Federal Student Aid (2024)

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.

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.

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

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.

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.

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.

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.

Basic FAFSA eligibility requirements

Be a U.S. citizen or eligible noncitizen with a valid Social Security number (with certain exceptions). Have a high school diploma or a GED certificate. Be enrolled or accepted for enrollment in a qualifying degree or certificate program.

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 much can a student get for student loans? ›

Types of federal student loans

Direct Subsidized Loans are based on financial need. Direct Unsubsidized Loans are not based on financial need.

FAFSA serve different functions, they both have a role under the broader federal student aid program. A FAFSA provides students access to the Pell Grant, and Pell Grant eligibility is determined by the FAFSA. FAFSA is an application for various federal aid programs, while a Pell Grant is a specific type 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 ...

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.

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.

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.