If you are looking to get a little financial assistance to help pay for your education, you will certainly need to complete a Free Application for Federal Student Aid, or FAFSA. If you are approved for financial aid, you will receive a Financial Aid Award Notification, or FAAN, sent to your house. Although this letter will tell you the amount of your reward and will provide you with any other instructions you may need to follow in order to enjoy your reward, you may still be wondering: what exactly happens to the money once it has been awarded to you?

Keeping it Safe for You

After you have been approved for financial aid, you won’t actually see the money you have been awarded. Rather, the funds are electronically placed into your student account on your behalf. From here, you can draw out the funding needed for your tuition as well as to pay for other college expenses that are covered by the financial aid award, such as books, fees and room and board.
Receiving More Aid in the Future

It is important to understand that financial aid is awarded on a yearly basis. Therefore, if you hope to receive financial assistance the following year, you will need to be certain to fill out a FAFSA again. Keep in mind that many different factors are considered when determining eligibility for financial aid and that some financial aid awards are given on a restricted basis. As such, you may not qualify for all of the same benefits you received the previous year. If there is still funding left in your account when the summer semester comes around, however, you can use that funding to help pay for your summer classes.

Checking on Your Financial Aid

If you receive financial aid, you should be able to check on the status of your award at any time. Many colleges and universities offer links on their websites, which you can use to check on your account status online. At those colleges and universities without online account access, however, you will likely need to contact the bursar’s office in order to check on the status of your financial aid.