The US Department of Education through the Federal Student Aid provides financial assistance to eligible students so they can pursue their college education. The Federal Student Aid provides a very important financial support for student and their families. Today, it functions by providing education to students and families on how they can obtain financial aid. It also processes more than a million financial applications yearly and disburses billions of dollars through the colleges and universities.
The Federal Student Aid also enforces the rules and regulations on financial aid and services student loan accounts as well as secures repayment from those who have defaulted on their responsibilities. It also operates an information technology system and tools for the management of student aid. The Federal Student Aid is authorized under the Higher Education Act of 1964 to provide work-study programs, loans, and federal grants to deserving students.