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Information about Fafsa

Student loans in the U.S.
Regulatory framework
Higher Education Act of 1965
US Dept of Education
FAFSA Cost of attendance
Distribution channels
Federal Direct Student Loan Program
FFELP
Loan products
Perkins · Stafford
PLUS · Consolidation Loans
Private student loan
The Free Application for Federal Student Aid (known as FAFSA), is a form that can be filled out annually by current and anticipating university students (both undergraduate and graduate) and sometimes their parents in the United States to determine their eligibility for federal student financial aid (including grants, loans, and work-study programs). In addition, most states and schools use information from the FAFSA to award non-federal aid.

The FAFSA consists of numerous questions regarding the student's finances, as well as those of his or her family; these are entered into a formula that determines the Expected Family Contribution (EFC). A number of factors are used in determining the EFC including the family size, income, number in college, assets (not including retirement and 401K). The FAFSA does not have questions related to student or family race, ethnicity or religion.

A Student Aid Report (SAR), which is a summary of the FAFSA responses, is forwarded to the student. The student should review the SAR carefully for necessary corrections. An electronic version of the SAR (called an ISIR) is sent to colleges/universities the student selected on the FAFSA. The ISIR is also sent to state agencies that award state need-based aid.

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Student loans are loans offered to students to assist in payment of the costs of professional education. These loans usually carry a lower interest rate than other loans and are usually issued by the government.
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The Higher Education Act of 1965 (Pub. L. No. 89-329) was legislation signed into United States law on November 8, 1965 as part of President Lyndon Johnson's Great Society domestic agenda.
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United States
Department of Education

Seal of the Department of Education
Agency overview
Formed October 17, 1979

Employees 5,000 (2007)
Annual Budget Discretionary: $56.0 billion (2006)
Mandatory: $13.
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The Free Application for Federal Student Aid (known as FAFSA), is a form that can be filled out annually by current and anticipating university students (both undergraduate and graduate) and sometimes their parents in the United States to determine their eligibility for
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In education finance in the United States, the cost of attendance is the estimated full and reasonable cost of completing a full year as a full-time student. The cost of attendance is published by each educational institution and typically includes:

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The William D. Ford Federal Direct Loan Program (FDSLP), often referred to as "Direct Loans," is a United States Department of Education program that provides loans to help students pay for education after high school.
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The Federal Family Education Loan Program (FFELP) is a United States Department of Education program that provides for private organizations to market, originate, and service federally guaranteed loans, such as Stafford and PLUS loans to students and their parents.
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A Federal Perkins Loan, or Perkins Loan, is a need-based student loan offered by the U.S. Department of Education to assist American college students in funding their post-secondary education. The program is named after Carl D. Perkins, a former member of the U.S.
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A Stafford Loan is a student loan offered to eligible students enrolled in American institutions of higher education to help finance their education. The terms of the loans are described in Title IV of the Higher Education Act of 1965 (with subsequent amendments), which guarantees
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A PLUS Loan is a student loan offered to parents of students enrolled at least half time in eligible programs at participating and eligible post-secondary institutions. As of July 1, 2006 PLUS Loans are also available to graduate and professional students at participating and
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Top consolidation lenders ranked by total FY 2006 consolidation loan originations
Lender name # of loans Amt of loans ($)
Federal Direct Student Loan Program $19,197,268,873
Sallie Mae $19,841,423,841
Citibank $4,843,119,089
Nelnet $4,796,065,812
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A private student loan is a financing option for higher education in the United States that can either supplement or replace federally guaranteed loans such as Stafford loans, Perkins loans and PLUS loans.
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university is an institution of higher education and research, which grants academic degrees at all levels (bachelor, master, and doctorate) in a variety of subjects. A university provides both tertiary and quaternary education.
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Motto
"In God We Trust"   (since 1956)
"E Pluribus Unum"   ("From Many, One"; Latin, traditional)
Anthem
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Student financial aid refers to funding intended to help students pay educational expenses including tuition and fees, room and board, books and supplies, etc. for education at a college, university, or private school.
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United States of America

This article is part of the series:
Politics and government of
the United States


Federal government
Constitution
Taxation

President Vice President
Cabinet


Congress
Senate
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Expected Family Contribution (also referred to as EFC) is a term utilized in the college financial aid process. It is the estimate of the parents' and/or student's ability to contribute to post-secondary educational expenses.
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Portable Document Format (PDF)

Adobe Reader displaying a PDF in Microsoft Windows Vista
File extension: .pdf
MIME type: application/pdf
Type code: 'PDF ' (including a single space)
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