Federal Student Aid (2024)

FAQs

What disqualifies you from getting financial aid? ›

Not maintaining satisfactory progress at your college or degree program. Not filling out the FAFSA each year you are enrolled in school. Defaulting on a student loan.

You could be eligible for as much as $30,000 of aid

In order to receive their share of these funds, students should complete the Free Application for Federal Student Aid (FAFSA). Many students mistakenly believe that they do not qualify for federal aid.

Once your FAFSA form or correction has been processed, you can get a copy of your SAR by logging in to fafsa.gov using your FSA ID and selecting the “View SAR” option near the middle of the “My FAFSA” page.

Request a Reevaluation of Your Circ*mstances

Sometimes a family's finances are not accurately reflected on the FAFSA^® form because of changes that have occurred, such as job loss/reduction, divorce or separation, or other special circ*mstances.

There is no set income limit for eligibility to qualify for financial aid through. You'll need to fill out the FAFSA every year to see what you qualify for at your college. It's important to make sure you fill out the FAFSA as quickly as possible once it opens for the following school year.

Did You Know? There is no income cut-off to qualify for federal student aid. Many factors—such as the size of your family and your year in school—are taken into account.

Don't worry, this is a common question for many students. The good news is that the Department of Education doesn't have an official income cutoff to qualify for federal financial aid. So, even if you think your parents' income is too high, it's still worth applying (plus, it's free to apply).

Award amounts can change yearly. The maximum Federal Pell Grant award is $7,395 for the 2023–24 award year (July 1, 2023, to June 30, 2024). The maximum Federal Pell Grant award is $7,395 for the 2024–25 award year (July 1, 2024, to June 30, 2025). your plans to attend school for a full academic year or less.

$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.

If your FAFSA form is complete and fully processed, your estimated federal student aid and SAI will display under the “Eligibility Overview” tab of your online FAFSA Submission Summary. Before completing the FAFSA form, use the Federal Student Aid Estimator to estimate your SAI.

Can FAFSA see my checking account? ›

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

It means we found a record for you, but you don't have any federal student aid data on file to display.

To appeal your financial aid, you might have to write a letter and send it to your school. If your finances have changed since you submitted the FAFSA^® (Free Application for Federal Student Aid), this is your chance to explain why you need a new offer.

If you've received a financial aid offer from a college you're interested in attending but find it isn't enough, you may be eligible to submit a financial aid appeal. Your financial situation may have changed since submitting your financial aid applications due to a job loss or significant family expense.

Students must be in good academic standing to receive federal aid. The required GPA varies from school to school, but typically students need a 2.0 or higher. If your grades fall below the minimum GPA, you could lose eligibility for financial aid. See also: What GPA do you need to get a full scholarship?

Grades Slipped or Haven't Completed Enough Credits. You need to make satisfactory academic progress in college or career school in order to keep getting federal student aid. Talk to your school about whether you can appeal the decision that made you ineligible to continue receiving federal student aid.

There are a few common reasons why the Federal Processor will reject an application: Missing signatures, inconsistent marital status with income, taxes paid are equal to or higher than adjusted gross income, citizenship questions are blank, marital status and family members blank, etc.

Financial Aid Disqualification. Students not meeting all requirements at the end of their Warning semester and students exceeding MTFwill be placed on Financial Aid Disqualification. Students on disqualification are not eligible to receive most financial aid.