What types of financial aid are available through FAFSA?

FAFSA, which stands for the Free Application for Federal Student Aid, offers a variety of financial aid options for eligible students seeking assistance for their higher education expenses. The types of financial aid available through FAFSA include federal grants, federal loans, and work-study programs. Federal grants are funds that do not require repayment and are typically awarded based on financial need. The most commonly known federal grant is the Pell Grant, which is available to undergraduate students who demonstrate exceptional financial need. There are also other types of grants, such as the Federal Supplemental Educational Opportunity Grant, which is awarded to students with the greatest financial need. Federal loans, on the other hand, must be repaid with interest. These loans can be categorized into subsidized and unsubsidized loans. Subsidized loans are based on financial need, and the U.S. Department of Education pays the interest while the student is enrolled at least half-time. Unsubsidized loans are not based on financial need, and interest begins to accrue as soon as the loan is disbursed. The work-study program allows students to earn part of their financial aid through part-time employment while attending school. This program encourages community service work and allows students to gain valuable experience in their field of study. In addition to these federal options, some states and colleges may offer their own financial aid programs, which could include additional grants, scholarships, or loans. It is always best for students and families to check the financial aid resources on the official studentaid.gov website for the most up-to-date information and details about the application process.