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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.
An education loan is a loan taken out by the student (or parent) to pay for educational expenses. Unlike scholarships and grants, this money must be repaid with interest. Educational loan options include federal student loans, federal parent loans, private loans, and consolidation loans.
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.
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...
If you miss a state deadline, submit your FAFSA as soon as possible, then reach out to your state’s financial aid agency to ask about your options. There’s a possibility that you still could ...
The cost of higher education has doubled in the 21st century. According to the Education Data Initiative, an average year of college -- including books, supplies, meals, and daily expenses -- now...
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 FAFSA application process is now easier to complete, as the application has been simplified in recent years to make it easier for students to apply for federal financial aid.