QuestionI've submitted my FAFSA and am currently waiting to see what kind of financial aid I can get for the coming school year. How will I receive the funds that I am eligible for?
This depends on your school. Colleges, not FAFSA, are responsible for distributing aid funds to students. Some schools will give you a breakdown of your loan and grant amounts and send everything in one check directly to you. Other schools set up individual accounts with the financial aid office for each student and the money is put in there, to be drawn from when tuition bills are due.