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If you miss a state deadline, submit your FAFSA as soon as possible, then reach out to your state’s financial aid agency to ask about your options. There’s a possibility that you still could ...
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).
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.
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]
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These have much higher loan limits, usually enough to cover costs that exceed student financial aid. Payments start immediately after education ends, although prepayment is allowed. Credit history is considered; thus, approval is not automatic. Interest accrues during the time the student is in school. PLUS interest rates as of 2017 were 7%. [80]
More than 225,000 Minnesotans fill out the form known as the FAFSA in a typical year. It's used to determine which state and federal grants students receive, and some colleges also use it to ...