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You can complete the Free Application for Federal Student Aid (FAFSA), which opened in December 2023 instead of October, to determine how much federal aid you potentially qualify for in the ...
The FAFSA Deadline Act in 2024 made the October availability date part of the law. [8] The 2016–2017 academic year was the final time the FAFSA was not made available until January 1. [7] Two-year old US tax information is used to complete the financial sections of the FAFSA beginning with the 2017–2018 academic year.
In recent years, some states have even made completing the FAFSA a high school graduation requirement. The U.S. Department of Education awards more than $122.4 billion in federal grants, loans and ...
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 attending a college, the student has a financial need (as the term is used in the U.S. financial aid system).
The federal financial aid form looks different in the 2024-25 school year. Here's what college students and parents need to know about the new FAFSA.
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]
Generally, grants are for undergraduate students and the grant amount is based on need, cost of attendance, and enrollment status. Federal Pell Grants are designed for low- and middle-income undergraduate students. Pell Grants for the 2023–2024 school year range from $750 to $7,395. [4]
Filling out the Free Application for Federal Student Aid, known as the FAFSA, is one of the most important steps students and their families can take to pay for college. In fact, the U.S ...