The federal deadline is June 30 each year and may differ from state to state. Regardless of where you are, it’s almost always in your best interest to submit your FAFSA sooner rather than later.
The Expected Family Contribution, or EFC, is a measure of how much money you and your family is expected to contribute to your college education based on your financial standing.
The FAFSA is your first and most important step to getting the money you need to help you pay for college. And the only way to find out if you qualify for financial aid is to complete and submit a FAFSA.
FAFSA stands for The Free Application for Federal Student Aid. It is the most important form you must complete in order to qualify for almost all types of federal aid.
Graduate and Professional Student PLUS (Grad PLUS) Loan operates in similar fashion to the Parent PLUS Loan – as a low-cost supplement to borrow for college. Interest rate is fixed annually at 7.9%.
Parents of dependent students may apply for Parent Loan for Undergraduate Students or PLUS Loan to help pay their child’s education expenses. Here, the parents are responsible for repayment on the loan, not the student.
Direct Stafford Loan is the biggest source of low-interest loans for college-bound students who demonstrate financial need. In fact, nearly all students who completed their FAFSA are eligible to receive Stafford loans.
Unlike the Stafford loan and Parent PLUS loan, the Federal Perkins Loan is one of the three campus-based financial aid programs and the most generous in terms of interest rate, grace period, fees, and repayment options.
The FSEOG Program provides need-based grants to undergraduate students who demonstrate exceptional financial need. Eligible students can be awarded up to $4000 a year based on their needs and fund availability.
The FWS program involves students doing part-time work on or off campus in exchange for wages. The aim is to provide students with valuable work experience, and more importantly, help them graduate from college with as little debt as possible.