To qualify, the student must take certain classes and, within eight years of graduation, have worked for at least four years in an elementary or secondary school or educational service agency that serves low-income families.

Schools can offer these loans as part of a financial aid package regardless of a family's financial situation. Most families—regardless of how much they earn or have accumulated in assets—will find it useful to fill out FAFSA.The https:// means all transmitted data is encrypted — in other words, any information or browsing history that you provide is transmitted securely. The 2023–24 FAFSA on the Web Worksheet provides a preview of questions that applicants and parents may be asked while completing the FAFSA form at fafsa. S. Department of Education uses the FAFSA to determine a student's eligibility for need-based federal financial aid for college based upon their financial situation. But to use your FSA ID for anything else, you will have to wait up to three days for your information to be confirmed by the Social Security Administration (SSA).

we updated the first paragraph of this announcement by adding links to the final 2023–24 English and Spanish PDF Free Application for Federal Student Aid (FAFSA ®) forms and removing all references and links to the watermarked versions of the 2023–24 FAFSA forms. If it turns out that they are ineligible for free money in the form of grants or scholarships, they are still likely to be eligible for non-need-based aid in the form of direct unsubsidized loans from the federal government. As with Pell Grants, these supplemental grants are meant for students with few other financial resources. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests.Those assets include bank accounts and investments but exclude the value of retirement accounts, life insurance policies, and annuities. The primary purpose of the FAFSA is to determine how much financial aid a student qualifies for, including both need-based and non-need-based aid. The confusingly named Expected Family Contribution (EFC) will be renamed the Student Aid Index (SAI) in July 2023 to clarify its meaning.