EFC), and instructions on what to do if there is anything missing or errors on the form. It is important to review your SAR carefully for accuracy, make any needed corrections, and read the important messages.

 

 

3. Make FAFSA Corrections

 

If you estimated your federal income tax information, you will need to update the information after you file your taxes. The most accurate way to do this is by using the IRS Data Retrieval Tool. This option will be available about 2 weeks after filing your federal taxes electronically or 6-8 weeks after filing a paper return. To update tax information on your FAFSA:

 

  • Go to www.fafsa.gov
  • Click on the "Start here" button
  • Log in with name, Social Security Number and Date of Birth
  • Click on the "Make FAFSA Corrections" link
  • Go to the "Financial Information" section
  • Change your tax return filing status from "Will file" to "Already completed"

Once you do that, you will be provided with information on how to use the IRS Data Retrieval Tool. You'll need your PIN and once on the IRS site, be sure to list your address exactly as it appears on your federal tax return.

 

 

4. Verification

 

Some students will be required to go through an information verification process that the school will be responsible for completing. If you are selected for verification, it does not mean you did anything wrong; verification selection is random. If you are selected, the school will notify you as to what documents you need to provide to them. Using the IRS Data Retrieval Tool should simplify this process.

 

 

5. Financial Aid Award

 

Once you have been offered admission and completed any necessary verification, the school will send you a financial aid award notification (some schools may send you an estimated award prior to the completion of verification). Your award will list the types of financial aid that you are eligible to receive. The award is based on the information that you provided on your FAFSA and may change if your FAFSA information changes. Review your award carefully, making sure you understand the difference between grants, scholarships, and loans. Use FAME's Comparing Costs and Financial Aid Awards worksheet to get an estimate of your net costs (after financial aid) and compare colleges. Be sure to respond to the award notification and complete any other requests from the school in a timely fashion.

 

 

If you have any questions about this process, contact the financial aid office at your school. It is particularly important to contact your school if there are changes to your family's financial circumstances, such as unemployment or reduced work hours. Always feel free to contact FAME with financial aid questions or for help navigating this process. Best wishes!

 

 

Finance Authority of Maine
www.famemaine.com
 
Tel:      (207) 623-3263
           (800) 228-3734
Fax:     (207) 623-0095
TTY:    (207) 626-2717