Hitting submit on the FAFSA feels like a relief. But it is really just the beginning. The weeks after submission involve a few important steps that determine how much money you actually receive. Here is exactly what to expect.
Step 1: Your Student Aid Report Arrives
Within a few days of submitting, you receive a Student Aid Report (SAR) by email. This is not your financial aid award. It is a summary of what you reported on the FAFSA and the Student Aid Index (SAI) the government calculated from that information.
Your SAI is a number that represents your expected contribution toward education costs. A lower SAI means more need. An SAI of zero means maximum need eligibility.
Read it carefully. Look for errors in your personal information, income figures, and household data. A typo in your Social Security number or a transposed digit in your income can reduce your aid significantly. If something is wrong, log back into studentaid.gov and make corrections under "Make FAFSA Corrections."
Step 2: Schools Receive Your Information
Each school you listed on your FAFSA receives your SAI within a few days of your submission. The school's financial aid office then begins building your aid package based on:
- Your SAI from the FAFSA
- Their cost of attendance (tuition, fees, room, board, books, transportation)
- What institutional grant money they have available
- State grant eligibility for their students
This process takes time. Schools with rolling admission send award letters as they go. Schools with regular decision deadlines often send all awards in February or March.
Step 3: Verification (If Selected)
Some students are selected for verification. This is a process where the school asks you to confirm the information on your FAFSA with documentation. About 18% of applicants are selected.
If you are selected, your school will contact you with a list of documents to submit. Common requests include:
- A signed copy of your federal tax return (or IRS tax transcript)
- W-2 forms from all employers
- Documentation of untaxed income (child support, Social Security)
- A verification worksheet provided by the school
Submit verification documents promptly. Schools cannot finalize your aid package until verification is complete. Delays in submitting documents mean delays in receiving your award letter and delays in your aid being applied to your account.
Step 4: Your Financial Aid Award Letter
Your financial aid award letter tells you exactly what each school is offering. It arrives by email or through the school's online portal. It lists:
- Grants (money you do not repay)
- Scholarships (same as grants, usually merit-based)
- Work-study (money you earn through a campus job)
- Loans (money you borrow and repay with interest)
Read the letter carefully. Some schools bundle grants and loans together in a way that makes the total look more generous than it is. Subtract all loans and work-study from the total. What is left is the free money.
For a full breakdown of how to read and compare these letters, see my guide to how to compare financial aid award letters.
Not Sure What You Should Be Getting?
My free grant finder estimates what you qualify for before you even apply. It helps you spot if an award letter is lower than it should be.
Find My GrantsStep 5: Accept, Decline, or Appeal
Once you have your award letter, you have three options for each item in it:
Accept it. Log into the school's financial aid portal and accept the aid you want. You can accept grants and scholarships without accepting loans.
Decline part of it. You do not have to take everything offered. If you are offered loans and do not need them, decline them. This keeps you out of debt you do not need.
Appeal it. If your financial situation has changed since your tax year, or if another school offered significantly more, you can appeal for more aid. Write a one-page letter to the financial aid office explaining your circumstances and provide documentation. Schools have authority to increase awards. Many do. Most students never ask.
Read the full process in my guide to how to appeal your financial aid award.
Step 6: Renew Every Year
The FAFSA does not carry over automatically. You must file a new one every year by October 1 for the following academic year. Your award can change based on income, enrollment status, and available funding.
Set a reminder on your phone for October 1. Filing early is the biggest advantage you have. State grant money runs out, and the earlier you file, the better your position.
Last reviewed: July 2026. Source: studentaid.gov.
Frequently Asked Questions
How long does it take to get a financial aid award letter after submitting the FAFSA?
Your Student Aid Report arrives within a few days of submitting. Financial aid award letters from schools usually arrive between February and April if you apply for the following fall semester. Schools with rolling admission may send letters earlier.
What does it mean if I am selected for verification?
Verification is a routine process where the school confirms your FAFSA information with documentation. It does not mean you did anything wrong. Submit the requested documents promptly to avoid delays in your aid package.
Can I accept some of my financial aid and not all of it?
Yes. You accept each component individually. You can accept grants and scholarships and decline loans entirely. Only borrow what you genuinely need.
What if my financial situation changed after I submitted the FAFSA?
Contact the financial aid office at your school and request a professional judgment review. Explain what changed and provide documentation. Schools can adjust your aid to reflect your current situation, not just what your tax return from two years ago shows.
