Mission
Federal Student Aid (FSA) seeks to ensure that all eligible individuals can benefit from Federal financial assistance for education beyond high school. These programs provide grant, work-study, and loan funds to students attending college or career school. FSA provides more than $120 billion in grants, work-study, and loan funds each year to help pay for college or career school. FSA processes approximately 20 million FAFSA submissions annually.
Designated Services
Designated Services
Applying for Federal student aid
The Free Application for Federal Student Aid (FAFSA®) form is an application that students and families need to complete to apply for federal student aid, such as federal grants, work-study funds, and loans. Completing and submitting the FAFSA form is free, and it gives students access to the largest source of financial aid to help pay for higher education.
Applying for Public Service Loan Forgiveness (PSLF)
The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on Direct Loans for borrowers after they have made the equivalent of 120 qualifying monthly payments under and accepted repayment plan, and while working full-time for an eligible employer. As of August 2024, there are approximately 2.2 million borrowers who are working toward PSLF, as defined as having at least one approved Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification & Application (PSLF form) on file.
Applying for Income Driven Repayment Plans
FSA offers a variety of Income Driven Repayment (IDR) plans, which are plans that base a monthly student loan payment amount on the borrower’s income and family size. For some people, payments on an IDR plan can be as low as $0 per month. 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.
Action Plans
2022 Action Plan commitments are detailed in Executive Order 14058