I'm trying to get a sense of how much financial aid I might receive by filling out the FAFSA. What's the maximum amount of money that FAFSA can provide for college? Does it vary a lot depending on your family's financial situation? I'm hoping to get as much aid as possible to help with tuition and other expenses, but I'm not sure what to expect. Any insights on this would be super helpful!
The financial aid you receive from your completed FAFSA can come from a variety of sources, such as federal aid grants, work-study programs, and loans. The maximum Federal Pell Grant for the 2024-2025 academic year is $7,395, but it could be less depending on your family's finances and other factors.
In addition to Pell Grants, the Federal Supplemental Educational Opportunity Grants (FSEOG) offer up to $4,000 per year to undergraduate students with exceptional financial need. There are also federal work-study programs that provide part-time jobs to help you earn money for your education, the amount of which will vary depending on your level of need and college funding.
Next, we have federal student loans, which are also based on FAFSA information. Direct Subsidized Loans are available to undergrads with financial need, and your school determines the amount you can borrow. Direct Unsubsidized Loans are available to both undergraduate and graduate students and aren't based on financial need - the amount determined by your school is based on cost of attendance and other financial aid you receive.
Remember, even if you qualify for the maximum amounts of all these aids, it may not cover the total cost of your education.
In 2024, the FAFSA also replaced the Estimated Family Contribution (EFC) with the Student Aid Index (SAI). Your SAI is calculated from your FAFSA data, and it's what colleges use to determine how much federal aid you're eligible for. Unlike the EFC, your SAI can go as low as negative $1,500, reflecting a higher financial need.
Finally, keep in mind some schools may offer institutional aids including scholarships and grants based on this FAFSA data. Always fill it out, even if you don't think you'll qualify for aid - many schools use it to determine eligibility for their own aid programs.
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