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There’s one form prospective and current college students must submit in order to receive federal financial aid, and it looks a lot different than in prior years. The new FAFSA: What you need to ...
EFC and FAFSA might seem confusing, but these simple-enough terms will help you figure out how much need-based financial aid you could receive for college — all you’ll need is some middle ...
The form is also used to determine eligibility for federal loans, which unlike grants, need to be repaid. Subsidized loans are need-based and interest doesn’t start accruing until a student ...
Most federal aid is need-based. The three most common types of aid are grants, loans, and work-study funds. Grants are a type of financial aid that does not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, cost of attendance, and enrollment status.
To qualify for need-based aid a student must have a significant amount of financial need, which is determined by the federal government based on the FAFSA. Using the information submitted on the FAFSA, the U.S. Department of Education calculates a figure called the Expected Family Contribution (EFC).
These loans can be used to help pay for education expenses not covered by financial aid. The Direct PLUS loan is not based on financial need, but credit is necessary. Eligibility is determined by the school and once the student has signed, he or she has entered into a legally binding agreement to repay all the loans.