FAFSA Basics
This is the free application students complete to receive federal student aid.
What is the FAFSA?
This type of aid doesn’t need to be repaid.
What are grants or scholarships?
This type of loan has the government paying interest while the student is enrolled.
What is a subsidized loan?
This term represents the full estimated cost of attending school for one year.
What is the Cost of Attendance (COA)?
This type of aid gives students the opportunity to earn money through part-time work.
What is Federal Work-Study?
This is the earliest date students can usually submit the FAFSA each year.
What is October 1 (or the updated FAFSA launch timeline)?
This federal grant assists undergraduate students with exceptional financial need.
What is the Pell Grant?
These loans for undergraduates begin accruing interest as soon as they are disbursed.
What are unsubsidized loans?
This is the amount students owe after their financial aid has been applied.
What is the remaining balance?
This academic requirement ensures students maintain eligibility for financial aid by meeting GPA and completion benchmarks.
What is Satisfactory Academic Progress (SAP)?
This number generated by the FAFSA determines financial need for federal aid.
What is the Student Aid Index (SAI)?
This state or institutional type of scholarship often requires academic achievement rather than financial need.
What is a merit-based scholarship?
Parents may apply for this federal loan to help cover their child’s educational expenses.
What is a Parent PLUS Loan?
This refers to financial aid applied to the student’s bill after enrollment requirements are met.
What is aid disbursement?
Students must complete this form of verification if their FAFSA information is selected for review.
What is the verification process?
This term refers to a person required to provide financial information on the FAFSA if the student is dependent.
Who is a FAFSA contributor?
This grant is awarded only to students who agree to teach in high‑need fields in low‑income schools.
What is the TEACH Grant?
This requirement means students must complete a brief online program before receiving their first federal student loan.
What is entrance counseling?
Students may receive this type of refund if financial aid exceeds tuition and fees.
Students may receive this type of refund if financial aid exceeds tuition and fees.
Students in work-study positions cannot earn more than this amount listed in their financial aid offer.
What is their work-study award amount?
This FAFSA process automatically retrieves federal tax data directly from the IRS.
What is the IRS Direct Data Exchange (DDX)?
This campus-based grant is awarded by the college and is given to students with the highest financial need, but funding is limited.
What is the Federal Supplemental Educational Opportunity Grant (FSEOG)?
This term describes the maximum amount a student may borrow each academic year, based on dependency and grade level.
What is the annual federal loan limit?
This federal rule calculates how much aid must be returned when a student withdraws before completing 60% of the term.
What is Return to Title IV (R2T4)?
Students must do this every year to continue receiving federal financial aid, even if their information hasn’t changed.
What is renew or submit the FAFSA annually?