Student Loan Basics

FAFSA

Potential students who wish to be considered for financial aid must complete a FAFSA. The Free Application for Federal Student Aid, also known as FAFSA, is used to determine how much government aid you are eligible to receive.

To be eligible to receive federal student aid, one must be a U.S. citizen or eligible noncitizen, have a valid Social Security number (with certain exceptions) and comply with Selective Service registration, if required. Additionally, a high school diploma or a General Education Development (GED) Certificate is required, and one must be enrolled or accepted for enrollment as a regular student working toward a degree or certificate in an eligible program at a school that participates in the federal student aid programs. Other requirements may apply.

Applicants must not owe a refund on a federal grant or be in default on a federal student loan, or have financial need (except for unsubsidized Stafford Loans). Applicants with certain drug convictions are ineligible.

FAFSA forms are available online at www.FAFSA.ed.gov. The Financial Aid Office of most high schools in the U.S. should provide paper copies.

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FAFSA

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Types of Student Loans

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