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Your school will determine which version of the FAFSA is applicable to your summer classes.
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FAFSA aid isn’t only applicable to the fall and spring semesters; you can use it for the summer too.
There is an annual maximum you can take out in federal loans, which includes the summer semester.
If you’re able, taking on a part-time job or paid internship can help offset the cost of classes.
While some students take advantage of summer to rest and recharge, others may want to use the season to get ahead on classes. If you’re planning ahead for college classes next summer, here’s how the Free Application for Federal Student Aid applies for the summer session.
What is the financial advantage of taking summer classes?
One of the perks of taking summer classes is that you may be able to graduate early or earn multiple degrees, and some schools even offer reduced tuition for these classes. You also might be able to take classes at a local community college for a lower price and transfer those credits to your school.
You’ll be able to start earning full-time income sooner, which could help jumpstart your repayment process if you have loans.
Which FAFSA is used for summer classes?
It’s a gray area when it comes to which FAFSA is relevant for the financial aid for your summer classes. For example, would your aid for the 2022-23 or 2023-24 school year go toward summer 2023 classes?
Ultimately, your college will determine which FAFSA year applies for the summer session. Contact your school’s financial aid office to find out what its policy is on summer classes.
You’ll also need to be at least a part-time student to qualify for federal aid, and your college will define what that means for its students. There is a maximum amount you can take out per academic year that also includes the aid you receive in the summer. The exact annual maximum depends on your year in school and can be found here.
What types of aid can you get from the FAFSA?
You can get three types of assistance through the FAFSA: grants, work-study, and loans.
Grants: These are usually offered based on significant financial need or for people who are part of a designated group. Learn more about the different kinds of federal grants here. Work-study: Work-study aid is usually given depending on when you apply, your level of financial need, and the amount of money your school has available. Work-study is a type of financial assistance that offers part-time positions for students with financial need to earn money for academic costs.Loans: Subsidized loans are offered based on financial need, while eligibility for unsubsidized and Direct PLUS loans isn’t based on financial need. You should think about loans after you’ve exhausted your grant and work-study aid options, because you’ll have to repay loans. Interest rates are fixed on federal loans.
The FAFSA for the 2022-23 school year is open until June 30, 2023, and aid can be applied retroactively as long as you submit your application before the deadline. The FAFSA for the 2023-24 school year is available from October 1, 2022, until June 30, 2024. Colleges will set their own deadlines for aid, so check with your financial aid office to know when to submit your documentation.
What are other ways to offset the cost of summer classes?
Your school may offer scholarships, though those are usually designated for academic merit, athletic achievement, or other separating factors. You can apply for private scholarships, too, though be aware that they are usually very competitive. In some cases, your school may reduce the aid it gives you by the amount of the private scholarship.
You can also take on a part-time job or paid internship — provided the demands aren’t too rigorous and don’t negatively impact your studies — to help cover the cost of your summer classes.
You can borrow from a private lender as well, though be careful before you pursue this option. Private loans have worse protections than federal loans and often come with higher interest rates, depending on your creditworthiness.
Summer classes can be a good way to get ahead. Just make sure you plan out your aid over the course of the year so you don’t run out in the summer term.