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.

If you don't have an FSA ID and think this is an error, please call Federal Student Aid at 1-800-433-3243 for assistance with your FSA ID.

To see your aid, log in to your StudentAid.gov account using your account username and password (FSA ID). Learn more about possible reasons why your StudentAid.gov account is missing loan or grant info.

Aid is available from the federal government in the form of grants, work-study funds, and 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.

Pell Grants are federal grants and Cal Grants are state grants. Both are for students with financial need. Some Cal Grants have a minimum GPA requirement while federal Pell Grants do not. You could qualify for both a Pell Grant and a Cal Grant.

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.

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.

However, homeless students can receive money for college or career school if they meet the eligibility requirements for federal student aid and complete the Free Application for Federal Student Aid (FAFSA^®) form.

Does federal student aid check your bank account? ›

Does FAFSA Check Your Bank Accounts? FAFSA doesn't check anything, because it's a form. However, the form does require you to complete some information about your assets, including checking and savings accounts.

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.

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.

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.

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.