The Free Application for Federal Student Aid (FAFSA) is important for American students who are in need of financial aid for college or career school.
But before going into the application process, getting an early estimate of your potential aid award can be incredibly helpful.
Federal Student Aid Estimator
Despite the introduction of the SAI, the Federal Student Aid Estimator remains a valuable resource for students and families planning to attend college in the 2024-2025 academic year.
This free and confidential tool, available on the Federal Student Aid website, provides an estimate of your potential federal student aid package.
While it won’t reflect the exact final figures due to the pending adjustments to the SAI calculation, it can offer a close approximation.
How to use the Federal Student Aid Estimator
Here’s how to use the Federal Student Aid Estimator:
- Visit the studentaid.gov website and navigate to the “Federal Student Aid Estimator” page.
- Answer the questions about your educational goals, dependency status, and financial situation (including estimated income for yourself and your parents/guardians, if applicable).
- The estimator will provide you with an estimated award amount for federal Pell Grants, Direct Subsidized and Unsubsidized Loans, and Federal Work-Study programs.
The Federal Student Aid Estimator is for informational purposes only.
You will still need to complete the actual FAFSA application to determine your final federal student aid eligibility.
What is the Highest SAI Score?
Unlike the EFC which had a maximum value of 5818, the SAI system doesn’t have a pre-defined upper limit.
However, it functions similarly to the EFC in determining your financial need.
A higher SAI score indicates a greater ability to contribute towards your college expenses, resulting in a lower estimated financial aid award.
Here’s a simplified explanation of how the SAI might translate to financial aid eligibility:
- Lower SAI score: This suggests a greater financial need, potentially making you eligible for significant federal grant aid and subsidized loans.
- Higher SAI score: This indicates a lower financial need, potentially resulting in less grant aid and a larger portion of unsubsidized loans in your financial aid package.
Remember, the Federal Student Aid Estimator provides a preliminary assessment based on the current understanding of the SAI calculation.
Once the final adjustments are announced in spring 2024, the estimator will be updated to reflect the most accurate figures.