FAFSA (Free Application for Federal Student Aid)
Definition
The federal form used to determine eligibility for grants, scholarships, work-study programs, and federal student loans for college education.
The Free Application for Federal Student Aid is the gateway to federal financial aid for college students in the United States. Completing the FAFSA determines eligibility for Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Work-Study, Direct Subsidized and Unsubsidized Loans, and many state and institutional aid programs.
The FAFSA uses information about family income, assets, household size, and the number of family members in college to calculate the Student Aid Index (SAI), which determines financial need. The application opens on October 1 each year for the following academic year, and many aid programs are first-come, first-served.
Every college-bound student should complete the FAFSA regardless of family income, as it unlocks access to federal loans and some merit-based aid that is not income-dependent. Common mistakes include missing deadlines, not listing enough schools, providing inaccurate information, and assuming ineligibility without applying.
Related Calculators
Related Terms
Scholarship
educationFinancial aid awarded to students based on academic achievement, talent, financial need, or other criteria that does not need to be repaid.
Bachelor's Degree
educationA four-year undergraduate degree that provides comprehensive education in a major field of study, required for most professional careers.
Associate Degree
educationA two-year undergraduate degree typically earned at community colleges, offering foundational education and preparation for bachelor's degree programs or entry-level careers.
Master's Degree
educationA graduate-level degree that provides advanced knowledge and specialization in a field, typically requiring one to three years of study beyond a bachelor's degree.
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