FAFSA when do I recieve the "reward" and how so i know how much it will be?

Question

I applied in March for 2007-2008. It was processed April 3.

I went to my financial aid office and they had me fill out other papers. I filled them out, returned them and now I'm waiting.

I called the FAFSA and my record showed I'm eligible for the FAFSA along with other financial aid, but they didn't get specific.

My questions:

- When will I know what aid I'm eligible for?

- By filling out the FAFSA does that mean the aid I am eligible for I automatically get?or Do I have to fill out seperate applications and papers?

- When do I find out how much I'm recieving?

- When do I recieve the money?

My EFC is 00000.

I'm dependant.

I live in San Jose, California.

I go to San Jose City College.

Answer 1

Your college, not FAFSA, will tell you what you get. If you've already accepted San Jose City College then you're just going to have to wait to hear from them. They're dealing with a lot of FAFSA applications so don't expect a reply even by this week. If you don't hear anything by the 18th I would suggest contacting their financial aid office again. Don't contact FAFSA.

You'll know what you're eligible for eventually. Give it time. It was only processed a couple days ago (they don't usually work on the weekends). I had mine processed early February and didn't receive a reply until early March, so you may be waiting close to May if San Jose isn't speedy.

Your college will decide how much you get and put it toward your tuition, room and board, books, or whatever else is applicable.

A letter should be sent detailing what you will get. It will probably contain an estimation that includes loans as well as FAFSA, work-study, and state-funded grants.

You will only receive money if there is anything left and most colleges nowadays do it though direct-deposit so if you don't have a checking account you might want to get one.

Answer 2

With a Zero EFC you will received $4,310 for the year if you attend as a full-time student.  Keep in mind, this amount is always subject to change especially since you were required to submit additional information.  The school has the right to perform verification before they can grant you financial aid, which can be a very lengthy process.  If you are interested in student loans, you can qualify for $3,500 subsidized loans for the year as a dependent freshman depending on how much is allowed based on your budget, which can be figured with the amount of hours you are scheduled for and your EFC.  However, if you are in need of additional loans you may ask your parent's to apply for a Parent Plus Loan, but this is based on your parent's credit score, and income.  If you're parent is granted the plus loan then your school will offer you what you're eligible for, but if your parent is denied a plus loan, then get a copy of the denial letter to your financial aid office so they can offer you the unsubsidized loan which should be an additional $4,000 for the year.  Be thorough when you read information about the parent plus loan because if you qualify, your parent may have to begin payment immediately.