Federal Student Aid (2024)

FAQs

Federal Student Aid? ›

Aid is available from the federal government in the form of grants, work-study funds, and loans. Students use the Free Application for Federal Student Aid (FAFSA^®) form to apply.

Aid is available from the federal government in the form of grants, work-study funds, and loans. Students use the Free Application for Federal Student Aid (FAFSA^®) form to apply.

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.

To see your aid, log in to your StudentAid.gov account using your account username and password (FSA ID). Learn more about possible reasons why your StudentAid.gov account is missing loan or grant info.

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

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.

Generally, your grant or loan will cover a full academic year and your school will pay out the money in at least two payments called disbursem*nts. In most cases, the school must pay at least once per term (semester, trimester, or quarter).

If you submitted a paper FAFSA form, your form will be processed within 7 to 10 days. Once your form is processed, you'll receive a copy of your Student Aid Report (SAR), which summarizes the information you provided on your FAFSA form. Review your SAR and make sure all of the information is complete and accurate.

To be considered for federal student aid for the 2023–24 award year, you can complete a Free Application for Federal Student Aid (FAFSA^®) form between Oct. 1, 2022, and 11:59 p.m. Central time (CT) on June 30, 2024. Any FAFSA corrections or updates must be submitted by 11:59 p.m. CT on Sept. 14, 2024.

What income is too high for FAFSA? ›

What income is too high for FAFSA? There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.

Other reasons for financial aid disqualification include: Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school. Defaulting on a student loan.

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.

Does FAFSA Check Your Bank Accounts? FAFSA doesn't check anything, because it's a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

Unlike federal student loans, Pell Grants don't have to be paid back except under certain circ*mstances. Millions of Pell Grants are awarded each year to eligible undergraduate students who submit the Free Application for Federal Student Aid (FAFSA^®) form.

The Free Application for Federal Student Aid (FAFSA^®) form is an application for federal student aid. You need to complete the FAFSA form to apply for federal student aid such as federal grants, work-study funds, and loans.

Pell Grants are federal grants and Cal Grants are state grants. Both are for students with financial need. Some Cal Grants have a minimum GPA requirement while federal Pell Grants do not. You could qualify for both a Pell Grant and a Cal Grant.

Direct PLUS Loans are credit-based, unsubsidized federal loans for parents and graduate/professional students. Direct PLUS Loans for parents are also known as Parent PLUS Loans.

You apply for your student loan once a year by filling out the FAFSA. But your loan is actually paid out in two separate parts: one for each semester of that school year.