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You’re likely to qualify for more financial aid from the FAFSA if you have financial need.
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You can see the amount of aid you may receive using the Federal Student Aid Estimator.
You may get grants, scholarships, work-study, and loans as a part of your aid package.
Your aid package will include federal and college assistance, and will be presented by your school.
The amount of financial aid you’ll receive to cover the cost of college varies based on your financial situation. The best way to know how much aid you’ll get is to fill out the Free Application for Federal Student Aid (FAFSA), then get in touch with your college’s financial aid office.
How is the amount of aid you get determined?
You need to file the FAFSA to figure out your eligibility for federal and college aid. The form takes about 30 minutes to complete and will require various financial documents, such as bank statements and tax returns.
The amount of money you can get depends on your financial need, which is determined by your college’s cost of attendance minus your Expected Family Contribution (EFC).
Your EFC is how much your family is expected to put toward your education in a given year, and you’ll get that number after you fill out the FAFSA. The EFC is calculated according to a formula established by the Federal Student Aid office and will take into account your family’s assets and income. If your need is great enough, you could theoretically get a federal aid package that covers the entire cost of your college, though that isn’t likely.
Your college’s financial aid office will determine your financial aid package, which includes both federal and institutional assistance. Each state has its own process for distributing aid. Some only require the FAFSA to be completed, while others require separate applications to qualify.
The more financial need you have, the higher likelihood you have to qualify for more financial aid. Additionally, the earlier you file your FAFSA, the more likely it is you will be eligible for first-come, first-served aid like grants and scholarships. These forms of aid do not need to be paid back.
You can project the amount of aid you’ll receive using the Federal Student Aid Estimator.
What types of aid can you get after submitting the FAFSA?
Your financial aid package will be broken up into several parts: Grants, scholarships, work-study, and loans.
Important: You don’t have to accept all the aid you’re offered. Prioritize “gift aid” like scholarships and grants first, work-study second, and student loans last. Most of this aid is based on financial need, and you won’t know how much you qualify for until you apply.
Grants: Often given based on exceptional financial need or if you belong to a designated group. Pell Grants, which are offered to students with significant financial need, have a maximum award of $6,895 for the 2022–23 award year (July 1, 2022, to June 30, 2023). The maximum award for the 2023-24 school year has yet to be announced. Learn more about types of federal grants. Scholarships: Aren’t usually given based on your EFC, but rather on factors such as academic merit, athletic achievement, or volunteer experience. You might even net a full ride, where your entire cost of school is covered. Work-study: Your total package is based 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 aid that provides part-time positions for students with financial need to earn money for academic expenses.Loans: Direct Subsidized Loans are made to students with financial need, and the government will cover the interest on the loans while you’re in school and during a six-month grace period after you graduate. Direct Unsubsidized Loans aren’t made based on financial need, and interest will accrue once loan funds are dispersed. Here are the maximum loan amounts you can receive from the government: Dependent studentsIndependent studentsFirst-year$5,500 (no more than $3,500 in subsidized loans)$9,500 (no more than $3,500 in subsidized loans)Second-year$6,500 (no more than $4,500 in subsidized loans)$10,500 (no more than $4,500 in subsidized loans)Third-year and more$7,500 per year (no more than $5,500 in subsidized loans)$12,500 per year (no more than $5,500 in subsidized loans)