<p>I filled out, completed, and submitted my fafsa. It's been processed but I didnt know they don't show you an amount that you receive and if you need to make corrections. Can anyone help? How will I know my amount, and how will I know if I need corrections?</p>
<p>You'll get something called an SAR, which will list your EFC (Expected Family Contribution). That is what FAFSA determines you and your family should be able to spend on your education for the coming year. This amount comes out of current income, savings, and future income (loans you and/or your parents can take out). It does not, and never has, shown you "the amount that you receive." It may show you what you are eligible for in terms of Federal grants (Pell) and loans (subsidized or unsubsidized Stafford). </p>
<p>The "amount that you receive" is determined by the colleges you've applied to. They are the ones that administer the Federal programs; while you may be eligible for them, you still need to find a lender to give them to you or get them from your school (Stafford - I'm not quite sure how Pell grants work). Many schools also use other financial forms, such as the CSS Profile, which considers assets other than those in the FAFSA, to determine your "need" (Cost of Attendance - EFC, which could be different than that calculated by FAFSA). The schools that accept you will then put together a financial aid package. Only a small percentage of schools promise to meet your full need; most gap. For example, if your EFC is $10,000 and the COA is $50,000, your need is $40,000. Some schools may give you the full 40 in grants, loans and/or work study. Other schools may only give you 20, which also may include grants, loans and/or work study, and leave you to figure out how to get the extra funds.</p>
<p>You know if you need to make corrections if something in your financial situation changes. Many people fill out FAFSA before they do their taxes, using estimated numbers; once the final tax numbers are available, they make any corrections necessary.</p>
<p>Chedva is correct -- I can clarify the info on Pell Grants and loans. FAFSA will only give you your SAR which gives you your EFC (which can be adjusted by the financial aid office after verification and review). FAFSA does not give you any information about Pell Grants or Stafford Loans. </p>
<p>the college you apply to will give you a financial aid package, which will include any pell grants and stafford loans you are eligible for -- and the will administer the dispursement of those funds.</p>