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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;
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 EFC is included on the Student Aid Report and Institutional Student Information Record, which are sent after filing a form called a Free Application for Federal Student Aid . [ 1 ] There are a number of free calculators on the Web to help applicants estimate the EFC before filing the FAFSA.
Each year Federal Student Aid's staff processes approximately 22 million FAFSAs. Additionally, Federal Student Aid is responsible for enforcing the financial aid rules and regulations required by the Higher Education Act of 1965 and the U.S. Department of Education and managing the outstanding federal student loan portfolio.
With the new FAFSA, an increased number of families is expected to be eligible for financial aid. In fact, the Department of Education estimates that 610,000 more students will qualify for a Pell ...
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".