How soon should I receive my financial aid after I receive my SAR?

How much money can I receive from FINANCIAL AID for this summer ?

• I just received my SAR and turned in all my documents needed into my financial aid office at school. My EFC is 0 and I applied a little late for this summer. I have to pay the money upfront and will get reimbursed. I'm just wondering what's the most I can receive from financial aid for summer if I applied a little late ? What's full financial aid for the summer ? I know for regular school year it's somewhere around $4,500. Thanks in advance, I really appreciate it.

• Answer:

  The amount you can receive is based on your grade level (credits you have), and whether your school allows you to manage your own account or offers XS Funding. If they do not offer either of those, you will receive the exact tuition of your schooling, and nothing more. If they do, you may be eligible to receive the government max in standard Title IV funding depending on your grade level, and with an EFC of 0, you should also be eligible for the Perkins Loan(up to $5000 based on available funding), SFEOG (up to $1000 grant, based on funding available) and full Pell grant of $4310.00 Depending on your grade level you will receive either 1-23 credits -$7500 Stafford (Sub and unsub) 24-47 credits $8500 Stafford (Sub and unsub) 48+ credits $10500 Stafford (Sub and unsub) So saying you are a junior or senior and your school has full funding with XS accounts you can receive a total of $20,910 in grants and loans. Now, that will never happen, but it is reasonable to assume Full Stafford and $4310 in Pell at the minimum. Hope this helps