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There’s one form prospective and current college students must submit in order to receive federal financial aid, and it looks a lot different than in prior years. The new FAFSA: What you need to ...
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 FAFSA is a free government application that uses financial information from you and your family to determine whether you can get financial aid from the federal government to pay for college.
In order to receive federal student financial aid, students must meet the following criteria: have maintained a Satisfactory Academic Progress (SAP); [1] [2] be a U.S. citizen, a U.S. national, or an eligible non-citizen; have a valid Social Security number; have a high school diploma or GED;
Grants are a type of financial aid that does not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, cost of attendance, and enrollment status. Federal Pell Grants are designed for low- and middle-income undergraduate students. Pell Grants for the 2023–2024 school year range from $750 to ...
Decreases in the amount of financial aid lead to decreases in enrollment. However, different types of financial aid have differing effects. Grant awards tend to have a stronger effect on enrollment rates. [72] Changes in tuition and financial aid affect poorer students more than they affect students with higher incomes. [72]
For example, a family with an adjusted gross income of $60,000 and a farm worth $1 million would previously be expected to contribute $7,626 annually for college.
The federal government does not distribute aid directly to the student or the student's family; it goes through the college. Colleges use the student's federal student aid eligibility and combine it with state financial aid (if any) and their own aid to create a financial aid package for the student.