Student, College, Graduate Consolidation Loans
Federal Student Aid
Most student financial aid comes from the federal government programs you'll read about here, which the U.S. Department of Education's Federal Student Aid (FSA) office administers. For additional sources of student financial aid, click here.
Beware of scams and services that will search for financial aid money for you for a fee. A law protects you from this type of fraud.
Applying for student aid is FREE; that's why the application you use is called the Free Application for Federal Student Aid (FAFSA). If you need help completing the FAFSA, you can get that help free, too. You don't have to pay anyone for assistance.
Who gets federal student aid?
Our most basic eligibility requirements are that you must
Demonstrate financial need;
Be a U.S. citizen or eligible noncitizen with a valid Social Security number, and
Show by one of the following means that you're qualified to obtain a postsecondary education (education after high school):
Have a high school diploma or a General Education Development (GED) Certificate.
Pass an approved ability-to-benefit (ATB) test (if you don't have a diploma or GED, a school can
administer a test to determine whether you can benefit from the education offered at that school).
Meet other standards your state establishes that we have approved.
Complete a high school education in a home school setting approved under state law.
See the complete list of eligibility requirements by clicking here.
What is federal student aid?
It's financial help if you're enrolled in an eligible program as a regular student at a school participating in our federal student aid programs. (By "school," we mean a four-year or two-year public or private college, university, career school, or a trade school.)
Federal aid covers school expenses, including tuition and fees, room and board, books and supplies, and transportation. Aid can also help pay for a computer and for dependent care.
There are three categories of federal student aid: grants, work-study, and loans (see the chart below for an overview of these programs). Check with your school to find out which programs your school participates in.
How do you apply for federal student aid?
1. Complete the Free Application for Federal Student Aid (FAFSA)—the online version (FAFSA on the Web) or the paper FAFSA. For more information on applying, click here.
For FAFSA on the Web, go to www.fafsa.ed.gov (or to www.studentaid.ed.gov and get general student aid information as well). Using FAFSA on the Web is faster and easier than using paper.
If you don't have Internet access, you can get a paper FAFSA from
a high school guidance office,
a college financial aid office,
a local public library, or
our Federal Student Aid Information Center by calling 1-800-4-FED-AID (1-800-433-3243).
You can apply beginning January 1, 2005; you have until June 30, 2006 to submit your FAFSA. But, you need to apply early!
Schools and states often use FAFSA information to award nonfederal aid. Their deadlines are usually early in the year. You can find state deadlines online at FAFSA on the Web — see "Deadlines" under "Before Beginning a FAFSA." The paper FAFSA lists state deadlines on the front of the form. Check with the schools you're interested in for their deadlines.
2. Review your Student Aid Report (SAR).
After you apply, you'll receive a Student Aid Report. Your SAR contains the information reported on your FAFSA and usually includes your Expected Family Contribution (EFC) number. The EFC number, a measure of your family’s financial strength, is used to determine your eligibility for federal student aid. Review your SAR information as soon as you get it and make any corrections or changes, if necessary. The school(s) you list on your FAFSA will receive your SAR data electronically and will review that data to determine your eligibility. See here for more information on the SAR.
3. Contact the school(s) you might attend.
Make sure the financial aid office staff at each school you're interested in has all the information needed to determine your eligibility. If you're eligible, each school's aid administrator will send you an award letter outlining the amount and types of aid (from all sources) the school will offer you. You can compare award letters from the schools you applied to and see what aid you can receive from each school.
The Student Guide 2005-2006 Free Student Aid Information and Sources
After reviewing this publication, if you still have questions about our programs, you can return to our Web site for comprehensive, free information on the student aid process and links to other student aid-related sites. Or you can call our Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).
Check out these other great resources for federal or non-federal student aid:
Financial Aid AdministratorTalk to the aid administrator (or his or her staff) at each school you're interested in to find out about the school's aid programs and total cost of attendance.
State Higher Education Agency This agency in your home state can give you information about state aid—including aid from the Leveraging Educational Assistance Partnership (LEAP) Program, funded jointly by states and by us.
Public Libraries/Internet These are excellent sources of information on state and private forms of aid. When using either source, search using keywords like "financial aid," "student aid," "scholarships," etc.
AmeriCorps This program provide provides full-time educational awards in return for work in community service. You can work before, during, or after your postsecondary education, and you can use the funds either to pay current educational expenses or to repay federal student loans. For more information, call 1-800-942-2677. The TTY number is 1-800-833-3722.
Information is also available at www.americorps.org.
Robert C. Byrd Honors Scholarship Program (Byrd Program)To receive aid, you must demonstrate outstanding academic achievement and show promise of continued academic excellence. For more information, call our toll-free number: 1-800-4-FED-AID (1-800-433-3243) or visit www.ed.gov/programs/iduesbyrd/index.html.
Companies and Labor Unions Check with your parents' places of work. They might have programs to help pay the cost of postsecondary education for employees and their children.
Organizations, Foundations, Etc. Foundations, religious organizations, fraternities or sororities, and town or city clubs often offer financial assistance. Include in your search community organizations and civic groups such as the American Legion, YMCA, 4-H Club, Elks, Kiwanis, Jaycees, and the Girl or Boy Scouts.
Organizations connected with your field of interest can be helpful—for example, the American Medical Association and the American Bar Association are good sources for students seeking specialization in those fields.Organizations connected with your field of interest can be helpful—for example, the American Medical Association and the American Bar Association are good sources for students seeking specialization in those fields.
U.S. Armed Forces The Armed Forces also offer financial aid opportunities. For more information on recruitment incentives, visit the U.S. Department of Defense Defenselink Web site at www.todaysmilitary.com. Click on "What You Get" at the top of the site. Then go to "College Help." You can also contact your local recruiter.
U.S. Department of Veterans Affairs If you (or your spouse) are a veteran or you're the dependent of a veteran, veterans' educational benefits may be available. Information is also available through the Internet at www.gibill.va.gov or call 1-888-GIBILL-1 (1-888-442-4551).
Internal Revenue Service (IRS)The IRS offers two federal income tax credits (dollar-for-dollar reductions in tax liability) for higher education expenses.
The Hope tax credit, worth up to $1,500 per student, is available for first- and second-year students enrolled at least half time.
The Lifetime Learning tax credit is a tax benefit equal to 20 percent of a family's tuition expenses, up to $10,000. The credit can be used for virtually any postsecondary education and training, including graduate and professional schools, and even for less-than-half-time study
For more information on the Hope and Lifetime Learning tax credits, and other tax benefits for postsecondary students, go to www.irs.gov.
IRS Publication 970, Tax Benefits for Higher Education, which explains these credits and other tax benefits, is available online. Or, call the IRS at 1-800-829-1040. TTY callers can call 1-800-829-4059.
Most student financial aid comes from the federal government programs you'll read about here, which the U.S. Department of Education's Federal Student Aid (FSA) office administers. For additional sources of student financial aid, click here.
Beware of scams and services that will search for financial aid money for you for a fee. A law protects you from this type of fraud.
Applying for student aid is FREE; that's why the application you use is called the Free Application for Federal Student Aid (FAFSA). If you need help completing the FAFSA, you can get that help free, too. You don't have to pay anyone for assistance.
Who gets federal student aid?
Our most basic eligibility requirements are that you must
Demonstrate financial need;
Be a U.S. citizen or eligible noncitizen with a valid Social Security number, and
Show by one of the following means that you're qualified to obtain a postsecondary education (education after high school):
Have a high school diploma or a General Education Development (GED) Certificate.
Pass an approved ability-to-benefit (ATB) test (if you don't have a diploma or GED, a school can
administer a test to determine whether you can benefit from the education offered at that school).
Meet other standards your state establishes that we have approved.
Complete a high school education in a home school setting approved under state law.
See the complete list of eligibility requirements by clicking here.
What is federal student aid?
It's financial help if you're enrolled in an eligible program as a regular student at a school participating in our federal student aid programs. (By "school," we mean a four-year or two-year public or private college, university, career school, or a trade school.)
Federal aid covers school expenses, including tuition and fees, room and board, books and supplies, and transportation. Aid can also help pay for a computer and for dependent care.
There are three categories of federal student aid: grants, work-study, and loans (see the chart below for an overview of these programs). Check with your school to find out which programs your school participates in.
How do you apply for federal student aid?
1. Complete the Free Application for Federal Student Aid (FAFSA)—the online version (FAFSA on the Web) or the paper FAFSA. For more information on applying, click here.
For FAFSA on the Web, go to www.fafsa.ed.gov (or to www.studentaid.ed.gov and get general student aid information as well). Using FAFSA on the Web is faster and easier than using paper.
If you don't have Internet access, you can get a paper FAFSA from
a high school guidance office,
a college financial aid office,
a local public library, or
our Federal Student Aid Information Center by calling 1-800-4-FED-AID (1-800-433-3243).
You can apply beginning January 1, 2005; you have until June 30, 2006 to submit your FAFSA. But, you need to apply early!
Schools and states often use FAFSA information to award nonfederal aid. Their deadlines are usually early in the year. You can find state deadlines online at FAFSA on the Web — see "Deadlines" under "Before Beginning a FAFSA." The paper FAFSA lists state deadlines on the front of the form. Check with the schools you're interested in for their deadlines.
2. Review your Student Aid Report (SAR).
After you apply, you'll receive a Student Aid Report. Your SAR contains the information reported on your FAFSA and usually includes your Expected Family Contribution (EFC) number. The EFC number, a measure of your family’s financial strength, is used to determine your eligibility for federal student aid. Review your SAR information as soon as you get it and make any corrections or changes, if necessary. The school(s) you list on your FAFSA will receive your SAR data electronically and will review that data to determine your eligibility. See here for more information on the SAR.
3. Contact the school(s) you might attend.
Make sure the financial aid office staff at each school you're interested in has all the information needed to determine your eligibility. If you're eligible, each school's aid administrator will send you an award letter outlining the amount and types of aid (from all sources) the school will offer you. You can compare award letters from the schools you applied to and see what aid you can receive from each school.
The Student Guide 2005-2006 Free Student Aid Information and Sources
After reviewing this publication, if you still have questions about our programs, you can return to our Web site for comprehensive, free information on the student aid process and links to other student aid-related sites. Or you can call our Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).
Check out these other great resources for federal or non-federal student aid:
Financial Aid AdministratorTalk to the aid administrator (or his or her staff) at each school you're interested in to find out about the school's aid programs and total cost of attendance.
State Higher Education Agency This agency in your home state can give you information about state aid—including aid from the Leveraging Educational Assistance Partnership (LEAP) Program, funded jointly by states and by us.
Public Libraries/Internet These are excellent sources of information on state and private forms of aid. When using either source, search using keywords like "financial aid," "student aid," "scholarships," etc.
AmeriCorps This program provide provides full-time educational awards in return for work in community service. You can work before, during, or after your postsecondary education, and you can use the funds either to pay current educational expenses or to repay federal student loans. For more information, call 1-800-942-2677. The TTY number is 1-800-833-3722.
Information is also available at www.americorps.org.
Robert C. Byrd Honors Scholarship Program (Byrd Program)To receive aid, you must demonstrate outstanding academic achievement and show promise of continued academic excellence. For more information, call our toll-free number: 1-800-4-FED-AID (1-800-433-3243) or visit www.ed.gov/programs/iduesbyrd/index.html.
Companies and Labor Unions Check with your parents' places of work. They might have programs to help pay the cost of postsecondary education for employees and their children.
Organizations, Foundations, Etc. Foundations, religious organizations, fraternities or sororities, and town or city clubs often offer financial assistance. Include in your search community organizations and civic groups such as the American Legion, YMCA, 4-H Club, Elks, Kiwanis, Jaycees, and the Girl or Boy Scouts.
Organizations connected with your field of interest can be helpful—for example, the American Medical Association and the American Bar Association are good sources for students seeking specialization in those fields.Organizations connected with your field of interest can be helpful—for example, the American Medical Association and the American Bar Association are good sources for students seeking specialization in those fields.
U.S. Armed Forces The Armed Forces also offer financial aid opportunities. For more information on recruitment incentives, visit the U.S. Department of Defense Defenselink Web site at www.todaysmilitary.com. Click on "What You Get" at the top of the site. Then go to "College Help." You can also contact your local recruiter.
U.S. Department of Veterans Affairs If you (or your spouse) are a veteran or you're the dependent of a veteran, veterans' educational benefits may be available. Information is also available through the Internet at www.gibill.va.gov or call 1-888-GIBILL-1 (1-888-442-4551).
Internal Revenue Service (IRS)The IRS offers two federal income tax credits (dollar-for-dollar reductions in tax liability) for higher education expenses.
The Hope tax credit, worth up to $1,500 per student, is available for first- and second-year students enrolled at least half time.
The Lifetime Learning tax credit is a tax benefit equal to 20 percent of a family's tuition expenses, up to $10,000. The credit can be used for virtually any postsecondary education and training, including graduate and professional schools, and even for less-than-half-time study
For more information on the Hope and Lifetime Learning tax credits, and other tax benefits for postsecondary students, go to www.irs.gov.
IRS Publication 970, Tax Benefits for Higher Education, which explains these credits and other tax benefits, is available online. Or, call the IRS at 1-800-829-1040. TTY callers can call 1-800-829-4059.
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