How Much Money Can You Get from the FAFSA?

Figuring out how to pay for college can be challenging. If you’re like most students, you probably won’t be able to cover the costs with savings and scholarships alone. You might wonder, “How much financial aid will I get?”

How much does FAFSA provide?

The amount of federal aid you can receive from FAFSA depends on your financial need. For the 2024-25 school year

Up to $22,895 per year for dependent students
Up to $27,895 per year for independent students
Average aid awarded: $16,360
Average grants awarded: $4,883

Average and maximum financial aid

Type of Aid	Average Amount	Maximum Amount (2024-25)
Federal Pell Grant	$4,875¹	$7,395
Federal Direct Stafford Loan	$5,800 (dependent) $7,630 (independent)	$5,500 to $7,500 (dependent) $9,500 to $12,500 (independent)
Federal Work-Study	$1,615²	No maximum $4,000 (90^th percentile)
Federal Supplemental Educational Opportunity Grant	$800³	$4,000
Total Federal Student Aid	$13,089 (dependent) $14,919 (independent)	$20,895 to $22,895 (dependent) $24,895 to $27,895 (independent)
Total Federal Grants	$5,675	$11,395

¹ – https://nces.ed.gov/ipeds/TrendGenerator/app/answer/8/36
² – https://www.salliemae.com/content/dam/slm/writtencontent/Research/HAP_2024.pdf
³ – https://www.nasfaa.org/uploads/documents/2024_National_Profile.pdf

The amount of aid you receive depends on multiple factors, including your financial need, other aid you qualify for, and how your school distributes funds. For example, Pell Grant amounts vary based on financial need, enrollment status, and school cost

The table below shows the average amounts of federal aid and the percentages of federal aid received by undergraduate students who filed for the FAFSA.

Financial aid received

Type of Aid	Average Amount	Percent Receiving
Total Federal Student Aid	$16,360	85.6%
Total Federal Grants	$4,883	56.0%

Source: NCES.Ed.gov, CollegeBoard

These figures do not include military, state, or institutional student aid. They also do not include the Federal Direct Parent PLUS loan, which is available up to the full cost of attendance minus other aid, and the TEACH Grant, which provides up to $4,000 per year to students who commit to pursuing teaching careers in national need areas.

You might consider taking out a student loan if you don’t receive enough financial aid and federal student loans to pay for college. Interest rates on private student loans vary, so be sure to compare lenders before you borrow.

How does FAFSA calculate your financial aid?

The amount of money you can get by filing the Free Application for Federal Student Aid (FAFSA) depends on your financial need. The Student Aid Index (SAI) determines eligibility for need-based aid, which replaced the Expected Family Contribution (EFC). A lower SAI means more aid eligibility.

The maximum amount can be tens of thousands of dollars per year. The average amount is about $16,360, with less than half of that in the form of grants. This table shows the maximum and average amounts for various types of federal student aid for undergraduate students for 2024-2025.

Get a personalized estimate of your SAI with our financial aid calculator.

How Can I Maximize My Federal Aid from FAFSA?

Maximizing your federal student aid starts with understanding how the FAFSA calculates eligibility. Since assets and income are key in determining financial aid, strategic planning can help you qualify for more need-based assistance, such as Federal Pell Grants, subsidized student loans, and work-study programs.

One of the most effective ways to maximize aid is by reducing reportable assets before filing the FAFSA. This can include:

Shifting assets into non-reportable categories, such as retirement accounts or paying down debt.
Moving student assets into a parent’s name since student assets are assessed at a higher rate (20%) than parent assets (up to 5.64%).
Using savings for necessary expenses before filing the FAFSA, such as paying off medical bills, home repairs, or purchasing a laptop for college.

Since financial aid is based on the Student Aid Index (SAI), taking steps to lower this number—such as reducing taxable income and maximizing deductions—can increase the amount of aid received.

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