Final answer:
Almost everyone who is a high school graduate or GED holder planning on attending college can apply for financial aid through FAFSA. The eligibility depends on income, attendance status, and institution cost. Students need to maintain satisfactory academic progress and reapply each year using the FAFSA form.
Step-by-step explanation:
When considering who qualifies for financial aid, it is important to understand that it is not limited to just the top 20% of applicants, those from low income families exclusively, or only those with ACT scores above 20. In reality, almost everyone who is a high school graduate or GED holder and plans on attending a college can apply for financial aid through the Free Application for Federal Student Aid (FAFSA)
Financial aid aims to make college more accessible and diverse by helping those who can't afford the increasing tuition costs. Eligibility for financial aid is determined by criteria such as income level, whether you are attending full-time or part-time, and the cost of the institution. Additionally, maintaining satisfactory academic progress is a requirement to continue receiving financial aid. Students can apply for various types of financial aid, including federal grants, work-study programs, and loans using FAFSA data which many states and colleges also use to award their own aid.
To apply for financial aid, the FAFSA form should be submitted before each college year, and it is advisable to reapply annually as financial needs and college costs might change.