Federal Student Aid (2024)

FAQs

Federal Student Aid? ›

To apply for a federal student loan, you must first complete and submit a Free Application for Federal Student Aid (FAFSA^®) form. Based on the results of your FAFSA form, your college or career school will send you a financial aid offer, which may include federal student loans.

To apply for a federal student loan, you must first complete and submit a Free Application for Federal Student Aid (FAFSA^®) form. Based on the results of your FAFSA form, your college or career school will send you a financial aid offer, which may include federal student loans.

The 2024–25 Free Application for Federal Student Aid (FAFSA^®) form is now available. You can complete the form to apply for financial aid to help pay for attendance at college between July 1, 2024, and June 30, 2025.

$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

To access your StudentAid.gov account, you'll need to provide your username and password (FSA ID) followed by a two-step verification secure code. A verified phone number or email address can be used instead of a username to log in.

Apply for federal student aid—grants, work-study, and loans—using the Free Application for Federal Student Aid (FAFSA^®) form.

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.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college.

If your (the student's) parents are married, remarried, or unmarried and living together, you must invite at least one parent as a contributor with the option to invite the other parent as well. If you only invite one parent, that person will be the parent contributor on your FAFSA form.

It's best to apply as close to the opening date, October 1, as possible. Federal Student Aid, the government provider of student financial assistance in the US, hands out grants, loans, and more on a “first-come, first-served” basis, meaning there's more money to work with at the very start of a new FAFSA cycle.

How much does the average student get in federal aid? ›

The majority of students awarded financial aid received federal grants. The average federal grant award for undergraduate students has more than doubled to $8,890 in 2022 from $4,335 in 2001. Student aid estimates for 2022-2023 show that average federal grant aid has increased to $10,677.

Direct Stafford Loans are student loans that must be repaid and are available to both undergraduate and graduate students. First-year undergraduates are eligible for loans up to $5,500. Amounts increase for subsequent years of study, with higher amounts for graduate students.

Once your FAFSA form or correction has been processed, you can get a copy of your SAR by logging in to fafsa.gov using your FSA ID and selecting the “View SAR” option near the middle of the “My FAFSA” page.

Most students are eligible to receive financial aid from the federal government to help pay for college, career school, or trade school. While your income is taken into consideration, it isn't the only thing your school considers when offering federal student aid.

After you submit your FAFSA form online, you can check its status immediately by going to fafsa.gov and logging in with your FSA ID (account username and password). (Note: Only the student can check the status.)

Fill Out the FAFSA^® Form Each Year

In order to receive aid the next year, you'll need to submit that next year's FAFSA form. Luckily, the FAFSA form makes it easy for you by remembering certain information you reported the year before and placing it in your new FAFSA form.

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.

You need to fill out the FAFSA® at the start of each year in college. But because each year is treated separately, you also have the option not to borrow in any particular year. It can all feel a little confusing at first. But the more you know, the more you can feel in control.

The CSS Profile offers different aid than the FAFSA, which means that you might unlock even more financial aid than what's available at the federal and state level. If you can afford to pay the fee or you qualify for fee waivers, the CSS Profile is a great extra step.