SDN Members don't see this ad. (About Ads) I didn't have loans in undergrad so I am so unfamiliar w/ this process ... I plan on submitting the FAFSA this week. I was wondering how long before you hear back from them about funding? Is the money sent to the school or to the individual? How did you calculate exactly how much you would need (above and beyond tuition)? Can money from the federal loans be used for living expenses? Thanks!