Take these steps to apply for federal student aid.

1. Get Prepared. Gather the documents you’ll need.
2. Complete FAFSA^® Form. Apply early to maximize your aid.
3. Review Student Aid Report. Make corrections, if necessary.
4. Respond to Aid Offer. Accept the aid you want.
5. Receive Aid.
6. Renew Your FAFSA^® Form.

How do I get financial aid for college?

To apply for need-based financial aid, file the Free Application for Federal Student Aid (FAFSA) at fafsa.ed.gov starting on October 1 of the senior year in high school and annually thereafter. The FAFSA provides access to financial aid from the federal and state government, as well as most colleges.

What do I need to apply for financial aid?

What Documents Do I Need to Apply for Financial Aid?

1. Your Social Security Number (or, Your Alien Registration Number (if you are not a U.S. citizen))
2. Your federal income tax returns, W-2s, and other records of money earned.
3. Bank statements and records of investments (if any exist)

When should I start applying for college financial aid?

In order to receive the highest amount of aid, you should submit your Free Application for Federal Student Aid (FAFSA) as soon as possible as of October 1st of the year before you will be attending college. This is because most colleges award some kinds of aid on a first-come, first-served basis.

How poor do you have to be to get financial aid for college?

But the reality is that there are no income limits with the Free Application for Federal Student Aid (FAFSA); any eligible student can fill out the FAFSA to see if they qualify for aid.

Is financial aid free?

Gift aid is free money. It includes grants and scholarships. Grants are typically awarded based on financial need, while scholarships are awarded based on merit.

Do you have to pay FAFSA back?

FAFSA is not the financial aid itself, so you do not have to pay it back. Federal student aid that is awarded based on the FAFSA includes the Federal Pell Grant, Federal Work-Study and federal student loans. The FAFSA is also used to award state grants and institutional grants from colleges and universities.

How much financial aid can I get per semester?

For the 2019–20 academic year, individual students can receive a maximum of $6,195. Pell Grants are disbursed per semester if your school uses the semester system. For example, if you receive $2,000 total in Pell Grants for the year, you will get $1,000 per semester.

How do you pay for college if you don’t qualify for financial aid?

9 Ways to Pay for College Without Financial Aid

1. Complete Your FAFSA.
2. Qualify for Merit Scholarships.
3. Apply for Private Scholarships.
4. Apply for ROTC Scholarships.
5. Attend a Community College.
6. Earn College Credit in High School For FREE.
7. Get a Job, or Two.
8. Education is a Gift.

How long does it take for fafsa to process?

It typically takes three to five days to process a Free Application for Federal Student Aid (FAFSA^®) form that was submitted using fafsa.gov or using the myStudentAid mobile app.

How do I complete a Fafsa?

The FAFSA opens October 1—here’s how to complete it, in 6 simple steps

1. Step 1: Make a list of schools.
2. Step 2: Gather financial documents.
3. Step 3: Create a Federal Student Aid ID.
4. Step 4: Start the FAFSA for the desired year.
5. Step 5: Follow the instructions carefully.
6. Step 6: Submit.

What is the quickest and most accurate way to file a Fafsa?

The IRS DRT remains the fastest, most accurate way to input your tax return information into the FAFSA form. Additionally, using the IRS DRT to enter your tax information into the FAFSA form may reduce the amount of paperwork you need to provide to your school later.

What is the maximum income to qualify for financial aid 2020?

Currently, the FAFSA protects dependent student income up to $6,660. For parents, the allowance depends on the number of people in the household and the number of students in college. For 2019-2020, the income protection allowance for a married couple with two children in college is $25,400.

Does it cost money to send FAFSA to colleges?

The FAFSA is free to apply, but not all the aid you receive is free. Grants, scholarships and work-study do not need to be repaid, but federal student loans do. The CSS Profile costs $25 to submit for one school. You’ll pay an additional $16 per school if you’re applying for aid elsewhere.

What is the maximum amount of money FAFSA gives?

How much federal financial aid does a FAFSA® applicant usually get? The maximum Federal Pell Grant Award (which is the main grant for college undergraduates through the FAFSA®) for the 2020-21 award year is $6,345. Schools may offer less than the full amount depending on the student’s need or academic load.