Federal Student Aid (2024)

FAQs

Federal Student Aid? ›

Through Federal Student Aid (a performance-based organization), the U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and low-interest loans to approximately 13 million students.

Through Federal Student Aid (a performance-based organization), the U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and low-interest loans to approximately 13 million students.

Apply for federal student aid—grants, work-study, and loans—using the Free Application for Federal Student Aid (FAFSA^®) form.

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?

They can both be used to help fund education-related expenses. Financial aid doesn't typically need to be repaid. Student loans must be repaid within a given loan term, plus interest. FAFSA® must be filled out for financial aid and federal student loans.

However, federal student loans received through your FAFSA do have to be repaid with interest after you graduate or leave school. It's essential to understand the types of aid included in your financial aid award letter.

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.

Eligibility for federal student aid is based on financial need and on several other factors such as U.S. citizenship or eligible noncitizenship, enrollment in an eligible program, satisfactory academic progress in college, and more.

You also can't pay for the purchase of a car with financial aid funds. In particular, a qualified education loan is used solely to pay for qualified higher education expenses, which are limited to the cost of attendance as determined by the college or university.

Eligibility Requirements. Our general eligibility requirements include that you have financial need for need-based aid, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at an eligible college or career/trade school.

How much is the total federal student aid? ›

$240.7 billion: The total amount of aid that undergraduate and graduate students received in 2022-23 from all grants, federal loans, federal education tax benefits, and federal work-study. Average aid per full-time equivalent (FTE) student in 2022-23 was: $15,480 per undergraduate student. $28,300 per graduate student.

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

If both parents provided an equal amount of financial support or if they don't support you financially, the parent with the greater income and assets is the contributor and must provide their information. If your parent is widowed, that parent is the contributor and must provide their information.

Quick information on Pell grants: A Federal Pell Grant, unlike a loan, does not have to be repaid. The maximum Federal Pell Grant award is $6,895 for the 2022–23 award year (July 1, 2022, to June 30, 2023).

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.

Undergraduate federal student loans. Grants and work-study don't require reimbursem*nt. Federal student loans, on the other hand, are borrowed from the federal government and must be repaid, usually with interest. All federal undergraduate loans have the same fixed rate, determined by Congress.

In the United States, federal assistance, also known as federal aid, federal benefits, or federal funds, is defined as any federal program, project, service, or activity provided by the federal government that directly assists domestic governments, organizations, or individuals in the areas of education, health, public ...

The FAFSA is an application that the federal government uses to gather the financial information it needs to assess what loans and grants you qualify for. The FAFSA needs to be completed each new aid year to determine eligibility for federal student aid.

A federal student loan is a type of loan provided by the U.S. government to eligible students or their parents/guardians to help cover the cost of higher education. Since funds are distributed directly from the government, they are a dependable option for financing education.

The maximum amount of money you can get from a Pell Grant is: $7,395 (2023–24). The amount granted depends on your Expected Family Contribution (EFC), cost of attendance, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.