Credible takeaways
- Every type of FAFSA financial aid comes with its own set of eligibility requirements and limits.
- Your total aid amount is calculated using your school's cost of attendance, your Student Aid Index (SAI), and any other financial aid you receive.
- Financial aid offers may vary by school, and you'll learn how much you can get in the aid offer you receive from each school you're accepted to.
The FAFSA — which stands for Free Application for Federal Student Aid — delivers more than $112 billion in federal financial aid each year. If you're among the students submitting an application to help cover the cost of tuition, you may be wondering exactly how much aid you’re eligible to receive.
The answer is, it depends. From student loans to grants, there are a number of different types of federal aid you can receive, and the information you provide on your FAFSA helps schools determine how much aid to offer you.
Keep reading to find out how much the FAFSA can give you.
FAFSA financial aid limits
The FAFSA is an application offered by the U.S. Department of Education that students pursuing postsecondary education must submit to determine their eligibility for federal financial aid. Information requested in the FAFSA includes the personal and financial details of the student and, if applicable, their parent or legal guardian.
Based on this information, the schools you are accepted to will extend an aid offer, detailing how much and what forms of aid you are eligible to receive. This aid can include federal student loans, grants, and work-study funds. Each of these forms of aid has different parameters around maximum amounts and eligibility. The table below provides a quick overview.
| | |
|---|
| $3,500 to $5,500 annually, depending on year in school; $23,000 aggregate limit | Undergraduate students with financial need |
Direct Unsubsidized Loans | $5,500 to $7,500 annually (undergraduates) or $20,500 (graduates), depending on year in school; $31,000 to $138,500 aggregate limit based on dependency status and level in school (undergraduate or graduate) | All undergraduate and graduate students |
| Up to the school’s cost of attendance, minus any other financial aid you receive | Graduate or professional students |
| The cost of attendance at the child's school, minus other financial aid received | Biological or adoptive parents (or stepparents on a case-by-case basis) of dependent undergraduate students |
| $7,395 for the 2023-24 and 2024-25 award years | Undergraduate students with exceptional financial need who have not earned a bachelor's, graduate, or professional degree |
| Varies based on financial need and the school's available funds | Undergraduate, graduate, and professional students with financial need |
Teacher Education Assistance for College and Higher Education (TEACH) Grant | Up to $4,000 a year; amount reduced by 5.70% for grants disbursed on or after Oct. 1, 2020, and before Oct. 1, 2024 | Students enrolled in a TEACH Grant-eligible program at a participating school; must score above 75th percentile on a college admissions test or maintain a minimum 3.25 GPA |
Federal Supplemental Educational Opportunity Grant (FSEOG) | $100 to $4,000 a year, depending on eligibility | Undergraduate students with exceptional financial need |
Iraq and Afghanistan Service Grant | Up to $7,935 in 2023-24; amount can’t exceed school’s cost of attendance | Children of U.S. armed forces members who died as a result of military service in Afghanistan or Iraq after 9/11; children must’ve been under 24 or in college when the death occurred and can’t be eligible for a Pell Grant |
| Varies depending on the specific scholarship | Criteria varies by scholarship |
How FAFSA calculates your aid amount
The information you provide on your FAFSA plays a big role in determining how much aid schools will offer you, but it also depends on factors like your year in school, enrollment status, and the school's total cost of attendance.
To calculate your specific federal financial aid offer, the financial aid staff at your school will first determine:
- The school’s cost of attendance: This figure takes into consideration tuition and fees, as well as added costs like food, housing, books, and transportation, among other expenses.
- Student Aid Index (SAI) or Expected Family Contribution (EFC): These are both indexes that help estimate your aid amount based on your income sources, assets, and benefits like Social Security or unemployment. The EFC also considers family size and number of family members in school. The 2024-25 FAFSA uses SAI, whereas the 2023-24 FAFSA uses EFC.
From there, the school's financial aid office will subtract either your SAI or EFC from your total cost of attendance. This figure will indicate your financial need, suggesting how much need-based aid you may be eligible to receive.
The final step in the equation is to subtract any other financial aid you may have received from your cost of attendance, which determines how much non-need-based aid you can get.
Related: How Much Can I Borrow in Student Loans?
Tips to maximize your aid offer
To help you get the most financial aid possible, here are some tips to consider:
- Fill out the FAFSA early: Filling out the FAFSA is essential to secure federal financial aid, and the earlier you register for the FAFSA, the better, as certain awards are first come, first served. Additionally, starting sooner offers some buffer room in case you need to make any changes or correct mistakes.
- Avoid common FAFSA mistakes: Steering clear of common FAFSA missteps is another way to ensure you end up receiving financial aid. Frequent mistakes include failing to report required information, not adding all of the colleges you're considering to the form, and forgetting to sign the FAFSA form.
- Minimize your taxable income: FAFSA takes student assets into account when deciding aid amounts, so keeping these low is beneficial. Since parents or guardians are only required to use a small part of their assets for college costs, it’s better to keep college funds in their names rather than transferring them to the student.
If there's a gap between your total college costs and your financial aid, consider private student loans to cover the difference. Remember to compare various rates and terms to ensure you choose the best lender for your circumstances.
Advertiser DisclosureLoan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $99,999 annually ($180,000 aggregate limit)
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Loan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to cost of attendance
Overview
Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank owned by Education Loan Finance, Inc., a non-profit whose mandate is to provide access to higher education. ELFI launched in 2015 and offers undergraduate, graduate, and parent private student loans as well as student loan refinancing.
ELFI student loans and refinance loans are available to residents in all U.S. states including Puerto Rico. Borrowers can benefit from no application, origination, or prepayment fees. ELFI also offers flexible repayment terms and competitive rates, however there’s no cosigner release option and the lender doesn’t offer any discounts.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
FAFSA FAQ
What’s the maximum amount of money the FAFSA gives you?
The amount of federal financial aid you receive cannot exceed your school’s total cost of attendance. Additionally, there are caps on how much you can receive in federal aid annually based on the type of aid, your year in school, and your dependency status as a student. For example, a first-year undergraduate student who is a dependent can receive up to $5,500 in subsidized and unsubsidized loans for the year, while independent students could get up to $9,500 for the first year. Graduate or professional students, on the other hand, have an annual limit of $20,500.
Can the FAFSA cover my entire tuition?
It's possible that the aid you receive through FAFSA can cover your full tuition, but this isn't always the case. In fact, many students and families have to cover a portion of the college bill even after filing the FAFSA, according to the Department of Education.
How do I know how much money FAFSA will give me?
After submitting your FAFSA, you can see how much federal student aid you're estimated to receive by viewing your Student Aid Report through fafsa.gov. However, you will only find out how much aid you’re eligible to receive from a school after you are accepted and the school sends you an aid offer.
How much does FAFSA give based on income?
There are no income limits for federal financial aid through the FAFSA. That said, income is taken into consideration when determining a student's aid eligibility, and certain types of federal financial aid — such as Pell Grants, work-study funds, and subsidized loans — are only available to those with demonstrated financial need.
Meet the expert:
Becca Stanek
Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as the managing editor for investing and savings content at LendingTree and an editor at SmartAsset. Prior to that, she was a staff writer at The Week. She’s currently freelancing for publications including SoFi, Forbes, and The Week while she earns her MFA in creative writing.
