Federal Student Aid (2024)

FAQs

How to get $30,000 in aid? ›

You could be eligible for as much as $30,000 of aid

In order to receive their share of these funds, students should complete the Free Application for Federal Student Aid (FAFSA). Many students mistakenly believe that they do not qualify for federal aid.

Request Additional Federal Student Loans

If you've exhausted other options and still need additional funds to help you pay for school, contact your school's financial aid office to find out if you're eligible for additional federal student loans.

Once your FAFSA form or correction has been processed, you can get a copy of your SAR by logging in to fafsa.gov using your FSA ID and selecting the “View SAR” option near the middle of the “My FAFSA” page.

Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school. Defaulting on a student loan.

$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

Your college will subtract your EFC from your COA to determine your financial need. For example, if your COA is $20,000 and your EFC is $8,000, your financial need is $12,000. This means you are eligible for a maximum of $12,000 in need-based aid. However, colleges don't have to meet 100% of your financial need.

Federal student aid from ED covers such expenses as tuition and fees, housing and food, books and supplies, and transportation. Aid can also help pay for other related expenses, such as a computer and dependent care.

If your family's financial situation has changed since you submitted the FAFSA (Free Application for Federal Student Aid), you may be eligible for more money. This starts with appealing your award letter from your school. You might do this if your family has experienced a: Job loss or change in income.

If you need more financial aid, contact your school's financial aid office. Here are other options you can consider if you didn't receive enough financial aid: searching and applying for scholarships. working at an on-campus part-time job.

If your FAFSA form is complete and fully processed, your estimated federal student aid and SAI will display under the “Eligibility Overview” tab of your online FAFSA Submission Summary. Before completing the FAFSA form, use the Federal Student Aid Estimator to estimate your SAI.

Can FAFSA see my checking account? ›

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

A mistake on your FAFSA can delay the processing of your application for financial aid. If your FAFSA is verified and contains errors, it can cost you.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

Tax transcripts or tax returns showing income information filed with the IRS. Tax transcripts can be ordered by mail for free at the IRS website. W-2 forms or other documents showing money earned from work.

There are a few common reasons why the Federal Processor will reject an application: Missing signatures, inconsistent marital status with income, taxes paid are equal to or higher than adjusted gross income, citizenship questions are blank, marital status and family members blank, etc.

In most cases, your child's school will give you your loan money by crediting it to your child's school account to pay tuition, fees, room, board, and other authorized charges. If there is money left over, the school will pay it to you.

The maximum amount of money you can get from a Pell Grant is: $7,395 (2023–24). The amount granted depends on your Expected Family Contribution (EFC), cost of attendance, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.