How long does it take to be approved for financial aid?

Question

community college starts next monday and im filling it out online right now

Answer 1

6-8 weeks, HA! I wish...

I submit my FAFSA March 1st every year. The government then calculates the EFC and ships it off to my university. My university works with it and my financial aid is calculated and shown to me usually by May or June. I choose to accept or decline what I want. Then I get the funds first day of classes. So from March 1st to end of August. Definitely not 6-8 weeks.

By law you can't get funds before first day of classes. Some universities even have a policy that private loans report their disbursement to them.

Answer 2

A lot longer than that.

When you complete the FAFSA form, you'll be submitting it to the US Department of Education for processing. Once they've completed their part, they'll forward the results to your school's financial aid office, and your school will determine what forms of aid you are eligible for.

At this time of year, the Department of Education, and especially the financial aid office at your school are swamped. Some schools are far more efficient than others, but what ever amount of time it normally would take your school to process your aid will be much slower right now.

That being said - here's what's likely to happen:

If you are eligible for need-based aid (because you and your family have "exceptional" need), you can still receive the full amount of any Pell Grant that you are qualified for.

On the other hand, you have probably missed out on other forms of need-based aid, as the FSEOG grants and Federal Work-Study funds are distributed soon after the "priority" financial aid deadline, which was months ago. The same is true for any state financial aid - that deadline was also several months ago.

If you are eligible for a Stafford loan, you will still receive the exact same amount that you would have received if you filled out the FAFSA months ago. If you're a first-year, dependent student, the maximum Stafford you can be offered is $5500 - however, you won't be offered more than your school's "Cost of Education".

Finally - students who file late (and especially those who file this late) risk that their school will require them to pay all of their fees and tuition up front. If this happens to you, you will be reimbursed later, when your financial aid arrives, later in the semester.

So - there's still money available, but you may not receive all of the assistance that you could have qualified for if you had submitted your FAFSA several months ago. Also - you may suffer the hardship of having to pay for your classes now, and wait to be reimbursed, later in the semester.

I hope that helped. Good luck to you!

Answer 3

It depends on how fast your school will process it and if you are selected for verification.  don't plan on having your money before school starts.  Estimate between 6 to 8 weeks before the school gets your money... then if it comes before then, you can be pleasantly surprised.