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The FAFSA determines eligibility for federal Pell Grants and federal student loans – and in most cases, the financial aid provided by colleges as well, though some require students to submit an ...
Completing the Free Application for Federal Student Aid (FAFSA) is a critical step for students who want or need to obtain help funding for college. And, while completing the application can seem ...
The federal financial aid form looks different in the 2024-25 school year. Here's what college students and parents need to know about the new FAFSA.
The FAFSA is different from CSS Profile (short for "College Scholarship Service Profile"), which is also required by some colleges (primarily private ones). The CSS is a fee-based product of the College Board (a private non-profit organization) and is used by the colleges to distribute their own institutional funds, rather than federal or state ...
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).
A major difference between the FAFSA and the CSS Profile is that the CSS Profile includes primary residence home equity when determining the ability of the family to pay, while the FAFSA does not. The EFC is subtracted from the cost of attendance (COA) of the college or university to determine a student's financial need.
You can make corrections to some details on your FAFSA form, though there is a deadline. For the 2023-24 academic year, you will have until September 14, 2024, to make any changes.
Federal law limits the dependent care FSA to $5,000 per year, per household. Married spouses can each elect an FSA, but their total combined election cannot exceed $5,000 per year. If a household were to have withdrawals in excess of the limit, the household would be required to pay income tax on the excess. [citation needed]