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The Free Application for Federal Student Aid (FAFSA) is a form completed by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.
The federal government does not distribute aid directly to the student or the student's family; it goes through the college. Colleges use the student's federal student aid eligibility and combine it with state financial aid (if any) and their own aid to create a financial aid package for the student.
Financial aid is available from federal and state governments, educational institutions, and private organizations. It can be awarded through grants, loans, work-study, and scholarships. To apply for federal financial aid, students must first complete the Free Application for Federal Student Aid .
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.
Any person in F-1 or F-2 status, who is a nonresident for tax purposes during a calendar year, and is not filing an income tax return, must file a standalone Form 8843 by June 15 of the next year. [115] Since people in F-2 status cannot legally earn income in the United States, they would generally need to file the standalone Form 8843.
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Federal aid policies expanded loan eligibility and shifted from grants to loans [29] starting the rising student debt. The Federal Pell Grant, a form of federal aid for higher education students that does not need to be re-paid, only provides a maximum annual grant of $6,195 per student for the 2019-2020 award year. [30]
ECFA was founded with the establishment of seven standards of accountability that covered board governance, the requirement for audited financial statements, the requirement for public disclosure of the audited financial statements, the avoidance of conflicts of interest, and standards regarding fundraising activities.