Bet everyone has heard about the term FAFSA. FAFSA stands for the Free Application for Federal Student Aid. It is a channel for students to get financial aid.
The FAFSA is a form completed by current and prospective college students in the United States to determine their eligibility for student financial aid. The FAFSA should not be confused with the CSS Profile, which is also required by some colleges.
According to U.S. News& World Report data, the average tuition and fees of a public college in the U.S. is about $10,116 for the 2019-2020 school year, while the average price for a private college is about $36,801. It is well known that college is too expensive for most families to afford. Only by family savings and income, a family cannot afford their children. Fortunately, the U.S. government gives its helping hand.
Each year the U.S. Department of Education provides more than $120 billion for over 13 million students. The most important thing is that this kind of aid is much like a low-interest loan which lifts the burden on the families. However, it is a free form available to undergrads and graduate students to see what loans, grants, and other financial aid they qualify for. It is not a loan or grant. It is a form, and you must submit a FAFSA application to the federal financial aid office every year if you want aid.
The FAFSA gives colleges and the government a simple look at how much your family is expected to contribute to your education. You tell them what you can afford and they help you out with the rest.