Financial Aid Life Cycle
This interactive infographic walks Service Advisors through the full financial aid life cycle, from FAFSA submission to aid disbursement, renewal, and repayment. Click through each stage to better understand key processes, timelines, and how to support students at every step of their financial aid journey.
Repayment Phase
Renewal Cycle
FAFSA Submission
Eligibility Review
Award Notification
Accepting & Completing
Disbursement of Funds
Enrollment & SAP
October 1
Spring- Summer
Fall & Spring
October 1
Grace Period
Spring- Summer
Aug 15/Jan 15
End of Term
Mark Your Calendar
Renewal Cycle
Students must reapply for financial aid every year by submitting a new FAFSA. Annual renewal helps determine updated eligibility.
Accepting Awards & Completing Requirements
Students must actively accept or decline certain types of aid. For federal loans, students must complete:
- Entrance Counseling (LEC)
- Master Promissory Note (MPN)
These steps must be completed before loans can be disbursed.
Award Notification
Once eligibility is determined, students receive a financial aid offer package that may include grants, scholarships, work-study, and loans. This is visible in the student's portal.
Ongoing Enrollment & Satisfactory Academic Progress (SAP)
Students must remain enrolled and meet Satisfactory Academic Progress (SAP) standards to continue receiving aid. Enrollment changes can impact aid eligibility.
FAFSA Submission
The financial aid process begins when a student completes the FAFSA (Free Application for Federal Student Aid). This application collects financial information to determine eligibility for federal, state, and institutional aid.
Disbursement of Funds
Financial aid is officially disbursed to a student’s account after enrollment is confirmed, typically after the add/drop deadline. Funds are applied to tuition and fees first, and any remaining balance is issued as a refund.
Financial Aid Calendar
Quick Summary for Advisors
- October 1: FAFSA opens for the next academic year
- Spring–Summer: Verification and document review
- Aug 15 / Jan 15: Key billing and aid readiness deadlines
- Start of Term: Disbursement after enrollment confirmation
- End of Each Term: SAP review
- Every Year: FAFSA must be renewed
Repayment Phase
After graduation, withdrawal, or dropping below half-time enrollment, loan repayment begins following a grace period.
Eligibility Review
After submission, the FAFSA data is sent to the school. The Financial Aid Office reviews the application, checks for errors, and may request additional documents if the student is selected for verification.
Financial Aid Life Cycle
Oceana Elia
Created on November 24, 2025
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Transcript
Financial Aid Life Cycle
This interactive infographic walks Service Advisors through the full financial aid life cycle, from FAFSA submission to aid disbursement, renewal, and repayment. Click through each stage to better understand key processes, timelines, and how to support students at every step of their financial aid journey.
Repayment Phase
Renewal Cycle
FAFSA Submission
Eligibility Review
Award Notification
Accepting & Completing
Disbursement of Funds
Enrollment & SAP
October 1
Spring- Summer
Fall & Spring
October 1
Grace Period
Spring- Summer
Aug 15/Jan 15
End of Term
Mark Your Calendar
Renewal Cycle
Students must reapply for financial aid every year by submitting a new FAFSA. Annual renewal helps determine updated eligibility.
Accepting Awards & Completing Requirements
Students must actively accept or decline certain types of aid. For federal loans, students must complete:
- Master Promissory Note (MPN)
These steps must be completed before loans can be disbursed.Award Notification
Once eligibility is determined, students receive a financial aid offer package that may include grants, scholarships, work-study, and loans. This is visible in the student's portal.
Ongoing Enrollment & Satisfactory Academic Progress (SAP)
Students must remain enrolled and meet Satisfactory Academic Progress (SAP) standards to continue receiving aid. Enrollment changes can impact aid eligibility.
FAFSA Submission
The financial aid process begins when a student completes the FAFSA (Free Application for Federal Student Aid). This application collects financial information to determine eligibility for federal, state, and institutional aid.
Disbursement of Funds
Financial aid is officially disbursed to a student’s account after enrollment is confirmed, typically after the add/drop deadline. Funds are applied to tuition and fees first, and any remaining balance is issued as a refund.
Financial Aid Calendar
Quick Summary for Advisors
Repayment Phase
After graduation, withdrawal, or dropping below half-time enrollment, loan repayment begins following a grace period.
Eligibility Review
After submission, the FAFSA data is sent to the school. The Financial Aid Office reviews the application, checks for errors, and may request additional documents if the student is selected for verification.