Federal Student Aid (2024)

FAQs

What if my financial aid is not enough? ›

Request Additional Federal Student Loans

If you've exhausted other options and still need additional funds to help you pay for school, contact your school's financial aid office to find out if you're eligible for additional federal student loans.

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 has been processed, you can get a copy of your SAR by logging in to fafsa.gov using your FSA ID and selecting the “View SAR” option near the middle of the “My FAFSA” page.

If you did not complete the FAFSA for the academic year when you are seeking aid, you won't receive any. If you did complete the FAFSA, but didn't receive financial aid, confirm that you completed the form for the correct year. Contact your school's financial aid office if the wrong form was completed.

Some of the most common reasons your grant funds may be reduced are: You didn't enroll full time. Pell Grants are prorated for part-time enrollment, You didn't begin attending all of your classes before the financial aid lock date.

If your family's financial situation has changed since you submitted the FAFSA (Free Application for Federal Student Aid), you may be eligible for more money. This starts with appealing your award letter from your school. You might do this if your family has experienced a: Job loss or change in income.

$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.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college.

Award amounts can change yearly. The maximum Federal Pell Grant award is $7,395 for the 2023–24 award year (July 1, 2023, to June 30, 2024). The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025).

If your FAFSA form is complete and fully processed, your estimated federal student aid and SAI will display under the “Eligibility Overview” tab of your online FAFSA Submission Summary. Before completing the FAFSA form, use the Federal Student Aid Estimator to estimate your SAI.

Can FAFSA see my checking account? ›

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.

You can also check the status of your FAFSA form by contacting the Federal Student Aid Information Center at 1-800-433-3243. To check on the status of financial aid being disbursed (paid out) to you or your account, check with your school's financial aid office.

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. A new, updated version of the FAFSA was recently launched for the 2024-2025 academic year. Here's how the form works.

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. We calculate the percentage of the scheduled award that you did receive.

Grants and Student Loans

If you get your loan money, but then you realize that you don't need the money after all, you may cancel all or part of your loan within 120 days of receiving it and no interest or fees will be charged.

If your family's circ*mstances have changed, you can contact the school's financial aid office to if there is any more aid available now. You can call or send a clear and truthful letter to the office concerning these situational changes in your family's finances like: Changes in income. High medical expenses.

Any money left over is paid to you directly for other education expenses. If you get your loan money, but then you realize that you don't need the money after all, you may cancel all or part of your loan within 120 days of receiving it and no interest or fees will be charged.