How Much Money for College can the FAFSA Provide?

If you qualify for all forms of federal aid available on the FAFSA, chances are that you can receive a lot of money for college. While some of this will likely come in the form of low interest loans, a great deal of it can also come from grants and scholarships, which never have to be repaid. Additionally, work study awards can be earned in addition to other forms of aid, thereby increasing the overall amount of money you can receive by filling out a FAFSA.

Each part of the FAFSA makes different determinations concerning what type of aid you can receive. For undergrad students, most funds will come in the form of unsubsidized and subsidized loans. For each academic year, total loan amounts will depend on student status: dependent students can get up to $3500 in subsidized loans and $2000 in unsubsidized loans. Independent students can be loaned up to $3500 in subsidized loans and $6000 in unsubsidized loans.

Students using the FAFSA can also get Perkins loans up to $5500 per year. The Perkins loans features a low 5% rate of interest and is managed by the school- not the US Department of Education.

There are several grants available to students by filling out a FAFSA:

Pell Grant: Can be awarded up to $5550. In some cases, students can be awarded this twice per year.

Federal Supplemental Education Opportunity Grant: Usually awarded in conjunction with the Pell Grant, the FSEOG maximum award is $4000.

Academic Competitiveness Grants: Usually awarded through the school, officials will use information on your FAFSA to make ACG award determinations, up to $1300.

The Teacher Assistance for College and Higher Education Grant, awarded up to $4000, is for students that make a commitment to teach for 4-5 years in an elementary or secondary school that services children from low income families.

Scholarships available by filling out a FAFSA vary wildly in type and amount, but in general range from $500 to $3500 and more.

As you can see, it’s easy to get all the money you need- and then some- simply by filling out a FAFSA.