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For unmarried students under 24, Congress mandates that parental income and assets be included. The resulting figure is the student's "need". Colleges attempt to provide students with enough financial aid to meet all student need, but in most cases are unable to do so completely. The result is "unmet need".
The Free Application for Federal Student Aid (FAFSA) must be submitted for each year of enrollment. One form covers both semesters of the school year with payments issued every quarter or semester.
The federal financial aid form looks different in the 2024-25 school year. Here's what college students and parents need to know about the new FAFSA.
The new FAFSA will replace the Expected Family Contribution with a different formula called the Student Aid Index that will help determine the amount that each student can receive in financial aid.
The amount of military aid a student receives for a college education does not defer eligibility or reduce the amount of student aid that student could receive from the four federal grant programs – Pell, SMART, FSEOG, and TEACH – and many of the state student aid programs. Student Aid and Fiscal Responsibility Act (SAFRA) of 2010 changed ...
Federal Student Aid is also responsible for the development, distribution, and processing of the Free Application for Federal Student Aid (FAFSA), the fundamental qualifying form used for all federal student aid distribution programs, as well as for many state, regional, and private student aid programs. Each year Federal Student Aid's staff ...
The FAFSA determines eligibility for federal Pell Grants and federal student loans – and in most cases, the financial aid provided by colleges as well, though some require students to submit an ...
Students should check with the current requirements for FAFSA. Students can start to investigate the FAFSA as early as junior year of high school. [3] The Free Application for Federal Student Aid is open to all students who have need. The program will determine if students qualify and how much money they will receive.