Federal Student Aid Tisator is a free tool that provides estimates of federal aid you may receive. This tool is useful for those planning university payments using federal aid. Once you complete this quick application, you will be informed of how well you are eligible for federal loans and grants.
Although this tool is not entirely accurate as it relies on self-reported information, this estimate will help you understand options to cover your university’s costs before submitting a free Federal Student Aid (FAFSA). Additionally, it will help you make more informed decisions about the university you will consider.
How do you use federal student aid estimators?
The U.S. Department of Education provides federal student aid estimators, so you can use it at your own whim. Just like FAFSA, it analyzes household income and assets to determine the amount of aid you can receive.
The tool guides you through these steps.
- I will fill in my personal information: Enter your date of birth, marriage status, residence status, and grade level.
- Please fill in your home informationN: Hit and provide answers as to how many people you have in your household.
- Please fill in the details of your income and assets: Enter household income and total household assets.
- Check the projected financial aid: Once you answer your question, you will see estimates of federal aid that you are eligible to qualify for, such as Pell Grants or Work-Study. It also displays the Student Aid Index (SAI) number that the Financial Aid Office uses to calculate the Financial Aid Package.
How do you read the results from federal student aid estimators?
When you fill out a question from the Federal Student Aid Estimator, the last page displays estimates based on the SAI.
- Check out the estimated assistance: The box at the top shows an estimate of how much federal grants you will receive.
- See the breakdown of the aid: Under the total aid amount, it is necessary to ensure that aid is divided into three categories: estimated Pell Grant, maximum direct loan amount, and average work study.
- Read your syrup: The SAI number appears near the bottom of the page. The lower your SAI, the more likely you are to be eligible for needs-based financial aid, like work.
The estimator results show a fairly accurate amount of federal aid that may qualify based on the SAI, but there are limitations. For example, this tool does not take into account the assistance provided by your state or institution and uses the national average to calculate job research funds. The actual amount you receive may be higher or lower.
Are federal student aid estimators accurate?
The federal student aid estimator is an estimate based on self-report information. You may not have all the right information and the actual FAFSA contains more detailed questions that may affect SAI. That being said, simulation is the starting point for determining your financial needs.
The only way to find the exact SAI is to complete the FAFSA when it opens. This is usually on October 1st every year. The earlier you complete your FAFSA, the more you can expect to receive more needs-based assistance. You also have the opportunity to search for other types of free money by applying earlier Private Scholarships and Grants.
Conclusion
Federal Student Aid Tisator is a free tool that you can use to assess federal aid eligibility. Results are based on SAI, income, family size and other factors. This tool is not entirely accurate, but can provide good ideas on how to prepare for your education.
