About this Service Provider (HISP)View Service Provider in Touchpoints
Federal Student Aid (FSA) seeks to ensure that all eligible individuals can benefit from Federal financial assistance for education beyond high 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.
Applying for Federal student aid
Each year, the Federal Student Aid (FSA) processes more than 17 million Free Application for Federal Student Aid (FAFSA®) forms, resulting in the delivery of over a billion dollars in Title IV aid to more than 10 million postsecondary students and their families. Customers, or FAFSA filers, are U.S. citizens or eligible noncitizens who enroll in an eligible degree or certificate program at an eligible college or career school. As the nation’s largest provider of student financial aid, Federal Student Aid (FSA), a principal office of the United States Department of Education, seeks to ensure that all eligible individuals can benefit from federal financial assistance for education beyond high school. The aid provided through FSA covers expenses such as tuition and fees, room and board, books and supplies, and transportation, enabling millions to invest in their future.
Starting in October each year, prospective and current higher education students use the Free Application for Federal Student Aid (FAFSA®) to apply for federal student aid in grants, work-study opportunities, and loans for college, career, or career or career graduate school. The FAFSA form assesses financial need and eligibility, and many states and colleges use FAFSA information to determine eligibility for state and school aid. Prospective aid recipients must complete the FAFSA form to obtain federal financial aid. There is no income cut-off to qualify for federal student aid applied for through the FAFSA form, and many factors—such as the size of the filer’s family and year in school—are considered.
Why this service was designated
The FAFSA form provides access to the single largest source of federal financial aid to pay for higher education. Each year, more than $115 billion in federal funds are provided to over 10 million students at more than 5,600 participating postsecondary schools.
Applying for Public Service Loan Forgiveness
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. Borrowers interested in the program use the PSLF Help Tool to assess whether their current or former employers qualify, identify actions they can take to become eligible, and guide themselves through the form and submission process. The tool is used at any time to qualify current or past employment, or after making 120 qualifying payments, a user can apply to receive loan forgiveness through the PSLF program. In addition, amounts forgiven under the PSLF Program are not considered income by the Internal Revenue Service. Therefore, recipients do not have to pay federal income tax on forgiven Direct Loans.
Why this service was designated
The PSLF is a vital promise to provide debt relief to support the teachers, nurses, firefighters, and others serving their communities through hard work essential to our country’s success. PSLF removes the burden of student debt on public servants, makes it possible for many borrowers to stay in their jobs, and entices others to work in high-need fields.