Annual FAFSA

• Students complete a FAFSA every year. The deadline to submit the federal application usually falls in June preceding the fall academic semester. However, students should check with their state for specific deadlines. The FAFSA assesses the student's ability to pay for college on an annual basis; thus, the money awarded based on the FAFSA will cover a full academic year, meaning a fall semester and a spring semester.
  
  

Award Amount

• Students will receive an award letter from every school that they list on their FAFSA, and this letter will indicate the amount of financial aid that the school can offer. This award letter states the conditions associated with the financial aid, including the academic term that the financial aid covers. Students are responsible for responding to the award letter and letting their school of choice know if they will accept the financial aid and any conditions associated with it.
  
  

Award Timing

• Students will receive their award letter sometime after the June FAFSA deadline and before the academic year begins. Since award letters are processed by schools, the timing can vary, but always falls within that time frame. Students should read their award letter closely to find out the deadline for accepting the financial aid. If a student fails to respond to the award letter in a timely manner, she can miss out on a financial aid opportunity.
  
  

Bottom Line

• FAFSA money is awarded on an annual basis, allowing students to earn money for a full academic year. However, receiving an award letter from a school does not mean that the student has earned full financial aid, meaning the government and school will pay for all of the classes. Conditions exist with every FAFSA award letter, so everything from award amount to award distribution will vary depending on the student's financial situation and school of choice.