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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.
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 ...
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.
Students must complete and submit the FAFSA annually to be considered each school year for federal work-study and funds such as the Pell Grant, federal student loans and the Federal Supplemental ...
Many schools and states use the FAFSA to determine student aid. The Free Application for Federal Student Aid, commonly known as the FAFSA, is a form that determines student aid eligibility for ...
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 ...
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]