Awarding Process
The general award process for a typical student who files an application between February and April is as follows:
| When |
What to Expect |
| February – April |
Student Files a FAFSA
The application is processed and the Department of Education sends an electronic version of the application to the institutions listed on the FAFSA. A Student Aid Report (SAR) is sent to the student.
|
| April - June |
FRCC Reviews FAFSA
The institution reviews the application for errors and requests any documentation necessary for the completion of verification. Applications selected for verification are commonly asked to provide copies of tax transcripts from the IRS (if the IRS Data Retrieval tool was not utilized) and a completed verification worksheet. |
| April – June |
Student Submits Requested Documentation
All documentation must be signed by the student and a parent (if a dependent student). If errors are found on the FAFSA, a correction is submitted by the school.
Common errors include transposed numbers, incorrect taxes reported and incorrect household size reported. Students can help eliminate the need for corrections by reviewing their Student Aid Report carefully.
|
| May – August |
Student Notified of Financial Aid Eligibility
Once a file has been reviewed and/or verification is complete, an award is made based on financial aid eligibility. Students will be notified via an e-mail award notification and by the award being posted in the Student Finance Tab of eWOLF.
|
| |
Terms and Conditions of receiving financial aid must be read and accepted before any award can be seen on eWOLF. Students who are first-time borrowers at FRCC will be asked to complete an Entrance Counseling Session and sign a Master Promissory Note for the Stafford Loans they will be accepting. |
September - December (Fall term)
January-April(Spring term)
|
Financial Aid is Disbursed
Financial aid will be disbursed in to a students account based on the enrollment, eligibility, and disbursement timelines. If a credit balance is created due to the payment of financial aid, the Cashiers Office will process the credit balance and the student will receive a financial aid refund for the balance. |