What Is The Purpose Of The FAFSA?
The FAFSA determines college financial aid by assessing family income, ensuring fair distribution of grants, loans, and work-study options, promoting equal access to higher education.
by Sai V
Updated Oct 26, 2023
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What Is The Purpose Of The FAFSA?
The FAFSA, or Free Application for Federal Student Aid, is essential for U.S. students seeking financial assistance for college. Its primary purpose is to evaluate a student's financial need by assessing family income, assets, and other factors.
Based on this information, the FAFSA calculates the Expected Family Contribution (EFC), enabling colleges to distribute federal grants, loans, and work-study opportunities fairly. By ensuring a standardized application process, FAFSA promotes equal access to higher education, enabling students from diverse backgrounds to pursue their academic aspirations.
Who Is Eligible For Federal Student Aid?
U.S. citizens, nationals, legal permanent residents, and certain designated individuals, like refugees, are eligible for federal student aid. Enrollment in a Title IV-eligible program and completion of the FAFSA application, assessing income and household details, determine eligibility. There's no specific income cutoff, allowing a range of financial backgrounds to qualify for grants, work-study, or federal loans.
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