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FAQs
Federal Student Aid? ›
Through Federal Student Aid (a performance-based organization), the U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and low-interest loans to approximately 13 million students.
What is Federal Student Aid for? ›Through Federal Student Aid (a performance-based organization), the U.S. Department of Education awards more than $120 billion a year in grants, work-study funds, and low-interest loans to approximately 13 million students.
What are the three types of Federal Student Aid? ›Aid is available from the federal government in the form of grants, work-study funds, and loans.
What is the official FAFSA website? ›Go to fafsa.gov. Select “Start New Form.” Log in with your FSA ID (account username and password). Create a StudentAid.gov account if you don't have one.
What is the difference between FAFSA and federal student loans? ›They can both be used to help fund education-related expenses. Financial aid doesn't typically need to be repaid. Student loans must be repaid within a given loan term, plus interest. FAFSA® must be filled out for financial aid and federal student loans.
Do I have to pay federal student aid back? ›However, federal student loans received through your FAFSA do have to be repaid with interest after you graduate or leave school. It's essential to understand the types of aid included in your financial aid award letter.
Who is eligible to receive federal student aid a student? ›To receive federal student aid, you'll need to… to obtain a college, career school, or trade school education, either by having a high school diploma or equivalent, by completing a high school education in a homeschool setting approved under state law, or by meeting the criteria for an ability-to-benefit alternative.
Who gets federal aid? ›Have a high school diploma or a GED certificate. Be enrolled or accepted for enrollment in a qualifying degree or certificate program. Maintain satisfactory academic progress while in school. Not be in default on federal student loans or owe money on a federal grant.
Can you use FAFSA money to buy a car? ›You also can't pay for the purchase of a car with financial aid funds. In particular, a qualified education loan is used solely to pay for qualified higher education expenses, which are limited to the cost of attendance as determined by the college or university.
Who is eligible for federal student loans? ›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.
How much money does FAFSA give? ›
Type of financial aid | Maximum amount | Who qualifies? |
---|---|---|
Direct Subsidized Loans | $3,500 to $5,500 annually, depending on year in school; $23,000 aggregate limit | Undergraduate students with financial need |
You need to fill out the Free Application for Federal Student Aid (FAFSA®) form only once per year, but the federal government, your state government, and your school have different dates by which you must do so to be eligible for each of their aid programs.
How often do you need to apply for a federal student loan? ›Eligibility for federal student aid does not carry over from one award year to the next, so you need to fill out the Free Application for Federal Student Aid (FAFSA®) form for each award year in which you are or plan to be a student.
Is a Pell Grant the same as federal student loan? ›Quick information on Pell grants: A Federal Pell Grant, unlike a loan, does not have to be repaid. The maximum Federal Pell Grant award is $6,895 for the 2022–23 award year (July 1, 2022, to June 30, 2023).
Is federal student aid a loan or grant? ›Undergraduate federal student loans. Grants and work-study don't require reimbursem*nt. Federal student loans, on the other hand, are borrowed from the federal government and must be repaid, usually with interest. All federal undergraduate loans have the same fixed rate, determined by Congress.
How much can a student get for student loans? ›Year in school | Overall borrowing limit | Subsidized borrowing limit |
---|---|---|
First year | $9,500 | $3,500 |
Second year | $10,500 | $4,500 |
Third year and beyond | $12,500 | $5,500 |
Total limit | $57,500 | $23,000 |
In the United States, federal assistance, also known as federal aid, federal benefits, or federal funds, is defined as any federal program, project, service, or activity provided by the federal government that directly assists domestic governments, organizations, or individuals in the areas of education, health, public ...
What is the purpose of FAFSA? ›The FAFSA is an application that the federal government uses to gather the financial information it needs to assess what loans and grants you qualify for. The FAFSA needs to be completed each new aid year to determine eligibility for federal student aid.
What is the purpose of federal student loans? ›A federal student loan is a type of loan provided by the U.S. government to eligible students or their parents/guardians to help cover the cost of higher education. Since funds are distributed directly from the government, they are a dependable option for financing education.
How much federal student aid can I get? ›The maximum amount of money you can get from a Pell Grant is: $7,395 (2023–24). The amount granted depends on your Expected Family Contribution (EFC), cost of attendance, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.