Federal Student Aid (2024)

FAQs

Federal Student Aid? ›

Federal Student Aid provides financial assistance to students enrolled in eligible programs at participating postsecondary schools (accredited four-year or two-year public or private educational institutions, career schools or trade schools) to cover the cost of education expenses, including tuition and fees, room and ...

Federal Student Aid provides financial assistance to students enrolled in eligible programs at participating postsecondary schools (accredited four-year or two-year public or private educational institutions, career schools or trade schools) to cover the cost of education expenses, including tuition and fees, room and ...

Go to fafsa.gov.

If you don't have an FSA ID and think this is an error, please call Federal Student Aid at 1-800-433-3243 for assistance with your FSA ID. Was this page helpful?

The type of aid you receive after filling out the FAFSA determines if you need to pay it back. Grants, scholarships, and work-study money don't need to be repaid but have finite funding limits. You will need to repay subsidized, unsubsidized, and Direct Plus Loans.

To receive federal student aid, you'll need to… to obtain a college, career school, or trade school education, either by having a high school diploma or equivalent, by completing a high school education in a homeschool setting approved under state law, or by meeting the criteria for an ability-to-benefit alternative.

The majority of students awarded financial aid received federal grants. The average federal grant award for undergraduate students has more than doubled to $8,890 in 2022 from $4,335 in 2001. Student aid estimates for 2022-2023 show that average federal grant aid has increased to $10,677.

It is not the financial aid itself. However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid. There are three main types of financial aid.

Is FAFSA for everyone? ›

Basic FAFSA eligibility requirements

Be a U.S. citizen or eligible noncitizen with a valid Social Security number (with certain exceptions). Have a high school diploma or a GED certificate. Be enrolled or accepted for enrollment in a qualifying degree or certificate program.

After logging in, you'll be given the option to select your applicable role to fill out the FAFSA form: “Student” or “Parent.” You (the student) should select “Student.” If a parent wants to start their dependent child's FAFSA form, they should select the “Parent” option.

You need to fill out the Free Application for Federal Student Aid (FAFSA^®) form only once per year, but the federal government, your state government, and your school have different dates by which you must do so to be eligible for each of their aid programs.

The primary factors that increase your total loan balance are loan interest, recapitalized interest, fees, and variable interest rates.

Federal student loans are owned by the U.S. Department of Education while private student loans are owned by the financial institution that granted them.

Forms submitted electronically are processed within one to three days. Paper forms are processed within 7–10 days.

Federal student aid from the Department of Education covers such expenses as tuition and fees, housing and food, books and supplies, and transportation. Aid can also help pay for other related expenses, such as a computer and dependent care.

Financial aid is either money that doesn't need to be paid back, known as gift aid, or earned through a federal work-study program. Student loans must be repaid within a given loan term. Not only are students expected to pay back student loans, but there's typically interest that accrues over the life of the loan.

Financial aid is typically awarded based on financial need, while scholarships are awarded based on merit or achievement. This means that students from low-income families are more likely to qualify for financial aid.

To qualify for financial aid, students must have a high school diploma, be home-schooled, or have one of the following recognized equivalents of a high school diploma.