After you have managed to successfully file the FAFSA, and have received the SAR, which denotes your EFC and certain other information, it is time for you to wait for the financial aid funds and start a new journey of your life. Usually, the students receive the financial aid funds within two weeks of arriving at the college. The school hands out the Federal student aid funds – including federal student loans, the Federal Parent PLUS Loan, Federal Work-Study, the Federal Pell Grant and other federal grants to the students.
The school first uses the aid funds to clear the institutional charges such as the tuition, fees, rooming, boarding, etc., and then hands over the left over amount to the student to pay for his textbooks, supplies, computer equipment and software, and miscellaneous/personal expenses.
However, the student fund loans are subjected to certain rules that have been mentioned below:
- Before receiving the federal student loan funds, the student must receive the entrance counselling.
- The first year students, who are receiving the funds for the first time may receive the funds after a 30-day delay.
- Student loan funds must be disbursed in at least two instalments, once per pay period
Other lessons on FAFSA