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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.
How do I contact Federal Student Aid? ›You can also check the status of your FAFSA form by contacting the Federal Student Aid Information Center at 1-800-433-3243. To check on the status of financial aid being disbursed (paid out) to you or your account, check with your school's financial aid office.
What is the official FAFSA website? ›Log in at fafsa.gov to apply online.
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.
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.
How do I access my federal student aid? ›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.
How do I return my federal student loan money? ›Contact the loan's servicer and tell them that you want to return unneeded funds within the 120-day disbursem*nt window so the return will reduce the loan's principal.
How long does it take FAFSA to process? ›If you submitted a paper FAFSA form, your form will be processed within 7 to 10 days. Once your form is processed, you'll receive a copy of your Student Aid Report (SAR), which summarizes the information you provided on your FAFSA form. Review your SAR and make sure all of the information is complete and accurate.
Does FAFSA check your bank account? ›
Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.
Is FAFSA for everyone? ›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.
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.
Is federal student aid the same as FAFSA? ›The Free Application for Federal Student Aid (FAFSA®) form is an application for federal student aid. You need to complete the FAFSA form to apply for federal student aid such as federal grants, work-study funds, and loans.
What is the purpose of federal aid? ›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.
What is the difference between federal aid and student loans? ›Financial aid is either money that doesn't need to be paid back, known as gift aid, or earned through a federal work-study program. Student loans must be repaid within a given loan term. Not only are students expected to pay back student loans, but there's typically interest that accrues over the life of the loan.