The FAFSA is the form that can be prepared annually by current and prospective college students to determine their eligibility for federal financial aid. Based on income tax information students may be eligible for a variety of federal funding.
- Pell Grant – A grant of up to $5,815 (as of the 2016-17 Award Year) for students with a low expected family contribution. The Pell Grant does not need to be repaid.
- Stafford Loan – As of July 1, 2015, any Federal Direct subsidized loan will have a fixed interest rate of 4.29% and the interest is paid by the government while the student is enrolled at least half time. The Federal Direct unsubsidized loan also has a fixed interest rate of 4.29% and accumulates onto the outstanding balance.
- Federal Perkins Loan – A loan that is like the Stafford but is lent directly by schools that are Title IV-eligible. Interest rate is fixed at 5%.
- The Federal Work-Study Program – A program where students can get part-time work, up to a certain amount. In most cases, the federal government pays half of a student's wage and the school pays the other half.
To begin the FAFSA process, follow the link below: