Financial Aid Application Process: Step-by-Step
1. Renew your Federal Application for Financial Aid (FAFSA):
The FAFSA is good for one aid academic year, which is Fall, Spring, and Summer. A new FAFSA is released by the U.S. Department of Education every year on October 1st for the following year. If you complete the form online, it will be processed, and your information will be released to our office. It typically takes 3-5 business days for your FAFSA to be sent to us. If you complete the FAFSA by hand, please submit it to the Department of Education for processing (Federal Student Aid Programs, PO BOX 4691, Mt. Vernon, IL 62864-0059).
NOTE: Processing time can take up to three weeks or longer depending on the time of year for online submission and six weeks or longer if submitting the paper application by mail. Your information will be available with current updates through Banner. Please check BANNER for ALL updates.
>Renew the FAFSA
2. Submit Supporting Documentation
If you have been selected by the U.S. Department of Education for verification, you will need to submit additional documentation in order for us to verify that your application is correct. If we need further information, we’ll send you an email. You must submit all requested documents before we can finalize your financial aid award, so be sure to get them to us as soon as possible.
>Check Financial Aid Status
3. Wait for your Award Letter
Once you have been awarded, an award letter will be emailed to you through your ABAC email account with award amounts.
NOTE: Please read the award letter thoroughly.
Keep in mind that if anything changes on the account, the awards can also change. Your information will be available with current updates through Banner. Please check BANNER for ALL updates.
If you have been awarded federal and/or state funds (i.e. HOPE, PELL, SEOG, scholarships, etc.), these are automatically applied to your account once you have registered for classes. (Some of these amounts may be adjusted if enrollment status changes by adding or dropping classes).
NOTE: Please check with a financial aid representative if you are interested in the federal work-study program to see if you are eligible.
Your award aid will also be posted in Banner. Aid is authorized to accounts for students who are registered for courses.
If you are not requesting any loans, you have completed the financial aid process!
Loans are offered in the award packaging. For more information, see Student and Parent Loans.
Once awarded, you can use your excess aid to purchase books and supplies in the ABAC Bookstore. Excess funds for financial aid awards are usually refunded after the fourth week of classes if you are not a new student or first-time loan borrower. If you are a first-time loan borrower or have a single-term loan, your excess will be refunded around mid-term.