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The original FAFSA form had 108 questions, which was a significant barrier for many low-income families seeking financial aid. [22] The questions were broadly seen as excessively detailed and unnecessarily complicated, with students being required to dedicate several hours to completing their application.
To apply for federal financial aid, students must first complete the Free Application for Federal Student Aid . The financial aid process has been criticized for its part in enrollment management, whereby students are awarded money not based on merit or need, but on the maximum the student families will pay. [1]
In the United States, federal assistance, also known as federal aid, federal benefits, or federal funds, is defined as any federal program, project, service, or activity provided by the federal government that directly assists domestic governments, organizations, or individuals in the areas of education, health, public safety, public welfare, and public works, among others.
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.
[1] [2] Originally known as a Basic Educational Opportunity Grant, it was renamed in 1980 in honor of Democratic U.S. Senator Claiborne Pell of Rhode Island to honor his central role in creating the program. [3] [4] A Pell Grant is generally considered the foundation of a student's financial aid package, to which other forms of aid are added. [5]
The FAFSA4caster estimates your federal financial aid award before you apply, helping you to compare the cost of attendance at multiple colleges. Plus, you can take steps to maximize the amount of ...
Student financial aid (or student financial support, or student aid) is financial support given to individuals who are furthering their education. Student financial aid can come in a number of forms, including scholarships, grants, student loans, and work study programs. Each of these methods of providing financial support to students has its ...
The lender is the U.S. Department of Education... rather than a bank or other financial institution." [1] It is the largest single source of federal financial aid for students and their parents pursuing post-secondary education and for many it is the first financial obligation they incur, leaving them with debt to be paid over a period of time ...