Your Questions About Fafsa

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It takes FAFSA about 48 hours to process your application. However, FAFSA doesn’t award you anything, your school does. Your information will be sent to the school that you indicated on your FAFSA. They will then put together your award letter. This can take your school up to 8 weeks.

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You and your parents will have to show proof of ya’lls income unless you are independent and then only you will have to send your tax papers in. And it depends if you filled out everything out right if not you will have to correct it and send it back in

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Question 88 asks for all the money earned through working wages, tips, etc. So yes, this would include any profit she made from her business.

Later in the FAFSA it will ask a question about the value of businesses owned by the parent, but you will only fill this in if her business employs over 100 people. If it does not, leave it as 0.

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It will go thru to your school usually within 24-48 hours but its up to your college when they get it processed. So you should call your financial aid office

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Your EFC may change (and prob will change) if you used estimated information. Using estimated info also increases your chances of being selected for verification to begin with (as you have found out).

The only way delaying turning in your verification paperwork will effect you is that it will delay when your award is finally processed and ultimately awarded. No school will create a financial aid package for you with incorrect or estimated information. You will have to get those taxes done (and turned in to the fin aid office) before they will do anything.

If it’s just a few weeks, I wouldn’t get terribly worried, but if your parents start filing extensions, then I’d be a bit concerned. It is no fun starting school with no aid awarded!!!!