What happens after you get your efc (fafsa)?

After you file the FAFSA, within a week when you log in it will say it has been processed. Then you wait and within a week or two you will get an email saying that your SAR is ready, Student Aid Report and a link to see it and print it. That will be a recap of your FAFSA, some other stuff and your EFC, Estimated Family Contribution. They have a formula they use and based on your FAFSA answers the result of the formula is the EFC. The lower the EFC the more aid you qualify for. They will send your SAR to the colleges you listed on the FAFSA which you applied to. The only way you find out how much aid you qualify for is those colleges will offer you a financial aid award. Each college award will be different. You look them over and pick the best one for you. Usually for fall the awards will be given early mid April. They will email and usually tell you my mail too that your award is ready. Here are sample awards, notice the different EFCs so you see how it factors in. http://www.collegeincolorado.org/Financial_Aid_Pla...

Another great thing to read all about FAFSA and federal aid: .http://studentaid.ed.gov/students/attachments/site...

Generally once you have submitted your FAFSA the schools you chose to receive your results will make you an offer of your financial aid award. This includes any grants, loans or work study that you may be eligible for. You will be required to take an entrance counseling in you receive loans. This just instructs you of your rights and responsibilities as a borrower. All loans are federally funded now, so you will not have to find your own lender. You will have to sign a master promissory note that legally binds you to your loan. If you have any questions about the process just ask your financial aid office at your school. That's why they are there. It can be confusing the first few times you accept aid. Good luck!

All that's left to do is wait. The schools that you chose to send your FAFSA to will send out an award letter within the next few weeks. On that letter it will tell you how much money is awarded to you (Work-study,scholarships,grants,loans). When you receive this letter it will have ALL the information you need on how to accept you financial aid awards. Don't worry you'll be set in the next few weeks.

in many circumstances as quickly as you have submitted your FAFSA the faculties you chosen to receive your outcomes will make you an furnish of your economic help award. This incorporates any promises, loans or artwork learn which you would be eligible for. you would be required to take an front counseling in you receive loans. This in simple terms instructs you of your rights and familiar jobs as a borrower. All loans are federally funded now, so which you will no longer ought to locate your man or woman lender. you will ought to sign a grasp promissory be conscious that legally binds you on your man or woman loan. in case you have any questions relating to the approach in simple terms ask your economic help place of work at your college. it is why they're there. it somewhat is confusing the 1st few circumstances you agree for help. good success!