Application for Federal Student Aid (FAFSA)

Posted in Finance, Accounting and Economics Terms, Total Reads: 1361

Definition: Application for Federal Student Aid (FAFSA)

It is a form that has to be filled annually by US Students to determine their eligibility for financial aid at various undergraduate and graduate colleges.

Eligibility to apply

A student who fulfils the following criteria is eligible for application to the FAFSA:

1. Maintains a minimum GPA

2. US Citizen or national

3. Has a social security number

4. Registered with selective service system

5. Promise to use any federal aid for only educational use

6. Not on a student loan default

7. Not guilty of illegal drug posseion

Financial Aid Available

1. Pell grant-For students with low family income($5645)

2. Stafford Loan- consists of a subsidized and unsubsidized loan having a 4.66% interest rate. For half of the loan the government pays the interest while the student is enrolled, while the other half is unsubsidized.

3. Federal Perkins Loan- similar to Stafford loan but with a 5% interest rate and applicable to title IV schools.

4. Federal Work Study Program- Students gets part time work with the school and the government pays half of the fees while the school pays the other half.


Along with these major aids the program is an application to several federal student-aid programs, state aid programs and most of the institutional aid available.


Search & Explore : Management Dictionary

Browse the definition and meaning of more terms similar to Application for Federal Student Aid (FAFSA). The Management Dictionary covers over 7000 business concepts from 6 categories.


Share this Page on:

Similar Definitions from same Category: