Federal financial aid can help you pay for college or graduate school. It’s available to students of all income levels, and there are many different types of aid to choose from, including grants, loans, and work-study.
To apply for federal financial aid, you need to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is a free form that you can fill out online or by mail. It asks for information about your family’s income and assets, as well as your academic and financial history.
Eligibility Requirements
To be eligible for federal financial aid, you must:
- Be a U.S. citizen or eligible noncitizen
- Have a valid Social Security number
- Be enrolled in an eligible degree or certificate program at a college or career school
- Meet the Satisfactory Academic Progress (SAP) requirements at your school
- Not be in default on any federal student loans
How to Complete the FAFSA
To complete the FAFSA, you will need to gather the following information:
- Your Social Security number
- Your FSA ID (a username and password that you can create online)
- Your tax information for the previous year (if you are a dependent student, you will also need your parents’ tax information)
- Your bank account information (if you want to receive your financial aid directly into your bank account)
You can start filling out the FAFSA on October 1st for the following academic year. The deadline to submit the FAFSA is June 30th, but it’s best to submit it as early as possible to get the most financial aid options.
Types of Federal Financial Aid
There are many different types of federal financial aid available, including:
- Grants: Grants are free money that you don’t have to pay back. There are many different types of grants, including Pell Grants, Supplemental Educational Opportunity Grants (SEOGs), and Teacher Education Assistance for College and Higher Education (TEACH) Grants.
- Loans: Loans are money that you borrow from the government and have to pay back with interest. There are two main types of federal student loans: subsidized and unsubsidized. Subsidized loans have interest that is paid by the government while you are in school. Unsubsidized loans have interest that starts accruing as soon as you receive the loan.
- Work-study: Work-study allows you to earn money to help pay for college expenses. You can work on campus or off campus for a government agency or a private employer.
How to Accept Your Financial Aid Award
Once you have submitted the FAFSA, your school will review your information and determine how much financial aid you are eligible for. You will receive a financial aid award letter from your school that will list the types of aid you are eligible for and the amount of each type of aid.
To accept your financial aid award, you will need to sign and return the award letter to your school. You may also need to complete some additional paperwork, such as a promissory note for a student loan.
Resources for Help
If you have any questions about applying for federal financial aid, you can contact the financial aid office at your school or the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).
Additional Tips
Here are a few additional tips for applying for federal financial aid:
- Start planning early. The FAFSA opens on October 1st for the following academic year, so it’s important to start gathering your financial information early.
- File your FAFSA as soon as possible. The earlier you file, the more financial aid options you will have.
- Complete the FAFSA accurately. Any mistakes on your FAFSA could delay your processing or even disqualify you for financial aid.
- Contact your school’s financial aid office for help. If you have any questions about applying for financial aid, don’t hesitate to contact your school’s financial aid office. They are there to help you succeed.