5 Ways the Federal Student Aid Website Can Help You Before, During, and After College

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As part of the U.S. Department of Education, Federal Student Aid (FSA) is the biggest provider of financial aid in the country. It grants more than $120 billion in financial assistance to over 13 million students every year.

If you’re a student or parent of a student, you’re bound to spend some time on the Federal Student Aid website. It has a wealth of resources on preparing and paying for college.

Federal Student Aid is a one-stop shop for learning about financial aid. Read on for all the resources StudentAid.ed.gov has to offer — and how you can make the most of this comprehensive site.

Who should use the Federal Student Aid website?

Any prospective, current, or former students — as well as their parents — will benefit from a visit to the Federal Student Aid website.

If you’re not yet in college, you’ll find tips on how to research colleges and careers. Plus, you’ll get information on how to fill out the FAFSA. You won’t fill out the application on this site, but you can learn all about it.

If you’re a current student or have already graduated, you can also learn about repaying federal student loans. FSA goes over your options for loan repayment, forgiveness, and consolidation. It also provides information about deferment, forbearance, and default.

You won’t necessarily find advice customized to your specific situation, but you’ll get an overview of financial aid and how it works, along with a glossary of terms you need to know.

5 things you can learn on the Federal Student Aid website

Federal Student Aid website

Image credit: Federal Student Aid

Although it’s tough to boil down all the resources the FSA website offers, here are five of the most useful ones for students and their families.

1. How to prepare for college

Preparing for college

Image credit: Federal Student Aid

If you’re a prospective student, check out the first tab on the FSA website. It goes over how to choose a college, take required tests, and apply. Each page connects you with other important websites, including the College Navigator tool and College Board, where you can sign up for the SAT.

Not sure how to start the college prep process? Check out the FSA’s checklists for academic and financial preparation. These checklists help you stay on track all the way from elementary school up until 12th grade. There’s even one specifically for adult students.

Beyond these college checklists, you’ll also find resources on career exploration. The FSA website encourages students to consider the return on investment on their degree. With its career search tool, you can learn about professions you’re interested in, plus you’ll get a sense of average post-college salaries.

Finally, you can read budgeting tips as you get ready for college. This section talks about setting short-, medium-, and long-term financial goals. While it might not be your ultimate go-to for personal finance advice, its strategies are definitely worth checking out.

2. Information about the types of financial aid

Types of financial aid

Image credit: Federal Student Aid

Federal Student Aid manages billions of dollars in financial aid. This aid includes grants, need-based and non-need based loans, and work-study. On the FSA website, you can learn all about the different types of financial aid.

Among its various grants, for instance, the FSA provides Pell Grants, TEACH Grants, and grants for military families. It also disburses subsidized and unsubsidized student loans and PLUS loans.

You won’t actually apply for loans on the FSA website, but you can learn how they work, along with their interest rates and fees. By reading over this information, you’ll be better prepared to understand your financial aid package.

You can also research the federal work-study program. Work-study offers part-time, on-campus jobs to qualifying students. This section of the site goes over how the work-study program works, how much you can earn, and what jobs you can expect to find.

Once you’ve learned about the different types of aid, go on to read about the tax advantages of federal student loans. These include the American Opportunity Credit, the Lifetime Learning Credit, and the student loan tax deduction.

Finally, head to the last tab for warnings on avoiding student loan scams. This section discusses how to spot fraud and protect yourself against identity theft. Plus, it shows you all the free resources you never have to pay for.

By reviewing this section of StudentAid.ed.gov, you’ll be well-versed in the different types of student aid. Plus, you’ll have a strategic sense of how to get tax benefits on your financial aid and avoid predatory lenders.

3. How to qualify for financial aid

Qualify for student loans

Image credit: Federal Student Aid

Once you’ve learned about the different types of financial aid, your next question might be about whether you’re eligible. This next tab discusses who qualifies for federal financial assistance.

It goes over basic eligibility requirements, such as demonstrating financial need and being a U.S. citizen or eligible non-citizen. You must also maintain satisfactory academic progress to retain your aid year after year.

To ensure you qualify, read over the full list of criteria. If you’re eligible, move on to the next stage: submitting the FAFSA.

4. Tips on the FAFSA

Completing the FAFSA

Image credit: Federal Student Aid

Federal Student Aid is a treasure chest of financial aid, but first, you need the key. That key is the FAFSA. To get financial aid, all students must first fill out the FAFSA.

This section of the Federal Student Aid website discusses the FAFSA in detail. You’ll learn how to fill out the FAFSA and when to submit it. It will also guide you through creating an FSA ID and reporting financial information.

When you’re ready to fill out the application, head to FAFSA.gov. You might also check out the FAFSA4Caster tool. This tool helps you predict how much aid you might qualify for.

5. How to repay your loans

Repaying federal student loans

Image credit: Federal Student Aid

Last but certainly not least, the final tab on the Federal Student Aid website discusses how to repay your student loans. First, it goes over all the different repayment plans, from the standard plan to Income-Based Repayment.

It also discusses how you can postpone student loan payments through forbearance and deferment. These can be useful options if you run into financial hardship or pause your income to go to graduate school. In addition, you’ll learn about loan consolidation, which can help if you’ve gone into default or want to simplify your payments.

Anyone considering a public service career should check out the FSA’s guides on Public Service Loan Forgiveness and Teacher Loan Forgiveness. You can also read all about student loan discharge in the case of a closed school or another qualifying event.

Finally, you’ll learn about avoiding default and getting out of collections. The site goes over what happens if you don’t pay your student loans. Plus, you’ll learn how to rehabilitate a loan if you’ve gone into default.

The site offers an overview of the different ways you can repay your student loans. You won’t get advice customized to your specific situation, nor will you learn any special strategies. But you will get a thorough explanation about the essentials of student loan repayment.

Other helpful Federal Student Aid sites

The Federal Student Aid website will teach you about student loan repayment and how to fill out the FAFSA. To actually create an account and submit applications, you’ll head away from the main FSA website to other sites under the FSA umbrella.

StudentLoans.gov, for instance, is where you’ll go to consolidate your student loans. You’ll also sign into your account to complete entrance and exit counseling. Parents can apply for Parent PLUS loans through this site.

As previously mentioned, you will fill out and submit the FAFSA through FAFSA.gov. You’ll create an FSA ID, as well as collect important financial information. After submitting the FAFSA, you’ll be one step closer to federal financial aid.

The FSA website is an excellent resource for learning the ABCs of financial aid. But you’ll head to its companion websites for interactive and customizable tools, including this student loan repayment estimator.

Contact information for Federal Student Aid

If you have questions about federal student aid, contact the Federal Student Aid Information Center via phone, email, or live chat.

The center’s phone number is 1-800-433-3243. Note that the center can only help you resolve an issue with an FSA ID if you’re the owner of that ID.

You can also email Federal Student Aid via this online form or speak with an agent through web chat. Before reaching out, you might also sift through the student aid FAQs page for an answer to your question.

The FSA website is an essential resource

Federal Student Aid is responsible for processing the FAFSA and disbursing federal student aid funds every year. Its website informs students and their families about the financial aid process.

The FSA website is an invaluable resource for staying informed about your financial assistance options. It’s never too early to come up with a plan for financing your education, so start today.

Need a student loan?

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LenderVariable APREligibility 
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1.25% – 11.15%*,2Undergraduate and Graduate

Visit SallieMae

1.12% – 12.37%3Undergraduate and Graduate

Visit Discover

1.24% – 11.44%4Undergraduate, Graduate, and Parents

Visit Earnest

1.77% – 11.89%5Undergraduate and Graduate

Visit SoFi

2.69% – 12.98%6Undergraduate and Graduate

Visit Ascent

3.52% – 9.50%7Undergraduate and Graduate

Visit CommonBond

* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust 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.

  1. Rates 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.
  2. 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. This informational repayment example uses typical loan terms for a first year graduate student 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 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. 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 9/24/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.


2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

3 Important Disclosures for Discover.

Discover Disclosures

  1. Aggregate loan limits apply.
  2. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  3. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and Auto Debit Reward. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including undergraduate and graduate loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
  4. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include an Auto Debit Reward. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of October 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.

4 Important Disclosures for Earnest.

Earnest Disclosures

  1. Rates include 0.25% Auto Pay Discount
     
  2. Explanation of Rates “With Autopay” (APD)
    Rates shown include 0.25% APR discount when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

    Available Terms
    For Cosigned loans – 5, 7, 10, 12, 15 years. 
    Primary Only – 10, 12, 15 years

    In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).


5 Important Disclosures for SoFi.

sofiDisclosures

UNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.83% annual percentage rate (“APR”) (with autopay), variable rates from 1.87% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.83% APR (with autopay), variable rates from 1.77% to 11.73% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.30% to 11.98% APR (with autopay), variable rates from 1.94% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 11.26% APR (with autopay), variable rates from 1.87% to 11.16% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 10/02/2020. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).


6 Important Disclosures for Ascent.

Ascent Disclosures

Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.

  1. Competitive variable rates calculated monthly at the time of loan approval based on a margin plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 0.152%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes. Rates are effective as of 10/01/2020 and reflect an Automatic Payment Discount. 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.(See Automatic Payment Discount Terms & Conditions.)
    1. Undergraduate Loans: Your variable interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 2.69% and 12.98%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 3.53% and 14.50%. Rates reflect an Automatic Payment Discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. The following table shows a 48 month in-school period plus 9 months of grace prior to a full repayment term of either: 60-months (lowest fixed/variable rate), 144-months (highest fixed rate) or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options.(See Undergraduate Loan repayment examples.)
    2. Graduate Loans (Graduate, MBA & Law): Your variable interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 3.65% and 12.40%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 4.56% and 13.42%. Rates reflect an Automatic Payment Discount of 0.25%. The following table shows a 36 month in-school period plus 9 months of grace prior to a full repayment term of either: 84-months (lowest fixed/variable rate), 144-months (highest fixed rate), or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options. (See Graduate Loan repayment examples.)
    3. Medical: Your variable interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 3.67% and 12.42%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 4.57% and 13.44%. Rates reflect an Automatic Payment Discount of 0.25%. The following table shows a 48 month in-school period plus 36 months of grace prior to a full repayment term of either: 84-months (lowest fixed/variable rate), 144-months (highest fixed rate), or 240-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options. (See Medical Loan repayment examples.)
  2. Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
  3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment. (See Undergraduate Loan repayment examples.)
  4. Flexible repayment plans may be offered up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount is $2,000.
  5. Interest rate reduction of either 0.25% (for Credit-Based Loans) or 2.00% (for Undergraduate Future Income-Based Loans) applies only when the borrower and/or cosigner sign up for automatic payments and the payment amount is successfully deducted from the designated bank account each month. The amount of the discount is dependent upon the loan product and credit history of the borrower at the time of application. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of in-school, deferment, grace or forbearance, unless a regular payment amount has been arranged with the servicer. If you have two (2) consecutive returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the interest rate reduction.(See Automatic Payment Discount Terms & Conditions.)
  6. All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.
  7. Eligibility, loan amount and other loan terms are dependent on several factors, which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
  8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
  9. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:
    • The student borrower has graduated from the degree program that the loan was used to fund.
    • The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate)
    • The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
    • Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.
  10. Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

* Application times vary depending on the applicant’s ability to supply the necessary information for submission.


7 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.17% effective Sep 1, 2020 and may increase after consummation.


Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.