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Need-based financial aid is awarded based on the financial need of the student. The "need" of each student is a figure determined separately for each student. The Free Application for Federal Student Aid application (FAFSA) is generally used for determining federal, state, and institutional need-based aid eligibility.
There are a number of free calculators on the Web to help applicants estimate the EFC before filing the FAFSA. Recipients of need-based financial aid must reapply for each year by completing a new FAFSA. The term and concept of Expected Family Contribution was replaced by the term Student Aid Index (SAI) in 2024. [2]
The college financial aid application used by millions of American families is now officially open for the 2025-2026 school year -- 10 days ahead of schedule. What do I need to know about applying ...
The ISIR is also sent to state agencies that award need-based aid. Students can file an appeal with their college financial aid office in order to seek additional financial aid if their current financial situation is no longer the same as the financial information they provided on FAFSA (i.e. their parent recently lost their job).
The Federal Student Aid office announced 200,000 FAFSA applicants received incorrect financial aid packages that need to be recalculated and resubmitted to college financial aid offices.
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 ...
The FAFSA Simplification Act called for ED to consider inflation when calculating a student's financial aid need. It remained unclear for a few weeks whether ED would make the fix at all or simply ...
Campus-Based Aid includes types of aid that schools are responsible for administering on behalf of the federal government. Federal Perkins Loans are low-interest loans made through a school’s financial aid office using federal funds. Undergraduate and graduate students with exceptional financial need are eligible to receive a Federal Perkins ...