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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".
The Free Application for Federal Student Aid (FAFSA) is a form completed by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.
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 ...
Federal Student Aid (FSA), an office of the U.S. Department of Education, is the largest provider of student financial aid in the United States. Federal Student Aid provides student financial assistance in the form of grants, loans, and work-study funds.
These have much higher loan limits, usually enough to cover costs that exceed student financial aid. Payments start immediately after education ends, although prepayment is allowed. Credit history is considered; thus, approval is not automatic. Interest accrues during the time the student is in school. PLUS interest rates as of 2017 were 7%. [80]
As part of its cost-transparency measures, the HEOA of 2008 also requires on the College Navigator Web site a report giving the average institutional net price of attendance for first-time, full-time students who receive financial aid. This also forms the basis for transparency lists; a report on the College Navigator Web site the institutional ...
Title IV of the Higher Education Act of 1965 (HEA) covers the administration of the United States federal student financial aid programs. [1]American colleges and universities are generally classified with regard to their inclusion under Title IV, such as under the U.S. Department of Education statistics.
The Higher Education Relief Opportunities For Students (HEROES) Act (Pub. L. 108–76 (text)) was legislation passed unanimously by the United States Congress and signed into law by President George W. Bush on January 16, 2002. It was extended and amended in 2003, extended in 2005, and made permanent in 2007.