What is the maximum amount FAFSA can provide?

As I'm starting to plan for college, I've been trying to understand how financial aid works. One thing I'm curious about is the maximum grant amount I can get from FAFSA. I know that it's need-based, but any insights on what the limit is or how to maximize what I might receive would be super helpful. Especially with any changes or updates that might apply for the 2024 application cycle. Plus, does anyone know how the amount is determined?

Financial aid can certainly be a complex topic! Regarding FAFSA, the maximum Federal Pell Grant for the 2024-2025 academic year is $6,495. Pell Grants, which don't need to be repaid, are awarded to undergraduate students who have financial need. The amount you can get depends on your financial need, costs to attend school, your status as a full-time or part-time student, and your plans to attend school for a full academic year or less.

The Student Aid Index (SAI) has replaced the EFC (Expected Family Contribution) as a measure to determine your financial need. The SAI can be as low as negative $1,500, meaning students with the highest need can qualify for even more aid.

In addition to Pell Grants, there are other federal education grants such as the Federal Supplemental Educational Opportunity Grant (FSEOG), the Iraq and Afghanistan Service Grant, and the Teacher Education Assistance for College and Higher Education (TEACH) Grant. The amount of these grants can vary, but the combined total of all federal grants cannot exceed the cost of attendance.

To maximize your potential aid, it's important to complete the FAFSA as soon as possible after it opens on October 1st since some aid is awarded on a first-come, first-serve basis. Second, providing accurate and up-to-date information can ensure that you're receiving the most aid for which you're eligible. Lastly, don't dismiss smaller, local scholarships - they can add up and often have less competition.