Ultimate FAFSA Guide

Author
Grace Lemire
Grace Lemire
author

Grace Lemire is a freelance writer and editor with over five years of experience in the personal finance industry. She has been featured on a variety of publications, including NPR, CNN, FinanceBuzz, Dollar Geek, Pangea, and True Finance. Her work focuses on the intersection of personal finance and technology. In 2023, Grace was nominated for the Best Personal Finance Advice award in Debt.com’s FinTok Awards.

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Edited by
Daniel Kahn
Daniel Kahn
editor
Daniel is the co-founder and COO at Sparrow. Daniel is responsible for the day-to-day operations of a company, working closely with other members of the executive team to develop and implement strategies to support the growth and success of the company.
Daniel was a 2023 Forbes 30 Under 30 lister in the Education category.  Daniel was born and raised in Raleigh, North Carolina and graduated from Duke University in 2020.
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Reviewed by
Camden Ford
Camden Ford
reviewer

Camden leads Sparrow’s business operations – everything from product management to business analytics. After graduating Cum Laude from Duke University where he studied Civil Engineering, Camden worked as a Consultant for A.T. Kearney where he worked in their Strategic Operations practice. With a strong background in analytics, Camden strives to deliver data-driven conclusions and insights.

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Updated
February 6, 2024

Buckle up. Sit down. Grab a snack. Take a deep breath.

Whatever you have to do to get ready, do it, because we’re about to give you everything you could ever need to know about the FAFSA.

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What is the FAFSA?

FAFSA is an acronym that stands for Free Application for Federal Student Aid. It is a form that collects information to determine a student’s eligibility for need-based aid. This can come in the form of grants, scholarships, work-study, and/or subsidized student loans.

Need-based aid is just as it sounds: financial aid based on financial need. It is given out based on finances not extracurriculars, achievements, or high school performance.

While the FAFSA is primarily used by the federal government to determine federal aid eligibility, it is also looked at by the state government and the majority of colleges and universities.

Who Should File the FAFSA?

We recommended that all undergraduate and graduate students fill out the FAFSA. Even if you think you may not qualify for any financial aid, you should still fill it out for a few reasons:

  1. The FAFSA determines a student’s eligibility for need-based aid, but it can also provide access to non-need-based federal loans. Because federal loans generally come with lower interest rates than private student loans, you’ll want to take advantage of any federal student loans you can get.
  2. Some schools only hand out aid to those who’ve completed the FAFSA. Thus, you could miss out on aid given by your college or university if you don’t fill out the FAFSA.

Many students express resistance to completing the FAFSA, deeming it a waste of time because they don’t need loans. However, filling out the FAFSA is still a critical step in the college process. Not filling it could leave you ineligible for some forms of free money such as scholarships and grants. And who doesn’t like free money?

Think of it this way: Even if you spend an hour filling out the form and get nothing, you’ve only lost an hour of your time. But, if you spend the hour and end up getting $1,000 in aid, in a way you’ve just made $1,000/hour. (Sounds like a pretty sweet wage to us.)

How is My Financial Aid Calculated?

The FAFSA utilizes a specific formula that takes into account your Expected Family contribution, student enrollment status, year in school, and the cost of attendance at the school.

Expected Family Contribution (EFC)

Your EFC is a number calculated by your college’s financial aid office to determine how much financial aid you are eligible to receive.

This number is calculated using a formula established by law and uses information such as your family’s income, assets, and benefits. It also takes into account whether you have another family member in college during the same year.

Oftentimes, people assume EFC is the estimated amount of money you or your family will be able to contribute to your education. However, this is not the case. This number estimates how much you could contribute to determine your eligibility for need-based aid.

Student Enrollment Status

The Student Enrollment Status is a basic understanding of how the student is completing school (full-time, part-time, etc). This gives the federal government an understanding of the student’s expenses for attending school. For example, attending school part-time is typically cheaper than attending full-time.

Your Year in School

You can file the FAFSA if you are a(n):

  1. Undergraduate student
  2. Graduate student
  3. Professional student
  4. Parent of a student (or soon-to-be student)

What differs here is the amount of money you can borrow.

Undergraduate student

The maximum amount you can borrow each year in Direct Subsidized Loans and Direct Unsubsidized Loans ranges from $5,500 to $12,500 per year, depending on what year you are in school and your dependency status.

Graduate or professional student

You can borrow up to $20,500 each year in Direct Unsubsidized Loans. Direct PLUS Loans can also be used for the remainder of your college costs, as determined by your school, not covered by other financial aid.

Parent of a dependent undergraduate student

You can receive a Direct PLUS Loan for the remainder of your child’s college costs, as determined by their school, not covered by other financial aid.

Cost of Attendance

The Cost of Attendance (COA) is exactly what it sounds like: the total cost of attending at your respective college or university. The COA is an all-inclusive estimate of the total cost of attending that institution. It includes everything from tuition and fees to the cost of books, supplies, and transportation.

There may be elements of the COA that you end up not needing. For example, some universities offer health insurance and include this in the COA. Some students who plan to remain on their parent’s health insurance plan or have their own individual plan will opt out of the university-provided insurance. This would then lower the COA.

That said, the university’s full COA estimate is what will be used in calculating financial aid.

To calculate need-based aid, the the following formula will be used:

Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need

Federal aid will try to meet your financial need and supply non-need-based aid where possible. Non-need-based financial aid, however, will not take into account your EFC as it is trying to assist you financially regardless of how much your family earns.

You can get an estimate of your expected financial aid by using a financial aid calculator. Note that this number will not necessarily be what you receive, but it can give you a general idea of where you might land.

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Who is Eligible for Federal Aid Through the FAFSA?

To be eligible for federal student aid provided through the FAFSA, you must:

  1. Qualify for a college or career school education, which usually means also having a high school diploma or GED
  2. Be enrolled, or accepted to enroll, in a degree program
  3. Sign the required statements on the FAFSA, agreeing to use the money only for educational purposes and certifying that you aren’t in default on any other federal aid
  4. Maintain good academic progress in school
  5. Have one of the following citizenship statuses:
    1. US citizen
    2. US national
    3. Green card holder
    4. Refugee, Asylum-granted, Cuban-Haitian, Conditional Entrant, or Parolee
    5. Battered Immigrant Status
    6. T-VISA Holder

How Much Money Can I Get From the FAFSA?

The amount you can borrow in federal financial aid depends on your student status and the amount you qualify for. See the section above on student status for some more details and numbers on that.

The following table does a great job in breaking down the maximum amounts for each category of federal aid and the average amount.

Source: Saving for College

How Do I File the FAFSA?

First, you should create an FSA ID (Federal Student Aid ID). Your FSA ID is a username and password combination that allows you to access the FAFSA form electronically. It is also the login that will allow you to manage and sign loan contracts through the myStudentAid app.

Creating your FSA ID ahead of time can save you time when you go to fill out the FAFSA as it can take some time to receive if there are any errors or delays.

Once you have your FSA ID ready to go, you’ll want to collect all the information needed to fill out the FAFSA form. This will make the process a lot easier and smoother. Make sure you have the following information ready:

  1. Your social security number (Always verify this, and never go off of memory. It is crucial that you enter this correctly on the FAFSA form.)
  2. Your parent’s social security numbers (if you are a dependent)
  3. Your Alien Registration number (if you are not a US citizen)
  4. Tax Information such as tax returns including IRS W-2 information
    1. If applying as a dependent, make sure you have your parent(s) tax information as well.
  5. Records of any untaxed income such as child support, veteran benefits, etc.
  6. Information on cash you may have, such as bank account (checking and savings) information, investments such as stocks and bond, ad business assets

While most people opt to complete the form electronically, there are 4 total options for filling it out:

  1. Online through the FAFSA.gov portal
  2. Through the myStudentAid mobile app (available through the App Store or Google Play)
  3. Through the FAFSA PDF (you print and mail in)
  4. By calling 1-800-4-FED-AID (they print and mail you the form; you mail it back for processing)
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When do I file the FAFSA?

The FAFSA will become available to you on October 1st of the year before you plan to attend college. The exact deadline to file the FAFSA will change each year, but it is typically at the end of June.

That said, we recommend applying much earlier than the actual deadline and as close as you can to when the form opens. Most colleges operate on some form of a first-come, first-served basis and will deal out aid based on when the forms were received.

Other Common FAFSA Questions:

Do I have to pay to fill out the FAFSA?

No! As its name implies, it is free to fill out and submit the FAFSA.

Do you need a certain GPA for FAFSA?

To remain eligible for federal financial aid, students must maintain Satisfactory Academic Progress. This generally means obtaining at least a 2.0 GPA on a 4.0 scale (around a C average). That said, you don’t need to have a specific GPA to fill out the form.

Do You Have to Pay Back Aid from the FAFSA?

This depends on the type of aid you get. You will need to pay back any loans you accept, but you won’t have to pay back scholarships or grants.

This is why it’s important to always accept aid in the following order: free money (i.e. scholarships, grants), earned money (i.e. work-study), borrowed money (i.e. federal student loans).

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lender Ascent logo
Ascent
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Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each 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 3/1/2024 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: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student 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 rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.

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Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each 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 3/1/2024 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: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student 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 rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.

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1 – Terms and Conditions Apply

Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.

2 – Cosigner Release

Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.

3 – Autopay Rate Reduction

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.

4 – AutoPay Discount & Lowest Interest Rate

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.

4.39 - 10.39%
Variable APR
Variable APR

1 – Terms and Conditions Apply

Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.

2 – Cosigner Release

Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.

3 – Autopay Rate Reduction

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.

4 – AutoPay Discount & Lowest Interest Rate

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.

6.09 - 11.33%
lender Earnest logo
Earnest
Minimum credit score
650
Fixed APR
Fixed APR

Auto Pay Discount Disclosure

You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

Student Loan Origination (Private Student Loan) Interest Rate Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.36% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107

Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

© 2024 Earnest LLC. All rights reserved.

4.11 - 15.90%
Variable APR
Variable APR

Auto Pay Discount Disclosure

You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

Student Loan Origination (Private Student Loan) Interest Rate Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.36% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107

Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

© 2024 Earnest LLC. All rights reserved.

5.62 - 16.20%
lender College Ave logo
College Ave
Minimum credit score
Mid-600s
Fixed APR
Fixed APR

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.

*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.

This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

This 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.

Information advertised valid as of 3/07/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on 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.

4.07 - 15.48%
Variable APR
Variable APR

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.

*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.

This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

This 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.

Information advertised valid as of 3/07/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on 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.

5.59 - 16.69%

Final Thoughts from the Nest

The FAFSA can seem overwhelming due to its length and complexity. However, preparing ahead of time can make the process more seamless. For the easiest process, come prepared with the information you need and fill it out electronically.

If you find that the financial aid package you ultimately receive doesn’t cover your total cost of attendance, private student loans may be the next step. In that case, make sure to fill out the Sparrow form to see what lenders you pre-qualify with to get the best student loan.

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