FAFSA Practice Test
Free Application for Federal Student Aid
FAFSA Practice Test
The Simplified Needs Test and Automatic Zero EFC are two simplified financial aid formulas used in the Free Application for Federal Student Aid (FAFSA), in addition to the complete federal need analysis methodology. Each of these formulas combines a FAFSA income limits requirement with a set of additional qualifying requirements. For qualifying candidates, the Simplified Needs Test causes assets to be overlooked on the FAFSA.
• Students who do not file an FAFSA each year leave millions, if not billions, of dollars in federal aid on the table. It’s simple: if you don’t file, you won’t be eligible for most forms of financial assistance.
• To be eligible for aid, your family does not have to have a low income. Even if your family’s annual income is $200,000, you may be eligible for assistance.
• When you fill out an FAFSA, you are automatically considered for a low-interest federal loan. Paying back these loans is less expensive than many private student loans.
• The FAFSA is required for many work-study programs.
• The FAFSA is required for several merit-based scholarships in order to establish scholarship amounts.
• If you seek financial aid, the FAFSA is the most important thing you can do.
• The FAFSA is free, and you don’t have to pay someone to fill it out for you.
• Before each school year in which you wish to receive financial aid, you must complete a new FAFSA. You must complete the FAFSA each year if you intend to seek for financial aid during your academic career.
• Use a permanent email address on the form rather than your high school email address to ensure that you can use your FAFSA account throughout college.
• To be eligible for a $40,000 College Board Opportunity Scholarship, you must complete the FAFSA, which is one of six steps.
• Simply filing your FAFSA qualifies you for a $1,000 College Board Opportunity Scholarship.
Here’s a more detailed response: Most online schools with regional accreditation accept federal financial aid, which is the same accreditation as traditional, brick-and-mortar institutions. FAFSA is often not accepted by online colleges with national accreditation.
Go to the US Department of Education’s accreditation website and enter in your school’s name to see which online colleges that accept financial aid or FAFSA approved online colleges.
Online programs can provide students the same intensive education, professional training, and support resources as traditional programs, and they can also get the same financial help.
In general, students apply for financial help in the same way for traditional and online programs. The FAFSA, which also determines a student’s eligibility for other types of financial aid, such as scholarships, grants, and fellowships, is used by federal sources to give financial aid.
Before receiving your loan funds for applying for student loans online, you will be expected to complete certain tasks:
While most work-study jobs are designed for students, you may not have enough time to conduct work-study if you have a heavy course load and a heavy workload in those subjects. To summarize, work-study can be worthwhile if it pays well and does not interfere with your education.
Undergraduates can borrow up to $12,500 per year in federal student loans, for a total of $57,500. Graduate students can borrow up to $138,500 in total, or $20,500 per year.
• Be a U.S. citizen or eligible noncitizen: Some legal residents of the United States who are not citizens may nonetheless be eligible.
• Have a Social Security number: You must have a valid Social Security number unless you are a resident of one of the United States’ territories.
• Enroll in an eligible degree or certificate program: Federal student loans can only be used if you are enrolled in an accredited or recognized program.
• Make satisfactory academic progress: Academic standards are set by each school. If you don’t maintain the minimum grades required by your school, you risk losing access to federal financial help.
• Register with Selective Service: Selective Service requires men between the ages of 18 and 25 to register for the draft.
• Enroll at least half time for Federal Direct Loans: You must enroll in at least a half-time course load to qualify for most student loan programs.
• Complete and sign the FAFSA: Your financial need is calculated using the Free Application for Federal Student Aid (FAFSA), which is the difference between what your family is expected to give and your estimated cost of attendance.
• Have qualifications needed for your program: It is necessary to have a high school diploma, GED, homeschool program, or similar.