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Our general eligibility requirements include that you have financial need, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at your college or career school.
If you miss the FAFSA deadline, you may not be eligible to access some forms of financial aid for that academic year. You can, however, still pursue alternative routes such as scholarships, private loans and grants. You can also contact your school or look into state or local financial aid programs for assistance.
Average and maximum financial aid Type of AidAverage AmountFederal Direct Stafford Loan$5,800 (dependent) $7,630 (independent)Federal Work-Study$2,340Federal Supplemental Educational Opportunity Grant$670Total Federal Student Aid$13,120 (dependent) $14,950 (independent)2 more rows
Our general eligibility requirements include that you have financial need, are a U.S. citizen or eligible noncitizen, and are enrolled in an eligible degree or certificate program at your college or career school.
The main difference between student loans and financial aid is whether or not you need to pay back the money you are given. Student loans generally require that you pay back the loan with interest, while financial aid packages like scholarships and grants typically do not need to be paid back.
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However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid. There are three main types of financial aid.
What Is the Maximum Amount of Money Available With FAFSA? FAFSA Limits for the 2021-22 School YearType of Federal Student AidMaximum Aid AmountDirect subsidized loan$3,500 for first-year students, $4,500 for second-year students and $5,500 for the third year and beyondFederal work-studyNo maximum2 more rows Jul 13, 2021
The beginning of the 202324 FASFA cycle was Oct. 1, 2022. The application is available until June 30, 2024but be sure to remind your students that some funds are limited, so its a good idea to apply as soon as possible. Students can apply online via fafsa.gov.
The FAFSA is free to apply, but not all the aid you receive is free. Grants, scholarships and work-study do not need to be repaid, but federal student loans do. The CSS Profile costs $25 to submit for one school. Youll pay an additional $16 per school if youre applying for aid elsewhere.
202223 Academic Year The FAFSA form must be submitted by 11:59 p.m. Central time (CT) on June 30, 2023. Any corrections or updates must be submitted by 11:59 p.m. CT on Sept. 9, 2023.