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Financial aid is available in the form of student loans, grants and work-study. The amount you’re eligible for depends on your enrollment status and year of study, how much your family is ...
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 ...
The Free Application for Federal Student Aid (FAFSA) is a form completed by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.
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.
The specific amount depends on the age of the older parent and whether they are married or unmarried. Need-Based Aid Formulas: Different financial aid formulas used by colleges and universities can also impact the EFC. Some institutions use their own methodologies or consider additional factors beyond what is required by the federal government.
The Free Application for Federal Student Aid (FAFSA) must be submitted for each year of enrollment. One form covers both semesters of the school year with payments issued every quarter or semester.
The Unsubsidized Stafford Loan and Grad PLUS loans are non-need-based loans available for both undergraduate and graduate students who do not qualify for need-based financial aid. [ 16 ] Even though these loans are not subsidized, interest rates are set by Congress, the programs are closely supervised, and they provide many protections that ...
The FAFSA application process is now easier to complete, as the application has been simplified in recent years to make it easier for students to apply for federal financial aid.