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In fact, the Department of Education has created an online tool that can help estimate how much a student will receive in federal financial aid – including Pell grants, loans and work-study ...
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 ...
Pay attention to school FAFSA requirements as well, as they may all have different deadlines. Even if you’re not starting school until the spring semester, apply as early as possible to maximize ...
The FAFSA Deadline Act in 2024 made the October availability date part of the law. [8] The 2016–2017 academic year was the final time the FAFSA was not made available until January 1. [7] Two-year old US tax information is used to complete the financial sections of the FAFSA beginning with the 2017–2018 academic year.
Using the information submitted on the FAFSA, the U.S. Department of Education calculates a figure called the Expected Family Contribution (EFC). If the EFC is less than the cost of attending a college, the student has a financial need (as the term is used in the U.S. financial aid system).
Generally, grants are for undergraduate students and the grant amount is based on need, cost of attendance, and enrollment status. Federal Pell Grants are designed for low- and middle-income undergraduate students. Pell Grants for the 2023–2024 school year range from $750 to $7,395. [4]
There are a number of free calculators on the Web to help applicants estimate the EFC before filing the FAFSA. Recipients of need-based financial aid must reapply for each year by completing a new FAFSA. The term and concept of Expected Family Contribution was replaced by the term Student Aid Index (SAI) in 2024. [2]
The Free Application for Federal Student Aid opened later than usual in December — but with changes aimed at making it easier for students to apply for financial aid to help pay for college ...