You will need an FSA ID, which you can get at fsaid.ed.gov, to electronically sign the FAFSA. Then, file the FAFSA online at fafsa.ed.gov. The FAFSA is a free 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.

When should you apply for financial aid for college?

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.

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.

How do I get financial aid money?

Generally, your school will give you your grant or loan money in at least two payments called disbursements. In most cases, your school must give you your grant or loan money at least once per term (semester, trimester, or quarter).

Do I apply for FAFSA first or college?

You should apply for admission to the colleges you are interested in BEFORE filing your FAFSA. Once you are accepted to the colleges you have applied to, you can add those schools to receive financial aid award offers from when you file your FAFSA.

What is the maximum income to qualify for financial aid?

One of the biggest myths about financial aid is that you shouldn’t apply if your family makes too much money. 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.

Do you have to pay back FAFSA?

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.

What can I use financial aid for?

Federal student aid from ED covers such expenses as tuition and fees, room and board, books and supplies, and transportation. Aid can also help pay for other related expenses, such as a computer and dependent care.

How long does financial aid take?

If you submitted your Free Application for Federal Student Aid (FAFSA) online using FAFSA on the Web, then the U.S. Department of Education will process your application within 3-5 days. If you submitted a paper FAFSA, your application will be processed within 7-10 days.

What if I don’t use all of my financial aid?

If you have money left over from your Pell Grant, you can ask the school to hold the funds for you, or you can receive the remaining amount as a refund. Pell Grants go toward education expenses, except student loan expenses.

How long does FAFSA take to reimburse?

Usually the disbursement period for refunds is about three to four weeks into the semester, yet certain schools may have a particular timeframe that they follow. When a FAFSA refund check is disbursed, a student likely will have the option in which the payment is made.