What is the FAFSA?
The FAFSA is the Free Application for Federal Student Aid, an application that can be filled out by prospective college students, as well as current college students looking for financial aid. Many students qualify for financial aid so the FAFSA is a great opportunity to find some help paying for college.
A student who meets these criteria may be eligible for aid through FAFSA:
– A U.S. citizen, a U.S. National, or eligible non-citizen
– Has a valid Social Security number
– Has a high school diploma or GED or, for adult students, pass an Ability-to-Benefit test
– Is registered with the U.S. Selective Service , male students age 18-25
– Completes a FAFSA, promising to use any federal aid for education
– Does not owe refunds on any federal student grants
– Is not in default on any student loans
– Has not been found guilty of the sale or possession of illegal drugs while the federal aid is being received
There are several types of financial aid available through the FAFSA:
– Pell Grant: a grant of up to $5,550 for students with low Expected family contributions
– Stafford Loans: a loan with interest at 6.8% , either subsidized or unsubsidized
– Perkins Loans: like the Stafford loan but is lent directly by schools
– Federal Work-Study Program: students can get part-time work and have 75% of their wages reimbursed by the federal government.