Your financial need will determine how much financial aid you can apply for through the Free Application for Federal Student Aid (FAFSA).
However, the maximum sum may only be a few thousand dollars a year.
FAFSA Opportunities As Gateway to College Financial Aid
For the award year 2023–2024 (July 1, 2023–June 30, 2024), the maximum Federal Pell Grant is $7,395. The amount that each student may receive is determined by a variety of variables.
Financial help for college students is distributed by the federal government, colleges and universities, and other organizations through the FAFSA form.
You must submit the FAFSA by the deadline each year if you want to be considered for financial aid to help cover your tuition and other educational costs.
You can apply for a variety of financial aid programs via the FAFSA, including:
Scholarships: A lot of institutions utilize your FAFSA data to determine your eligibility for specific scholarships.
The FAFSA may also be used by some private scholarship funds to determine your eligibility. You might occasionally need to complete other applications as well.
To learn more about the requirements, get in touch with the organization offering the scholarship you’re interested in or the financial aid office at your school.
Federal Pell Grant: Undergraduate students who demonstrate financial need may be eligible for Pell Grants. All qualified applicants receive the grant.
Federal Supplemental Educational Opportunity Award (FSEOG): Another award for students in need of financial assistance, FSEOG money is given to schools to disperse among students until all of the funds have been used.
Read more: Free Application For Student Aid: Here Are Main FAFSA Changes For 2023 And 2024
The Benefits of Federal Work-Study Programs
The majority of students who submit a FAFSA are qualified for direct student loans from the Department of Education, generally known as Stafford loans.
You could have sufficient financial need to be eligible for subsidized loans based on the financial information provided on the application.
The federal government covers the interest on subsidized loans both while you’re in school and during subsequent deferments. Unsubsidized loans are the other major category of direct loans, although they don’t offer the same benefit.
Federal work-study programs: Work-study programs let you take part-time jobs on or near the campus of a college to help pay for your education.
Read more: FAFSA Application: Can Non-US Citizens Apply, How?