Post FAFSA: A Primer

First off, we hope you filled out your FAFSA online, because this step reduces your waiting period from weeks to days. If you applied by mail, then get ready to watch 14-21 painfully slow days or more to elapse before you receive word back from the government. What are you waiting for? Read on to find out.

The Student Aid Report

Once your FAFSA has been processed, you'll be waiting to receive your Student Aid Report (SAR) from the U.S. Education Department. This is the document that will set guidelines for the government and your school in disbursing your financial aid. Probably the most telling section of the SAR will be your expected family contribution, or EFC. You'll find that this is the big determining factor in what mixture of grants and loans you'll be eligible for. Status Checks and Corrections

Again, we hope you filed electronically, because it's then possible to find out what's happening with your application online. Just login with your federal PIN number and check for an update. If you used a federal PIN number to complete your FAFSA, you can sign up to receive email tips and updates. Need to make a correction to your FAFSA? You'll have to wait until the processing of your application is complete.

What about a major correction? Sure, if you suddenly came into a million dollars worth of real estate from your long lost rich uncle, or, worse, your parents lost a significant portion of their wealth in something like the sub prime meltdown, then you must notify a FAFSA administrator. Just be straightforward and prompt in reporting any major financial situation alteration and the bureaucracy will be glad to work with you.

What Now? Your SAR will be forwarded to your school's financial aid office. They will evaluate your EFC and other factors to determine what mixture of loans, grants and work study will be appropriate for you. They'll also factor in what sort of merit scholarships you may be eligible for. If you're going to be a verified student for both semesters of the academic year, your loans and grants will be distributed to you in halves: once during the fall semester and once during the spring semester.

If your financial need meets certain threshold meets certain requirements, you may receive aid grants, which do not require repayment. Many students don't receive grants, but instead receive aid in the form of low interest loans. There are many types including Stafford loans, PLUS loans, and GHELP loans for students studying out of the United States. If you want to take on more than one government loan, you'll be required to fill out a Master Promissory Note, or MPN. You can speed things up for yourself buy filling out the MPN online as well. You'll also need your PIN for this process.

Get the guide and learn more: Your free college education guide contains more useful information about FAFSA.