How much financial aid can I receive?

The amount of financial aid a student can receive from the US Department of Education - Financial Aid varies significantly based on several factors. Financial aid is comprised of different types of assistance, including grants, work-study opportunities, and student loans. First, students must complete the Free Application for Federal Student Aid, commonly known as FAFSA. This application determines eligibility for federal financial aid and is essential for assessing both need-based and merit-based funding. The amount of financial aid awarded depends on the cost of attendance at the institution, the student's expected family contribution, and the student's financial need. For federal grant programs, such as the Pell Grant, the maximum award for the 2023-2024 academic year is up to seven thousand seven hundred dollars, though individual awards may be lower based on full-time or part-time enrollment and other eligibility criteria. For federal student loans, the amount a student can borrow is also influenced by factors like the student's year in school and whether they are dependent or independent. Typically, undergraduate students can borrow up to five thousand five hundred dollars for the first year and can increase this limit in subsequent years. Students may also be eligible for state and institutional aid, which can further supplement federal awards. For the most accurate information tailored to individual circumstances, students are encouraged to visit studentaid.gov and explore the various resources and tools available there.