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The newly designed FAFSA – Free Application for Federal Student Aid – is now available online and must be filed for consideration for federal grants and student loans, as well as for many ...
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 ...
For years the application was called Financial Aid Form (FAF), which was an optional form used by some—but not all—colleges and universities. When Congress reauthorized the HEA in 1992 they created a standardized federal form for all prospective students seeking aid. [ 22 ]
The federal government does not distribute aid directly to the student or the student's family; it goes through the college. Colleges use the student's federal student aid eligibility and combine it with state financial aid (if any) and their own aid to create a financial aid package for the 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.
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.
Decreases in the amount of financial aid lead to decreases in enrollment. However, different types of financial aid have differing effects. Grant awards tend to have a stronger effect on enrollment rates. [72] Changes in tuition and financial aid affect poorer students more than they affect students with higher incomes. [72]