Is there any other financial aid rather than FAFSA?

Who or What is Financial aid? whats Pel? what or who is Fafsa?

• im in a confused bubble...... financial aid, who the heck are those people or what is it, why do they help? whats in it for them? What in the world is PEL ? who the heck is Fafsa ? Is there more i need to understand? I do understand that financial aid gives you money, but whats in it for them to pay for you all that $? who pays them back and how do they get paid to do this job? is financial aid the government? or does the government pay financial aid? who exactly is financial aid and how are they so rich to pay us students for our classes and why do they do it? what the heck is everything so confusing. Pleaseeeeeeeeeee explain the SIMPLEST way you can, just think of me as a special ed student with terrible vocab and explain the simplest manner you can, thank you... I've been in college for months now and i finally have the time to ask what these things are or who they are or what they do and why? Remember 1 thing your help goes a long way, thank you very much. (please no essays)

• Answer:

  FAFSA, is the free application for federal student aid. This is the application you fill out to apply for the different types of federal aid available including grants, campused based (FESOG, Perkins, Federal work study), Stafford student loans, Plus Parent loans, Plus loans for graduate and professional degrees. Based on the questions asked on the FAFSA form about you and parents (if you are still dependent federal aid status) finances, bank account amounts, property, other assets, questions about your college choices, members in household attending college, college housing choices and otherquestions) they use a formula of the answers will determine how much federal aid you qualify for. The result is your EFC, estimated family contribution which is a measure of how much the family can be expected to contribute to your college. Its not an exact amount. You may need to contribute more depending on the college you pick etc. So the lower the EFC the more financial aid help you need from the govt and the more aid you will be offered. They put this EFC in a report called, SAR, student aid report, and send you an email to see and print it and then send it to the colleges you listed on the FAFSA form you are interested in. Those you applied to that want to offer you a financial aid award will create one for you based on your EFC. Each college award will be different. Choose the best one for you and accept the financial aid award that you want to the school you choose to attend. Sample awards: http://www.collegeincolorado.org/Financial_Aid_Planning/Financial_Aid_101/Sample_Award_Letters.aspx If the amount of financial aid you receive does not cover your cost of attendance then you need to come up with the rest of the payment, like in your savings, or get a private loan from a lender etc. A Pell is one of the grants you can get (grants are giving to those with the most financial aid need and grants are not repaid) Sorry, this is the simplest I could put such a complicated topic.