Federal Student Aid (2024)

FAQs

Federal Student Aid? ›

Completing and submitting the FAFSA form is free and easier than ever, and it gives you access to federal student aid—the largest source of aid— to help you pay for college or career/trade school. In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid.

Completing and submitting the FAFSA form is free and easier than ever, and it gives you access to federal student aid—the largest source of aid— to help you pay for college or career/trade school. In addition, many states and colleges use your FAFSA information to determine your eligibility for state and school aid.

The Free Application for Federal Student Aid (FAFSA) and CADAA are available to submit for the 2023-2024 Academic year. Apply Today! May 2, 2024 is the Priority Deadline for both the FAFSA and CADAA.

$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.

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

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 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.

However, some of the available money is handed out on a first come, first serve basis. So, it's a good idea to file your application sooner than later to help pay for your education. A new, updated version of the FAFSA was recently launched for the 2024-2025 academic year. Here's how the form works.

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.

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.

There is no income cut-off to qualify for federal student aid. Many factors—such as the size of your family and your year in school—are taken into account.

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.

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.)

You and your child each need to create your own FSA ID. (Only one of a student's parents needs to sign the student's FAFSA form, so only one parent needs an FSA ID.)

Colleges and career schools use the FAFSA form to determine how much financial aid you're eligible to receive, which could include grants, scholarships, work-study funds, and loans. You must apply for aid every year, but with the right information in hand, it's easy.

Direct PLUS Loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required.

Schools use the information on the FAFSA® form to determine your eligibility for a Pell Grant, and if so, how much you're eligible to receive. You will have to fill out the FAFSA form every year you're in school to stay eligible for federal student aid, including Pell Grant awards.

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.