Wondering if you are eligible for financial aid, if filling out the FAFSA will be helpful or not? Below we explain eligibility requirements for receiving financial aid.
Basic Eligibility Requirements
There are some eligibility criteria you need to meet in order to qualify for federal student aid:
- Complete the FAFSA and agree to use federal student aid for educational purposes.
- Be a U.S. Citizen or eligible non-citizen.
- Have a valid Social Security number (with the exception of student from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau).
- Be enrolled, or accepted for enrollment, as a regular student in an eligible degree or certificate* program at a college or university that participates in federal student aid.
- Have a high school diploma, the recognized equivalent of a high school diploma* (including a General Educational Development (GED) certificate), or have completed a high school curriculum in a home school setting that satisfies the state’s requirements for home schooling.
- Students who first enrolled in an accredited college or career school before July 1, 2012, or are enrolled in an eligible career pathway program, may qualify by satisfying alternate criteria, such as passing an approved ability-to-benefit test or completing six credit hours or equivalent course work toward a degree or certificate.
- Not be in default on a federal student loan.
- Not owe a refund on a federal student grant or loan overpayment.
- Maintain satisfactory academic progress.
Drug convictions no longer will affect your financial aid eligibility; however, you will still see the question on the FAFSA. You will be asked if you received a drug conviction while receiving federal student aid, if you answer yes, you will be provided with an additional worksheet. Answer the questions on the worksheet honestly to ensure your criminal convictions doesn't affect your financial aid for another reason. The drug conviction will not impact your eligibility for federal financial aid.
*For males, your registration status with the Selective Service no longer affects your eligibility. You will still have the option to register for Selective Service through the FAFSA.
There are some more program specific requirements for federal student loans and grants.
*Students with intellectual difficulties may still be eligible for federal student aid. You need to be enrolled in a comprehensive transition and postsecondary (CTP) program, meet all basic eligibility requirements, except for the requirement of a high school diploma or GED, and you aren’t required to pursue a degree or certificate.
Note: If you do not meet these criteria, ask your school if they would still like you to complete the FAFSA®.
Federal Student Aid Requirements
To qualify for federal student aid, students must:
- Complete the Free Application for Federal Student Aid (FAFSA®)
- Comply with verification requirements, if the student’s FAFSA is selected for verification by the college or university the student plans to attend or by the federal government.
- Provide all requested material from school within the required timeframes – even if you’re not selected for FAFSA Verification, your school is required to clear up any conflicting information they may identify based on the information you provided on your FAFSA and other financial aid applications.
- Demonstrate financial need, if applicable. Some federal grant, work and loan programs require the student to demonstrate financial need. The Direct Unsubsidized Loan, Grad PLUS Loan, and Parent PLUS loan do not depend on financial need.
Federal Student Loan Eligibility
In addition to the basic eligibility requirements, federal student loans require you to be enrolled in your program at least half-time. The Direct Subsidized and Direct Unsubsidized Loan program has loan limits for the total you can borrow each year, and total aggregate (overall) limits. If you’ve reached annual or aggregate borrowing limits in the federal program, you may need to consider private student loan options.
Federal Student Loan Eligibility for Undergraduate Students
If you are an undergraduate student, you are eligible for:- Direct Stafford Loans, both subsidized and unsubsidized loans
If your parent is willing to help you by borrowing a loan, they may be eligible to borrow a parent PLUS loan if you are a dependent undergraduate student. However, this is not a loan borrowed by you (the student), it would be borrowed by your parent.
Federal Student Loan Eligibility for Graduate Students
If you are a graduate student, you are eligible for:
- ONLY Direct Stafford Loans unsubsidized loans
- Direct PLUS Loans for graduate and professional students
Federal Student Loan Eligibility for Parents of Students
Parents who want to help their child pay for college, may have an option to borrow a Direct PLUS loan for parents. Parents who wish to borrow a federal Direct PLUS Loan, must be the parent of a dependent (as determined by the FAFSA) undergraduate student.
Parents of independent undergraduate students or graduate students are not eligible to borrow Direct PLUS Loan. However, a parent may have some options if they were to review private parent student loan options.
Compare Featured Lenders
Sallie Mae student loans
- Variable Rates: 1.62% APR - 11.73% APR. Fixed Rates: 3.75% APR - 12.85% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
- Apply online in minutes and receive an instant credit result2
- Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
- You may be 4X more like to be approved with a cosigner4 and it may help you get a better rate.
- Only undergraduate student loan that offers 4 months of free Chegg® study help5
- Borrow up to 100% of school-certified expenses, whether you're online or on campus6
Borrow Responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
This loan is for undergraduate students at participating degree-granting schools. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend a participating school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and provide an unexpired government-issued photo ID to verify their identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
1Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.
2From January 1, 2021 to December 31, 2021, instant credit decisions were provided to 98% of applicants. Other applications received credit decisions in 3 to 5 business days.
3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.
4Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner from May 1, 2020 through April 30, 2021.
5This promotional benefit is provided at no cost to borrowers with undergraduate or parent loans with a first disbursement between May 1, 2021 and April 30, 2024. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit http://www.chegg.com/legal/smtermsandconditions for complete details. This offer expires one year after issuance.
6Loan amount cannot exceed the cost of attendance less financial aid received as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half time.
Information advertised valid as of 5/13/2022
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.
Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.
Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.
© 2022 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.
College Ave student loans
- Competitive fixed and variable APRs starting at 1.19%1
- Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
- Flexible payment terms ranging from 5, 8, 10, and 15 years2
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
- No origination, application and processing fees, no fees for early repayment
- Apply online in 3 minutes and get an instant credit decision
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
3As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 4/19/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Variable: 0.00% APR - 23.00% APR1
5-10 years
Edly No Cosigner Required
- MUST BE a US citizen or permanent resident
- MUST BE a college junior, college senior, or grad student
- No co-signer required
- Get approved in minutes. Pre-qualify without affecting your credit score
- Income-based repayment with built-in protections, like deferred payments if you lose your job
Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.
Loans from $5,000 - $25,000 Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan. Payments deferred for the first 12 months during final year of education. After which, $270 Monthly payment for 12 months. Then $379 Monthly payment for 44 months. Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan.
About this example: The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.
Ascent student loans
- AFFORDABLE variable rates starting at 1.64% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option may be available for undergraduate juniors and seniors.
- PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
- FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs
Rates are effective as of 05/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates
1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner.
Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
SoFi student loans
- Variable Rates: Starting variable rates range from 1.69% APR - 11.97% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
- Fixed Rates: Fixed rates range from 3.47% APR to 11.16% APR (with autopay)*
- Easy online application!
- No origination fees, late fees, and no insufficient fund fees. Period
- Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
- 0.25% discount when you set up autopay*
*Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
Fixed: 7.49% APR - 12.99% APR (not including 0.5% ACH discount)*
10 years
$20 minimum/month OR interest-only payments while in school
Funding U student loans
- Up to $15,000 per academic year with no cosigner required
- Fixed Rates (APR) from 7.99% to 12.49% (plus an additional 0.5% discount for ACH auto-payments)*
- No origination fee. No late payment fees. No prepayment penalties.
- Quick prequalification and rate check that won’t impact your credit
- Multiple repayment options
- Dedicated loan officer for every borrower
New student loans of $3,001 up to $15,000 per school year will be granted to residents of eligible states enrolled as undergraduates in bachelor’s degree or equivalent- granting programs at eligible schools.
Funding U offers fixed interest rate loans, without a cosigner, to students who are serious about their academic success and post-grad career. Eligibility is determined by several factors, including: school graduation rate, class hours completed, estimated graduation date, academic record, major; employment or internship experience; and, other academic and non-academic activities that demonstrate the borrower is working hard towards academic and professional goals and is on track to be able to repay debt accrued.
Eligibility is also limited by state of permanent residence. Terms and conditions vary by state. Not all loans are available in all states. Loan amounts available may vary by state.
DISBURSEMENT All Loan proceeds will be sent to the student borrower’s school around the time classes begin, on the date your school prefers. Funding U will require documentation to verify your registration and certify your loan need prior to disbursement. Your school must also certify your loan need. Your loan may be adjusted based upon the amount of need certified by your school.
REPAYMENT TERMS New Undergraduate loans for the 2021-2022 school year will have an Annual Percentage Rate (APR) of 7.49% to 12.99%. All loans have a fixed interest rate range of 7.49%* to 12.99% (before consideration of ACH discount). There is no origination fee. Interest accrues while students are in school.
In-school partial payments: Students may choose either $20 monthly as a “Fixed Payment” while enrolled in school or “Interest Only” payments. These payments will be reported to credit agencies like other student loans. All loans have a 10-year repayment term (paid monthly over 120 months starting 6 months after graduation). Both In-School payment options may not be available in all states. Student’s electing to make Interest-Only payments will receive a 0.5% interest rate discount.
PREPAYMENT PENALTIES There is no prepayment penalty on your loan.
Additional details, terms & conditions will be included in each loan offer.
*The lowest rate shown is available only to juniors & seniors with outstanding academic performance and is not typical of the rates offered to most borrowers. Your actual rate will depend on creditworthiness and other factors, such as your school year and GPA.
Federal Pell Grant Limits
Only undergraduate students, who have yet to earn a bachelor’s degree, are eligible for Federal Pell Grants. Under the Federal Pell Grant program, you will be limited to the equivalent of six years of Pell Grant funds, or 600% lifetime eligibility. What does this mean? Well, if you are Pell Grant eligible your school will determine your total award amount for the year. That total amount is considered 100% of your eligibility for that year. The actual amount you receive throughout the year will be used to determine your use.
For example, if you are awarded $5,000 for an award year. Your school will give you $2,500 for your fall semester, and $2,500 for your spring semester. You attend during the fall and receive your $2,500 award. You are then unable to attend spring semester, and do not receive financial aid. You would have only used 50% of your Pell lifetime eligibility.
Federal Supplemental Educational Opportunity Grant (FSEOG)
FSEOG is only available to undergraduate students who have yet to earn a bachelor’s degree. While there is not lifetime limit on this award, this award will only be offered to student’s who attend a school who participates in the FSEOG federal student aid program. Your annual award will be based on your financial need, and the availability of funds at your school
Requirements Relating to Previously Received Financial Aid Funds
There are a few additional requirements if you have previously-received federal student aid funds. You must:
- Not be in default on a federal student loan or owe a refund on a federal student grant or loan overpayment. If you borrowed in excess of your federal student loan limit, annual or aggregate, you have to return the excess funds. If this has ever applied to you, your school would have contacted you to correct the problem.
- If you fraudulently received federal student aid funds, you must have repaid all the fraudulent funds before you would regain eligibility for federal student aid.
- Not have property subject to a judgment lien for a debt owed to the U.S. government.
Maintaining Federal Financial Aid Eligibility
To retain eligibility for federal student aid, the student must:
- Maintain satisfactory academic progress (SAP). Each school will have their own policy, and they will require you to at least maintain a C average (2.0 GPA on a 4.0 scale) and for you to be make progress toward a degree or certificate that is consistent with graduation within 150 percent of the normal timeframe for completion. However, if your school’s policy is more strict than the federal minimum, your school rules would apply for SAP.
Other Federal Financial Aid Requirements
In addition, a student’s eligibility for federal aid may be affected by such factors as remedial coursework, correspondence study, study via distance education, program of study and incarceration.
For example, incarcerated students are ineligible for federal student loans. Students who are incarcerated in a federal or state penal institution are generally ineligible for the Federal Pell Grant—the exception is for incarcerated students which qualify for the Second Chance Pell program. However, if you are incarcerated in a local, municipal, or county correctional facility, or committed to a juvenile justice facility, and you do meet the other criteria for financial aid, you could be eligible for Federal Pell Grant funds. While incarcerated students remain eligible for Federal Work-Study and FSEOG, they are unlikely to receive such aid. Eligibility is restored after release from prison, except if the student is subject to an involuntary civil commitment for a sexual offense.
Am I Eligible for Financial Aid If My Parents Are Undocumented?
Yes. To qualify for federal student aid, the student must be a legal U.S. citizen, permanent resident, or eligible noncitizen. It does not matter if the student’s parents are undocumented, under-documented, or foreign citizens.
Some tips to keep in mind when filing the FAFSA, if the student’s parents are undocumented:
- When filing the FAFSA, enter 000-00-0000 as the social security number. Do not enter a Taxpayer Identification Number (TIN) or a stolen social security number. (This will create issues with the application, because those numbers will fail to data match with the Social Security Administration.)
- Undocumented parents will not be eligible to use the IRS Data Retrieval Tool (IRS DRT), as they do not have valid social security numbers.
- If the student’s FAFSA is selected for verification, the parents will be required to provide an IRS tax transcript by filing IRS Form 4506-T. Requesting an IRS tax transcript online will speed up the process.
Note that undocumented students are not eligible for federal student aid. However, some states do extend in-state tuition to undocumented students who graduated from a high school in that state. It’s best to reach out to the financial aid office to discuss your situation.
FAFSA Eligibility
When it comes to the FAFSA, the basic eligibility criteria for federal student aid will be considered. Essentially, you need to be a U.S. citizen (or eligible noncitizen) enrolled in a school and program that participates in federal student aid. Not all federal student aid is need-based, however, non-need-based aid is essentially federal student loan.
The FAFSA is used by schools and states to award financial aid from their own programs, which could have their own criteria and income thresholds. Some schools will also require you to file the FAFSA, even to receive merit aid. If you do not meet the citizenship requirements, your school may still ask you to complete the FAFSA to determine your eligibility for financial aid for their own programs.
If you are concerned about meeting the basic eligibility requirements, it’s best to set up some time with your school’s financial aid office to discuss your concerns. They will be able to guide you and let you know which financial aid applications to complete.