Federal Student Aid (2024)

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Federal Student Aid (2024)

FAQs

Federal Student Aid? ›

Completing and submitting the FAFSA form is free and easier than ever, and it gives you access to federal student aid—the largest source of aid— to help you pay for college or career/trade school. In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid.

Is federal student aid different from FAFSA? ›

Completing and submitting the FAFSA form is free and easier than ever, and it gives you access to federal student aid—the largest source of aid— to help you pay for college or career/trade school. In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid.

How much federal aid can a student get? ›

How much can you get from FAFSA?
Maximum amount (2024-25)
Direct Subsidized Loan$3,500 to $5,500 per year, depending on year in school
Direct Unsubsidized Loan$5,500 to $20,500 per year, depending on year in school and dependency status
Direct PLUS LoanTotal cost of attendance (net of other financial assistance received)
4 more rows

How do I access my FAFSA? ›

2023–24 FAFSA® Form
  1. going to fafsa.gov;
  2. selecting “Start or Edit a 2023–24 FAFSA Form;”
  3. selecting “I am a student and want to access the 2023–24 FAFSA form;”
  4. selecting “Log In to Continue;”
  5. logging in with your StudentAid.gov account username and password; and.
  6. finding your application status on the “My FAFSA” page.

Is the federal student aid website down? ›

User reports indicate no current problems at FAFSA.

What are the three types of federal student aid? ›

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

Is FAFSA free money or a loan? ›

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.

What is the highest income to qualify for financial aid? ›

There is no maximum income you can have for the FAFSA. Whether you're the richest person in the country or have an annual income of $0, you can submit the FAFSA.

How much does the average student get in federal aid? ›

Data Summary. 70% of full-time, first-year undergraduate students in 2021-2022 were awarded some type of financial aid. 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.

How much money does federal student aid offer each year? ›

The office of Federal Student Aid (FSA) provides approximately $114.1 billion in grant, work-study, and loan funds each year to help students and their families pay for college or career school.

How to see how much FAFSA will give you? ›

Once your FAFSA form or correction has been processed, you can get a copy of your SAR by logging in to fafsa.gov using your FSA ID and selecting the “View SAR” option near the middle of the “My FAFSA” page.

How do I know if I qualify for FAFSA? ›

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 will I know if my FAFSA was approved? ›

Your FAFSA status can be found on the “My FAFSA” page, which you'll see right after you log in if you've started or completed a FAFSA form.

Why is FAFSA not giving money? ›

If you did not complete the FAFSA for the academic year when you are seeking aid, you won't receive any. If you did complete the FAFSA, but didn't receive financial aid, confirm that you completed the form for the correct year. Contact your school's financial aid office if the wrong form was completed.

Do both parents need to fill out FAFSA? ›

If your parents are married (not separated), both of your parents' information must be included on the FAFSA form, regardless of whether your parents are of the same or opposite sex. If your parents didn't file taxes jointly, then both of your parents are contributors.

How long does FAFSA take to process? ›

This article applies only to the 2023–24 Free Application for Federal Student Aid (FAFSA®) form. If you submitted your 2023–24 FAFSA form online, we'll process your form within three to five days. If you submitted a paper FAFSA form, your form will be processed within 7 to 10 days.

Is the FAFSA required for federal student aid? ›

The Free Application for Federal Student Aid (FAFSA) is a form you must complete to receive federal or state financial aid as a college student. The 2023-24 academic year application opened on Oct. 1, 2022, and closes on June 30, 2024, although many states have earlier deadlines for state-based aid.

Is Federal Pell Grant the same as federal student aid? ›

A Federal Pell Grant is a type of grant that provides funds to help pay for school. Pell Grants are typically awarded to undergraduate students who display exceptional financial need. Unlike federal student loans, Pell Grants don't have to be paid back except under certain circ*mstances.

Who qualifies for federal student loans? ›

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.

What is the purpose of the FAFSA or Free Application for Federal Student Aid? ›

The FAFSA® form allows students to request federal grants, work-study funds, and loans, all in one application. The FAFSA® form allows students to request federal grants, work-study funds, and loans, all in one application.

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