Federal Student Aid (2024)

FAQs

What to do when financial aid is not enough? ›

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.

Sometimes a family's finances are not accurately reflected on the FAFSA^® form because of changes that have occurred, such as job loss/reduction, divorce or separation, or other special circ*mstances.

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.

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.

Your family's income and assets are scrutinized when you fill out the Free Application for Federal Student Aid (FAFSA). This info then determines your Expected Family Contribution (EFC) toward the cost of college. But you might be surprised to learn that there are no FAFSA income limits to qualify for aid.

In conclusion, even with a household income of $100,000, it is still possible to receive financial aid. To maximize your chances, ensure that you apply for as many different aid programs and scholarships as possible, both at the college level and from outside sources.

You can use the online FAFSA form to calculate your estimated EFC. The estimated EFC appears on the confirmation page when you complete and submit your form. After your application is fully processed, you'll receive a Student Aid Report (SAR) with your official EFC.

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.

Be a U.S. citizen or eligible noncitizen with a valid Social Security number (with certain exceptions). Have a high school diploma or a GED certificate. Be enrolled or accepted for enrollment in a qualifying degree or certificate program.

The Satisfactory Academic Progress regulations require that you maintain a minimum cumulative grade point average (GPA) in order to remain eligible for financial aid. This cumulative grade point average is 2.0 on a 4.0 scale. If you drop below a cumulative GPA of 2.0, you will be placed on a financial aid Warning.

Over 17.6 million FAFSA forms are completed each year, according to the Department of Education. However, some of the available money is handed out on a first come, first serve basis. So, it's a good idea to file your application sooner than later to help pay for your education.

While it is possible for student financial aid to cover full tuition, in practice it will fall short. For most students, there will not be enough financial aid to cover the full cost of tuition, unless the parents borrow a Federal Parent PLUS loan.

There may still be ways to pay for college if financial aid isn't enough. Scholarships, grants, part-time jobs and private student loans can all help cover the gap—or you might choose to attend a more affordable college. The right path for you will depend on your college goals and financial situation.

While it is possible for student financial aid to cover full tuition, in practice it will fall short. For most students, there will not be enough financial aid to cover the full cost of tuition, unless the parents borrow a Federal Parent PLUS loan.

Absolutely not! In fact, many financial aid experts recommend that you only accept what you really need. While accepting scholarships and grants is often harmless, you should be careful about how much you accept in student loans.