Federal Student Aid (2024)

FAQs

How to get $30,000 in aid? ›

You could be eligible for as much as $30,000 of aid

In order to receive their share of these funds, students should complete the Free Application for Federal Student Aid (FAFSA). Many students mistakenly believe that they do not qualify for federal aid.

Once your FAFSA form or correction is processed, select “View SAR” on the “My FAFSA” page to check your info and see certain results.

Request a Reevaluation of Your Circ*mstances

Sometimes a family's finances are not accurately reflected on the FAFSA^® form because of changes that have occurred, such as job loss/reduction, divorce or separation, or other special circ*mstances.

If you've received a financial aid offer from a college you're interested in attending but find it isn't enough, you may be eligible to submit a financial aid appeal. Your financial situation may have changed since submitting your financial aid applications due to a job loss or significant family expense.

If you feel like your aid package isn't sufficient, you can start an appeal process called professional judgment. Your school will review any special circ*mstances and how your financial situation has changed since you submitted your FAFSA. Ultimately, your school decides whether to offer you more money or not.

Don't worry, this is a common question for many students. The good news is that the Department of Education doesn't have an official income cutoff to qualify for federal financial aid. So, even if you think your parents' income is too high, it's still worth applying (plus, it's free to apply).

Federal Pell Grant

The maximum Pell Grant for the 2023-24 award year is $7,395. The maximum Pell Grant per term is $3,698 for Fall/$3697 for Spring. The Expected Family Contribution (EFC) range for 2023-24 Pell Grant eligibility is 0 – 6,656.

$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

The 2024-2025 FAFSA includes even more aid for single parents, including expanded eligibility for the maximum Pell Grant funds and a larger increase in Income Protection Allowance (IPA).

Who gets federal student aid? ›

Be a U.S. citizen or eligible noncitizen with a valid Social Security number (with certain exceptions). Have a high school diploma or a GED certificate. Be enrolled or accepted for enrollment in a qualifying degree or certificate program.

It's possible that you might not receive your entire scheduled award for an award year. There are a few reasons for this, the most common of which are that you are not enrolled for the full year or that you are not enrolled full-time, or both.

Over 17.6 million FAFSA forms are completed each year, according to the Department of Education. However, some of the available money is handed out on a first come, first serve basis. So, it's a good idea to file your application sooner than later to help pay for your education.

The school determines the final tuition amount due, taking grants and scholarships into account. If your student loan covers more than that amount, you will receive a refund from your school. Use the excess funds only for education-related expenses. These are expenses that directly or indirectly support your studies.

Look for scholarships and grants

Another option for obtaining financial aid for college when parents make too much is to consider scholarships and grant funding. A misconception about scholarships and grants is that these funds are only available to low earners, but that isn't the case.

You can't receive more need-based aid than the amount of your financial need. If your COA is $16,000 and your SAI is 12000, your financial need is $4,000; so you aren't eligible for more than $4,000 in need-based aid.