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[1] 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 program caps total need-based loans at $15,000, assuming on-time progression toward graduation with up to eight semesters of study." [67] Grinnell College "Beginning in the 2008-09 academic year, need-based loans for all eligible students will be capped at $2,000 per year." [68] University of Maryland, College Park: Students with need-based ...
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 cost of one year at an in-state, four-year college keeps rising each year — surpassing $20,000 during the 2016-2017 school year.
The FAFSA typically opens in October, but changes to the application delayed its opening date to Dec. 31. That means students and their families have a smaller window to apply before college ...
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 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 ...