<p>I submitted mine about a week ago, and today it was processed. Does that mean that the government has reviewed my information or does it just give a preliminary amount based on what you reported?</p>
<p>The government doesn’t “give” you anything. The FAFSA computes a family contribution. If you are eligible for the Pell grant, you would get that, and a stafford loan. Beyond that, you need to wait for the college(s) to review the information and determine your need based award.</p>
<p>The colleges you listed will be able to access your information and put a financial aid letter together for you that will list your aid. The letter will most likely include any federal money, state money and/or money from the college. You can go into your FAFSA and add additional colleges if you need to. The form will process again and the new college you added will be able to access your information.</p>
<p>It gives you a preliminary EFC based on the information that you have put in. If you filed it using last year’s numbers, then you will have to amend it with the numbers from 2011 your tax return one you/your parents file taxes. When this happens, you/your parents will change your status from will file to filed.</p>