What is the Maximum Amount of Money That FAFSA Gives Out? What You Need to Know

Are you applying for the FAFSA and are curious as to how much money you can get? We’ll help you through the process!

Main image courtesy of NEWS10 ABC. 

Are you a college student that is struggling to come up with the money needed to pay for college? While it seems almost impossible to be able to pay for your education all on your own, it is possible to get the help that you need from the federal government and you can easily do this by filing for the FAFSA every year!

Have you ever heard of the FAFSA before? It is an incredible tool to be able to easily pay for your college education by receiving federal student loans or grants. Now that you know what the FAFSA is, you may be wondering how much money you can get from filling it out. We know that you may be wanting to know an exact amount, but there are actually a lot of factors that go into how much money you can actually receive.

If you are curious how much you can get from applying for the FAFSA to get an idea of how much money you can save, and even figure out how much you will have to pay back whenever you graduate, continue reading to learn what the maximum amount of money there is you can earn!

What is the FAFSA?

There is a lot of information that goes into knowing what the FAFSA is, so make sure you understand it all!

Best Time to Fill Out FAFSA
The FAFSA is a great way to be able to get money for college, so make sure you know what it is and fill it out ASAP! Image courtesy of Randolph College.

It’s important to know and understand what the FAFSA is whenever you decide to further your education and head off to college because it can help you in the long run. While many people apply for private loans to pay off their college education, you can also potentially get some help from the federal government as well by applying for the FAFSA. 

The FAFSA stands for the Federal Application for Federal Student Aid and it is a form that can be completed for both current and upcoming college students right on the official FAFSA website. This form ultimately can determine how much the financial aid that the government can give you.

Applying for the FAFSA is completely free and you can get grants, or even subsidized loans (interest on these loans are paid by the Education Department while you’re in school) or unsubsidized loans (interest begins accruing as soon as the loan is dispersed, even while you’re in school). 

How Much Money Can You Get From the FAFSA?

Get an idea of how much money you can get from the FAFSA, and even learn what the maximum amount is!

College Money
Are you applying to the FAFSA? Learn what the maximum amount of money is that you can get for applying! Image courtesy of Forbes.

Applying for the FAFSA in a way can be kind of exciting, because it’s your next step to heading off to college, and you’re getting help with paying for your education too! You may be wondering how much money you can get from applying for the FAFSA, but you should also know that there are many factors that go into how much money you can actually get.

Some of these factors include:

  • Cost of Attendance (COA) of your college - Room and board, tuition, cost of books, supplies, transportation, etc.
  • Expected Family Contribution (EFC) - Family’s income, your income, assets, benefits, etc.

Cost of Attendance and Expected Family Contribution are the best ways to figure out how much money you can obtain from the FAFSA. By easily filling out this information on the FAFSA, you will be on the right path to learn exactly what you can get from the FAFSA, and how you can make it possible to pay for your college education without having to stress out about it before you start college.

What is the Maximum Amount of Money the FAFSA Can Give Out?

Learn how you can potentially get the maximum amount of money from the FAFSA!

Money
Getting money from the FAFSA is exciting, but knowing how you can get the maximum amount can really help you out! Image courtesy of Corporate Finance Institute. 

There is no better feeling than when you finish up the FAFSA and then you get your report back stating how much you receive. If you want to make the most out of the FAFSA and how much you can get, we totally understand.

Did you know that there is a maximum when it comes to how much the FAFSA gives out to college students? This can depend on many different factors, for example, for the Federal Pell Grant, which is a grant given to students who display exceptional financial need who do not have any kind of degree, you don’t have to pay this back. The maximum amount that you can get is around $6,495 and that’s money you don’t have to pay back!

The grand total for how much money that you can earn from the FAFSA is $57,500, which is a lot of money that can help you out through your college education! The only thing about this though is that only $23,000 of the grand total can be subsidized loans, the rest are going to be unsubsidized.

When it comes down to it, this sounds like a better deal than having to apply for private loans and go through the hassle of applying for the loan, trying to get a cosigner is possible, and the other troubling factors that go into taking out private loans for your student loans. 

There are a lot of stresses when it comes to applying for the FAFSA, but at the end of the day, it is your best option when it comes to getting money to continue your college education. If you are looking to achieve the maximum amount of money for college, why not apply for the FAFSA today and see what you can get!

Sara Nuss
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