Federal Student Aid (2024)

FAQs

Is federal student aid different from FAFSA? ›

Apply for federal student aid—grants, work-study, and loans—using the Free Application for Federal Student Aid (FAFSA^®) form. And remember, the first F in “FAFSA” stands for “free”—you shouldn't pay to fill out the FAFSA form!

Federal Student Aid offers grants, loans, work-study, and more to help you pay for college or career school. Use the Free Application for Federal Student Aid (FAFSA) to apply.

Apply online at FAFSA on the WebSM (the faster and easier way) by going to www.fafsa.gov. The college or career school that you plan to attend might request additional information from you. Be sure to respond by any deadlines, or you might not receive federal student aid.

Eligibility Requirements. Our general eligibility requirements include that you have financial need for need-based aid, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at an eligible college or career/trade school.

Although there are some broad requirements you must meet to qualify for federal aid, there's no FAFSA income limit. The FAFSA's calculations are complex and consider many factors outside of your earnings, including your school's cost of attendance, your family size, and your year in school.

FAFSA aid is calculated based on a number of factors. Broadly speaking, these include a student's Expected Family Contribution (EFC) and cost of attendance. A student's EFC is subtracted from their COA to determine the amount of need-based aid the student is eligible for.

It is not the financial aid itself. However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid. There are three main types of financial aid.

Subsidized loans

As mentioned, borrowers who qualify for subsidized Stafford loans must demonstrate financial need (which is shown when you file the FAFSA^®). These loans also have lower borrowing limits than their unsubsidized counterparts: students can borrow up to $5,500 a year, or $23,000 total.

Will I get financial aid if my parents make over $200 K? ›

But you might be surprised to learn that there are no FAFSA income limits to qualify for aid. For example, a family with a household income of hundreds of thousands of dollars could be helped by other factors in the FAFSA formula, including school costs and the number of siblings also attending school.

Most types of FAFSA aid can be extended beyond 4 years if need be: The Pell Grant is available for up to 6 years (but is applicable only to a first bachelors) The federal student loan programs don't have time limits but do have aggregate amount limits.

This article applies only to the 2023–24 Free Application for Federal Student Aid (FAFSA^®) form. If you submitted your 2023–24 FAFSA form online, we'll process your form within three to five days. If you submitted a paper FAFSA form, your form will be processed within 7 to 10 days.

Generally, it can range from a few days to a few weeks. Factors like application timing, school term start dates, and lender or loan type delays can influence this timeline. In this article, we delve into various loan types, outline the student loan timeline, and share tips to expedite the process.

How Long for Federal Student Loans. After you complete your FAFSA, enroll in college, accept your student aid offer, and sign the master promissory note, you still won't receive your funds right away. For federal loans, the entire process can take 1-3 weeks for first-time borrowers.

This article applies only to the 2023–24 Free Application for Federal Student Aid (FAFSA^®) form. A Student Aid Report (SAR) is an electronic or paper document that summarizes the information you reported on your FAFSA^® form.

The FAFSA is the official form that students or their families use to apply for financial assistance for college from the federal government. States, individual colleges and universities, and private scholarship programs rely on the information provided in the application as well.

Unlike federal student loans, Pell Grants don't have to be paid back except under certain circ*mstances. Millions of Pell Grants are awarded each year to eligible undergraduate students who submit the Free Application for Federal Student Aid (FAFSA^®) form.