How Much Federal Aid Can You Get
You can get an early estimate of your federal student aid eligibility by using FAFSA4caster, an online tool designed to help students and families financially plan for college. After you complete FAFSA4caster, your estimated aid eligibility will be displayed instantly.
The information includes the types of federal student aid you might be eligible to receive and estimated award amounts. If you plan to attend school full-time at a four-year public school, it shows the types of federal student aid that might help cover that cost, listing your estimated award amount for any federal grant programs and providing examples of award packages with in-state and out-of-state costs.
When you’re ready to apply for aid, FAFSA4caster can populate your federal student aid application, FAFSA on the Web, and reduce the time it will take for you to complete your application. You can access FAFSA4caster at Federal Student Aid.
Why consider a federal student loan instead of a private (non-federal) student loan?
A federal student loan is a low-cost loan and a better option than a private student loan in part because private loans are marketed directly to students without counseling. In short, private loans are substantially more expensive than federal student loans.
They generally have higher interest rates that are variable and may substantially increase your repayment amount and might depend on your credit score. Private loans can also have prepayment penalty fees. Compare that to federal student loans, which have lower, fixed interest rates, generous repayment plans, no prepayment penalties and no credit checks.
Private loans and credit cards are consumer loans, and are very expensive ways of financing your education.
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