Applying for Federal student aid
FSA plays a pivotal role in providing financial assistance for education beyond high school, delivering over $1 billion dollars in Title IV aid to more than 10 million students. FSA ensures that U.S. citizens or eligible noncitizens have access to federal financial assistance, covering expenses like tuition, fees, room and board, books, supplies, and transportation. The FAFSA form, a crucial gateway for federal student aid, assesses financial need and eligibility, enabling millions to invest in their education. With no income cut-off, FAFSA considers various factors to determine aid eligibility, providing access to the single largest source of federal financial aid for higher education—over $115 billion annually to students at more than 5,600 participating postsecondary schools.
Applying for Public Service Loan Forgiveness (PSLF)
FSA seeks to ensure all eligible individuals can benefit from Federal financial assistance for education beyond high school. The Public Service Loan Forgiveness (PSLF) Program encourages and rewards public service by providing debt relief to borrowers in full-time public service jobs such as military service, AmeriCorps or Peace Corps volunteers, employees of 501(c)(3) nonprofits, and U.S. government employees at all levels, federal, state, local, or tribal.
Applying for Saving on a Valuable Education (SAVE)
Under the Saving on a Valuable Education (SAVE) Plan, a new income-driven repayment (IDR) plan, a single borrower who makes less than about $15 an hour will not have to make any payments, and borrowers earning above that amount could save more than $1,000 a year on their payments compared to other IRD plans. The SAVE Plan also ensures that borrowers never see their balance grow due to unpaid interest as long as they keep up with their payments. The new IDR application allows borrowers to have their income accessed securely from the Internal Revenue Service so they do not need to re-certify their income or re-apply for IDR plans every year.