Federal Student Aid (2024)

FAQs

Should I answer questions about student assets on FAFSA? ›

FAFSA® requires details about your (and your spouse's, if you're married) financial assets to help calculate how much aid you'll need to pay for college.

Some of the most common reasons your grant funds may be reduced are: You didn't enroll full time. Pell Grants are prorated for part-time enrollment, You didn't begin attending all of your classes before the financial aid lock date.

When you log in to StudentAid.gov, you'll be taken to your Dashboard. Your Dashboard tracks info about your federal student aid, including how much you've borrowed and what kinds of aid you've received. If you select “View Details” under the “My Aid” section, you'll go to your “My Aid” page.

If you're given the option to skip questions, keep in mind that doing so won't affect your eligibility for federal student aid.

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

It's possible that you might not receive your entire scheduled award for an award year. There are a few reasons for this, the most common of which are that you are not enrolled for the full year or that you are not enrolled full-time, or both. We calculate the percentage of the scheduled award that you did receive.

Award amounts can change yearly. The maximum Federal Pell Grant award is $7,395 for the 2023–24 award year (July 1, 2023, to June 30, 2024). The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025).

In most cases, due to the IRS Data Retrieval Tool for the 2023–24 FAFSA form, you won't have to verify income and tax information. However, if you are selected for verification, the school may ask you to submit a tax transcript or other documentation to confirm the information you reported.

What happens if you put wrong income on FAFSA? ›

A mistake on your FAFSA can delay the processing of your application for financial aid. If your FAFSA is verified and contains errors, it can cost you.

To check the status of your FAFSA^®, log in to studentaid.gov with your Federal Student Aid ID. You'll be able to view your status right after you log in if you've started or completed a FAFSA^®.

Did You Know? There is no income cut-off to qualify for federal student aid. Many factors—such as the size of your family and your year in school—are considered.

The SAI formula calculates the total financial resources of you and your parents (or spouse in some cases) then deducts the minimum amount needed for your family's normal annual living expenses. The remaining amount may, in part, be allocated for college expenses.

If you've opted to defer your minimum payments, perhaps due to being in school, going through a financial hardship, or being on a grace period after graduation, your loan balance can grow significantly. During deferment, interest continues to accrue, increasing the total amount you owe.

Don't forget to look at your own finances. While you may not have as much in your savings account, student assets are weighted more heavily (20% for the FAFSA), so these must be reported, too.

The student should keep no cash or cash equivalents saved in their name. Students are punished by the FAFSA for saving any cash. The FAFSA will specifically ask “As of today what is the cash balance of checking, savings…” accounts for the student.

As a dependent student, you're assumed to have parental support, so your parents' information has to be assessed along with yours to get a full picture of your family's financial strength and calculate your federal student aid eligibility.

Some colleges or career schools may require information about your parents to determine your eligibility for college or career school aid. However, answering these questions won't affect your eligibility for federal student aid, such as a Federal Pell Grant. Select “Yes” to answer questions about your parents.