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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 ...
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]
To qualify for need-based aid a student must have a significant amount of financial need, which is determined by the federal government based on the FAFSA. Using the information submitted on the FAFSA, the U.S. Department of Education calculates a figure called the Expected Family Contribution (EFC). If the EFC is less than the cost of ...
Most federal aid is need-based. The three most common types of aid are grants, loans, and work-study funds. 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.
The FAFSA Simplification Act makes it easier for students to receive Pell grants, linking eligibility to a student's family size and the poverty level set by federal guides.
Filling out the FAFSA form can be long and arduous, yet yield thousands of dollars in subsidized loans for students. Due to the amount of time it typically takes to fill out, there are some common...
EFC and FAFSA might seem confusing, but these simple-enough terms will help you figure out how much need-based financial aid you could receive for college — all you’ll need is some middle ...
This grant money is limited at colleges and universities and usually is given to those who have completed their FAFSA application early and are eligible to receive this grant. Federal Direct Subsidized Loan – Part of the Federal Direct Student Loan Program , Federal Direct Subsidized loans are need-based loans whose interest is paid by the ...