The FAFSA Submission Summary may be the unsung hero of the financial aid process.
The FAFSA Submission Summary doesn’t get as much attention as the FAFSA application or as the financial aid offer, but it’s an important part of the process and may help a student find a college that’s a good financial fit.
About a week after the student’s FAFSA is submitted for processing, the Department of Education notifies a student via email that they have a FAFSA Submission Summary ready to review.
In addition to reviewing their information and making sure everything is accurate, the student will learn their estimated federal student aid.
The estimate, although not official, provides some insight into how much federal funds a student could receive. The student can add those federal funds to any state funding, institutional aid, private funding, and any of their own savings (either already in hand or projected). Those funds, along with plans to use any current income (student or parent) while the student is college, will help a family determine how much money they will have available to pay for college.
It is important to note that the information on the FAFSA Submission Summary is an estimate, and it won’t be official until a student receives a financial aid offer from the college.
However, even though the information is an estimate, it is important for college planning. With this information, the student can choose a college that is a good fit financially. And it all starts with completing the FAFSA and viewing the FAFSA Submission Summary.
