Federal Student Aid

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Federal Student Aid (FSA), an office of the U.S. Department of Education, is the largest provider of student financial aid in the United States. Federal Student Aid provides student financial assistance in the form of grants, loans, and work-study funds. Federal Student Aid is also responsible for the development, distribution and processing of the Free Application for Federal Student Aid (FAFSA), the fundamental qualifying form used for all federal student aid distribution programs, as well as for many state, regional, and private student aid programs. Each year Federal Student Aid's staff processes approximately 22 million FAFSAs. Additionally, Federal Student Aid is responsible for enforcing the financial aid rules and regulations required by the Higher Education Act and the U.S. Department of Education and managing the outstanding federal student loan portfolio.

Mission

Federal Student Aid's core mission is to ensure that all eligible Americans benefit from federal financial assistance—grants, loans and work-study programs—for education beyond high school. The programs Federal Student Aid administers comprise the nation's largest source of student financial aid: during the 2010-11 school year alone, Federal Student Aid provided approximately $144 billion in new aid to nearly 15 million postsecondary students and their families. A staff of 1,200 is based in 10 cities in addition to the Washington, D.C. headquarters.

While overseeing $864 billion in outstanding student loans, Federal Student Aid ensures that all partners in the student aid community—schools, servicers and guaranty agencies—operate fairly, honestly and efficiently. Another key role the organization performs is ensuring students and their families are aware that financial aid is available and is an important first step to education beyond high school. Federal Student Aid distributes numerous publications both in print and online and runs several customer call centers. Most of these services are provided in Spanish as well.

The Federal Student Aid team is committed to making education beyond high school more attainable for all Americans, regardless of socioeconomic status.

Student Aid

Federal Student Aid provides financial assistance to students enrolled in eligible programs at participating postsecondary schools (accredited four-year or two-year public or private educational institutions, career schools or trade schools) to cover the cost of education expenses, including tuition and fees, room and board, books and supplies, and transportation. Most federal aid is need-based. The three most common types of aid are grants, loans, and work-study funds.

Grants are a type of financial aid that does not have to be repaid. Generally, grants are for undergraduate students and the grant amount is based on need, cost of attendance, and enrollment status.

Loans are borrowed money that must be repaid with interest. Both undergraduate and graduate students may borrow money. Parents may also borrow to pay education expenses for dependent undergraduate students.

Campus-Based Aid includes types of aid that schools are responsible for administering on behalf of the federal government.

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    This article is issued from Wikipedia - version of the 8/30/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.