![]() Let's take a closer look at each of these steps to understand better how long it takes to receive FAFSA money. Generally, schools distribute grant or loan money in disbursements at least once per term at the start of the semester/trimester or quarter, which is on average twice per year with the semester system. The length of time this takes varies by the academic institution, but the financial aid award usually arrives along with or shortly after an offer of admissionįAFSA funds are distributed by the school Schools prepare a financial aid award letter This takes between three days and three weeks from the time the FAFSA is submitted Students receive a Student Aid Report (SAR) and schools receive an Institutional Student Information Record This generally takes anywhere from 30 minutes to one hour For the 2022 to 2023 academic year, it's open from Octoto June 30, 2023 The FAFSA opens up in October and runs through June of the following year.
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