How Much Can FAFSA Give You?
The Free Application for Federal Student Aid (FAFSA) is a form that can help you get financial aid for college. Filing the FAFSA is the first step to getting financial aid from the federal government, state government, and college or university. But how much money can you get from FAFSA?
The amount of money you can get by filing the FAFSA depends on your financial need. Generally, the maximum amount of money you can get from FAFSA is in the low tens of thousands of dollars per year. This amount can vary depending on the type of aid you are eligible for.
The most common type of aid is grants, which do not need to be repaid. Grants are usually awarded based on financial need. The average amount of federal grants awarded to students is $4,980 per year, with a maximum of $10,345. Other types of aid that you may be eligible for include loans, work-study, and scholarships.
The table below shows the average and maximum amounts of financial aid you can get from FAFSA.
Type of Aid Average Amount Maximum Amount
Total Federal Grants $4,980 $10,345
Federal Direct Subsidized Loans $3,500 $5,500
Federal Direct Unsubsidized Loans $2,000 $6,000
Federal Perkins Loans $1,000 $5,500
Federal Work-Study $1,800 $4,000
Federal Parent PLUS Loans $5,000 $20,500
In addition to the federal aid you can get from FAFSA, you may also be eligible for state aid. The amount of state aid you can get will depend on the state you live in and the type of aid you are eligible for.
Keep in mind that the amount of money you can get from FAFSA is not the only factor in determining how much financial aid you can get. Your school’s cost of attendance, the type of aid you are eligible for, and other factors will also affect the amount of money you can get.
Filing the FAFSA is the first step to getting financial aid for college. The amount of money you can get from FAFSA depends on your financial need, but the maximum amount can be in the low tens of thousands of dollars per year. The table above shows the average and maximum amounts of financial aid you can get from FAFSA. In addition to the federal aid you can get from FAFSA, you may also be eligible for state aid.
