After submitting the FAFSA, the U.S. Department of Education begins processing your financial aid application. Depending on whether you filled out a paper or electronic version of the form, you will receive your Student Aid Report (SAR) within three to ten business days. Along with the financial and personal details you provided on the FAFSA, this report includes your EFC, so it's essential to make sure all your information appears correctly. If there are any mistakes, this is the time to make corrections.  Once processed, the SAR is sent to the financial aid departments of your selected schools, which, in turn, calculate how much aid you are eligible for based on your EFC and the cost of attending a particular college or university. You can then expect to receive individual aid packages from these schools — though it's important to note that there is no guarantee every institution you listed on your FAFSA will make you an offer. Each aid offer will include the type of assistance being offered — whether that's a grant, scholarship, or loan — as well as a deadline for acceptance. At this point, you should review your options and determine which aid package fits you best. After you make your decision, the school's financial aid department will contact you to explain how and when the funds will be dispersed, along with information on additional paperwork you may have to fill out.