On Oct. 1, the Free Application for Federal Student Aid — better known as the FAFSA — opens for students planning to attend college during the 2021-22 school year. If your financial aid package was adjusted based on your FAFSA verification and you need more aid, talk to the financial aid representatives about your other options, such as additional student loans. The Free Application for Federal Student Aid (FAFSA) is used by the federal government to determine a family's eligibility for grants, work-study, and loans to pay for college. If you need help paying for college, technical, or career school, check out the options you may be eligible for from the federal government and other sources. Completing the FAFSA online is convenient—and it can make your financial aid search easier. Discover Student Loans believes in responsible borrowing and encourages students to maximize scholarships, grants and other free financial aid before taking private loans. Financial aid is money in the form of loans, scholarships, and grants that can help you pay for college. As of early 2020, student loan debt in the nation had reached more than $1.5 trillion.More than 44 million individuals have student loan debt, and the average person with student loans owes a bit over $32,000—which is more than half of the average household income in the United States. FAFSA stands for the Free Application for Federal Student Aid. There are three FAFSA deadlines you need to keep in mind. By contrast, for the 2014-2015 year, the maximum Stafford Loan money a full-time dependent undergraduate student may borrow varies between $5,500 and … A student loan servicer is the company that manages your particular student loans. This package can include grants for college, work-study, federal student loans, and even state and school financial aid. However, student loans are also considered financial aid because the loan terms offered to students in the federal student loan program tend to be the most borrower-friendly. Student loan options can be overwhelming at first glance. We will send an email to the email address you provided on your FAFSA which will contain all your additional steps. Income-Driven Repayment. Why Didn't I Get Financial Aid? It’s a simple form you can fill out which determines whether you are eligible for financial aid. The good news is that there are no FAFSA income limits for 2021. The form uses personal and financial information from students and their parents. Many states and schools rely on the information provided in the FAFSA to determine a student’s eligibility for state and institutional school aid, as well. I already have a loan... Repaying loans. To apply for federal loans for college, students and parents need to fill out the Free Application for Federal Student Aid, or FAFSA. Many states and other aid organizations require you to fill out a FAFSA as part of their loan, scholarship or grant applications. Financial Aid for Students. Funding your education. The FAFSA requires you complete sections regarding your family’s assets and net worth of investments. Learn why federal student loans are generally preferable to private loans, and how to complete the Free Application for Federal Student Aid, or FAFSA. Eligibility requirements. Logos for Federal Student Aid, an office of the U.S. Department of Education, and the Free Application for Federal Student Aid (FAFSA). If you completed the FAFSA and didn't receive financial aid, … Dependent student assets are assessed at a flat 20% rate, so $10,000 in the student’s name will reduce eligibility for need-based financial aid by $2,000. To apply for student loans (as well as other federal student aid, such as grants and work study) you need to complete the Free Application for Federal Student Aid (FAFSA). In order to be eligible for both federal student loan options, students must submit a Free Application for Federal Student Aid (more commonly known as the FAFSA). Estimates of aid. ... Student Loans. The first step in getting one of the federal student loans listed below is to fill out the Free Application for Federal Student Aid, or FAFSA. Repaying Loans Defaulted Loans Loan Forgiveness Loan Servicers. Remember that financial aid includes federal student loans — up to $31,000 for dependent undergraduates and up to $138,500 for graduate students. Complete all of the following steps: Submit your Free Application for Federal Student Aid (FAFSA) as soon after October 1 as possible for the upcoming school year. The Free Application for Federal Student Aid (FAFSA®) is used to apply for federal grants and student loans. There are special options of federal student financial aid for specific populations. Step 1: Complete the Free Application for Federal Student Aid (FAFSA ®) It is important to complete the FAFSA each year even if you do not think you will qualify for financial aid. Whether you use federal aid, federal loans, private student loans or scholarships, you must stay on top of things to keep the money flowing. However, students with unsubsidized loans are responsible for paying all interest on their loans. We recommend you complete the FAFSA every year, even if you do not think you qualify for federal aid. The Free Application for Federal Student Aid (FAFSA®) is the most important financial aid application. In addition, most states and schools use information from the FAFSA to award non-federal aid. Reporting Assets on the FAFSA. The most important action you can take when applying for financial aid is to file the FAFSA. You use it to apply for federal student financial aid, such as grants, loans and work-study. 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