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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 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.
The federal government offers unsubsidized Stafford Loans, which are available to any family regardless of need, as a source of funds to cover the unmet need. In cases in which a student qualifies for merit-based (rather than need-based) financial aid, the student and their family may pay less than the EFC.
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.
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...
EFC and FAFSA might seem confusing, but these simple-enough terms will help you figure out how much need-based financial aid you could receive for college — all you’ll need is some middle ...
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.
The FAFSA Simplification Act impacts all college students, regardless of their income and financial situation. In some cases, financial aid will increase substantially for students, while others ...