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Need-based financial aid is awarded based on the financial need of the student. The "need" of each student is a figure determined separately for each student. The Free Application for Federal Student Aid application (FAFSA) is generally used for determining federal, state, and institutional need-based aid eligibility.
The original FAFSA form had 108 questions, which was a significant barrier for many low-income families seeking financial aid. [22] The questions were broadly seen as excessively detailed and unnecessarily complicated, with students being required to dedicate several hours to completing their application.
The FAFSA4caster estimates your federal financial aid award before you apply, helping you to compare the cost of attendance at multiple colleges. Plus, you can take steps to maximize the amount of ...
The FAFSA determines eligibility for federal Pell Grants and federal student loans – and in most cases, the financial aid provided by colleges as well, though some require students to submit an ...
Income Protection Allowance: The federal government provides an income protection allowance based on the size of the household and the number of family members attending college. This allowance ensures that a portion of the income is not included in the EFC calculation, providing some relief for families.
The cost of one year at an in-state, four-year college keeps rising each year — surpassing $20,000 during the 2016-2017 school year.
The FAFSA Simplification Act makes it easier for you to qualify for financial aid. ... need based on household income, family size and cost of attendance, will be replaced with the Student Aid ...
The federal financial aid form looks different in the 2024-25 school year. ... The federal government said an additional 610,000 students from low-income backgrounds will be eligible to receive ...