You did it! You submitted your FAFSA, the Free Application for Federal Student Aid. That’s a big step toward paying for college.
But what happens now? Does money show up in your account? Not quite. Here’s what you can expect next and what to do while you wait.
Step 1: FAFSA Processing
Once you hit “Submit,” your FAFSA goes straight to the U.S. Department of Education. They review your information and send a summary, called the Student Aid Report (SAR), to your email within a few days.
This report is like your FAFSA receipt; it shows what you entered, lists any possible mistakes, and includes your Student Aid Index (SAI) (that’s the number schools use to figure out how much aid you can get).
Step 2: Review Your Student Aid Report
When you receive your SAR, open it immediately.
Look for:
- Typos or missing information
- Schools that should be listed but aren’t
- Notes that say “Action Needed”
If something’s wrong, log back into studentaid.gov and fix it. Small mistakes can delay your financial aid, so catching them early keeps things moving.
Step 3: What the Student Aid Index (SAI) Means
Your Student Aid Index (or SAI) is not how much you have to pay — it’s a number that helps colleges decide how much federal, state, and school-based aid you can receive.
The lower your SAI, the more need-based aid you might qualify for. Each school uses your FAFSA data to build a custom financial aid package for you. Those packages usually arrive in early spring.
Step 4: What Schools Do Next
Your FAFSA data is sent to all the schools you listed on your form, both public and private. Each one reviews it and figures out how much private and state financial aid you’re eligible for.
You’ll then get a financial aid offer letter showing how much you’ll get in grants, scholarships, work-study, and federal loans. What’s not covered by these is your financial aid funding gap, money you’ll have to find elsewhere.
Step 5: If You’re Selected for Verification
Sometimes students are randomly chosen for something called verification. It’s not a bad thing; it just means your school needs to double-check the information on your FAFSA.
If this happens, respond quickly with the documents your school requests. It won’t affect your chances of receiving aid, but waiting too long could delay the release of your funds.
Step 6: Fill the Gaps — Explore Scholarships and More
Your FAFSA will tell you what federal and state aid you qualify for, but most students still have a funding gap — the amount left to pay after grants and aid.
Here’s how to cover that gap smartly:
1. Apply for Scholarships
There’s no limit to how many scholarships you can win, and many don’t require perfect grades. If you win more than you need, you may have to pay taxes on the difference. Start exploring options through the Edvisors.com Scholarship Search Tool.
2. Calculate Your Funding Gap
Use our Financial Aid Gap Calculator to see what costs remain after grants and aid. It helps you plan — and lets you know exactly how much more you’ll need.
3. Compare Private Student Loans
If you’ve already used your grants, scholarships, and federal aid, private student loans can help cover the rest.
Compare rates, lenders, and repayment options on Edvisors.com Private Student Loans.
The Bottom Line
Submitting the FAFSA is a big win — but it’s just the first step in paying for college.
Keep an eye on your Student Aid Report, watch for financial aid offers, and make a plan for any funding gaps. Between federal and state aid, scholarships, and smart borrowing, you’ll have the tools to make college affordable.
Cash the Corgi says: “FAFSA done? Great! Now let’s find the rest of that money.”
