Federal Student Aid (2024)

FAQs

Is federal student aid different from FAFSA? ›

Apply for federal student aid—grants, work-study, and loans—using the Free Application for Federal Student Aid (FAFSA^®) form. And remember, the first F in “FAFSA” stands for “free”—you shouldn't pay to fill out the FAFSA form!

The 2024–25 FAFSA form is now available. We've started sending submitted applications to colleges and states.

To apply for federal student aid, first complete and submit the Free Application for Federal Student Aid (FAFSA^®) form. Based on the results of your FAFSA application, your college or career school will send you a financial aid offer, which may include 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.

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. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

It is not the financial aid itself. 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 are three main types of financial aid.

Basically, there is no set income cutoff for aid. If you still think your parents are too wealthy to access financial aid, consider using either the Federal Student Aid Estimator or your school's net price calculator.

What Are the FAFSA Income Limits for 2024? Both students and their parents often think their household income makes them ineligible for financial aid. However, there's no income limit for the FAFSA, and the U.S. Department of Education does not have an income cap for federal financial aid.

Do you have to pay back FAFSA? ›

The type of aid you receive after filling out the FAFSA determines if you need to pay it back. Grants, scholarships, and work-study money don't need to be repaid but have finite funding limits. You will need to repay subsidized, unsubsidized, and Direct Plus Loans.

It's best to apply as close to the opening date, October 1, as possible. Federal Student Aid, the government provider of student financial assistance in the US, hands out grants, loans, and more on a “first-come, first-served” basis, meaning there's more money to work with at the very start of a new FAFSA cycle.

Eligibility for federal student aid is based on financial need and on several other factors such as U.S. citizenship or eligible noncitizenship, enrollment in an eligible program, satisfactory academic progress in college, and more.

You can choose to get paid by check or direct deposit, or have the money credited to your school account to pay for your education-related charges (such as tuition, fees, and room and board). Was this page helpful? When will I receive my financial aid?

Forms submitted electronically are processed within one to three days. Paper forms are processed within 7–10 days.

A Student Aid Report (SAR) is an electronic or paper document that summarizes the information you reported on your FAFSA^® form. It includes your Expected Family Contribution (EFC), your estimated eligibility for federal student loans and Federal Pell Grants, and whether you've been selected for verification.

Applying for federal student aid

You must complete the FAFSA application on time to be considered for federal student aid. States and colleges also use FAFSA information to award their own financial aid packages.

Federal Student Aid is responsible for managing the student financial assistance programs authorized under Title IV of the Higher Education Act of 1965. These programs provide grant, work-study, and loan funds to students attending college or career school.

FAFSA Submission Summary: A paper or electronic document from the U.S. Department of Education's office of Federal Student Aid that lists answers to the questions on the student's FAFSA form and gives basic estimates about the student's eligibility for federal student aid. It is not a financial aid offer.