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How Much Money Can You Get from the FAFSA?

Written by Mark Kantrowitz | February 5, 2025

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 (90th 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.

See also:

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About the author

Mark Kantrowitz is a nationally-recognized expert on student financial aid, scholarships and student loans. His mission is to deliver practical information, advice and tools to students and their families so they can make informed decisions about planning and paying for college. Mark writes extensively about student financial aid policy. He has testified before Congress and federal/state agencies about student aid on several occasions. Mark has been quoted in more than 10,000 newspaper and magazine articles. He has written for the New York Times, Wall Street Journal, Washington Post, Reuters, Huffington Post, U.S. News & World Report, Money Magazine, Bottom Line/Personal, Forbes, Newsweek and Time Magazine. He was named a Money Hero by Money Magazine. He is the author of five bestselling books about scholarships and financial aid, including How to Appeal for More College Financial Aid, Twisdoms about Paying for College, Filing the FAFSA and Secrets to Winning a Scholarship. Mark serves on the editorial board of the Journal of Student Financial Aid and the editorial advisory board of Bottom Line/Personal (a Boardroom, Inc. publication). He is also a member of the board of trustees of the Center for Excellence in Education. Mark previously served as a member of the board of directors of the National Scholarship Providers Association. Mark is currently Publisher of PrivateStudentLoans.guru, a web site that provides students with smart borrowing tips about private student loans. Mark has served previously as publisher of the Cappex.com, Edvisors, Fastweb and FinAid web sites. He has previously been employed at Just Research, the MIT Artificial Intelligence Laboratory, Bitstream Inc. and the Planning Research Corporation. Mark is President of Cerebly, Inc. (formerly MK Consulting, Inc.), a consulting firm focused on computer science, artificial intelligence, and statistical and policy analysis. Mark is ABD on a PhD in computer science from Carnegie Mellon University (CMU). He has Bachelor of Science degrees in mathematics and philosophy from MIT and a Master of Science degree in computer science from CMU. He is also an alumnus of the Research Science Institute program established by Admiral H. G. Rickover.

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