The Free Application for Federal Student Aid (FAFSA) is the gateway to securing financial aid for college. Completing the FAFSA opens doors to federal grants, work-study opportunities, and loans, as well as aid from states and schools.
What Is FAFSA?
FAFSA is an application that determines your eligibility for financial aid. It’s used by the federal government, states, and colleges to calculate your Student Aid Index (SAI) and determine your financial need. The aid you receive may include:
- Grants: Free money that doesn’t need to be repaid (e.g., Pell Grants).
- Work-Study: A program that allows you to earn money through part-time jobs.
- Loans: Borrowed money that must be repaid with interest.
* Undocumented students are not eligible for federal aid like Pell Grants or federal loans.
Changes to the 2025 – 2026 Application
The FAFSA application process has been simplified, thanks to the FAFSA Simplification Act. Following a successful beta test, the redesigned application will be available to everyone starting November 18, 2024. Key updates include:
- Streamlined Application: The number of questions has been reduced from 108 to just a maximum of 46.
- Automated Tax Integration: Tax information is now automatically imported for greater convenience.
- Introduction of the Student Aid Index (SAI): Replacing the Expected Family Contribution (EFC), the SAI offers a fairer assessment of financial aid eligibility by excluding family members currently in college from consideration.
- Expanded Pell Grant Eligibility: More students will qualify for aid.
- Increased School Selections: Students can now apply to up to 20 schools, doubling the previous limit of 10.
Key Dates to Remember
Timing is critical when it comes to FAFSA. Here are the important deadlines:
- 2025 – 2026 FAFSA Opens: November 18, 2024
- Federal Deadline: June 30, 2026
- State and School Deadlines: Vary by state and institution—check with your state’s aid office and prospective schools.
Tips:
- Submit your FAFSA as early as possible! Some aid is awarded on a first-come, first-served basis.
- Create your FAFSA account in advance.
- Make a spreadsheet with each school and their deadlines.
What You Need to Complete the FAFSA
Before starting your application, gather the following:
- Create an account: If you have filed FAFSA before, log in with that account.
- Social Security Number (SSN)
- Tax Information: Your and your parents’ tax returns and W-2 forms (or income records if you didn’t file taxes). You will be required to use the IRS Data Retrieval Tool.
- Bank Statements: Current account balances: cash, checking and savings accounts.
- Net worth of investments, businesses, and farms (excluding retirement accounts and primary residences).
- School List: Up to 20 colleges you’re applying to.
Determining Your Dependency Status
You are classified as a dependent student if you are under 24 years old, unmarried, have no dependents, and are not a veteran or currently serving in the military. As a dependent student, you must include your parents’ information when completing the FAFSA. If you are considered an independent student, you will report your own financial information, and if you’re married, your spouse’s information as well.
Special Circumstances With Information Reporting
- If your parents decide to not report their information, the application will be rejected.
- If you do not live with your parents, you will still need to report their information if you are a dependent.
- If you have no contact with your parents or left home due to an abusive situation, you will need to select “Yes” to the “Do unusual circumstances prevent the student from contacting their parents or would contacting their parents pose a risk to the student?” question on the FAFSA form. You’ll be considered provisionally independent.
- If your personal circumstances change after the submission of the form, contact your college’s financial aid office to ask what you need to do to update your dependency status.
How to Complete the FAFSA
- Create an Account: Both the student and a parent need separate accounts.
- Log In: Visit FAFSA.gov and choose “Start New Form.”
- Fill Out the Form: Provide personal and financial information.
- Sign and Submit: Use your FSA ID to electronically sign and submit your FAFSA.
Tip: Save a copy of your FAFSA confirmation for your records.
Common Mistakes to Avoid
- Missing Deadlines: Mark deadlines on your calendar and submit early.
- Using Incorrect Information: Double-check all details, especially Social Security numbers and tax figures.
- Skipping Questions: Even if you think you won’t qualify, complete every question.
- Not Updating FAFSA Annually: Reapply each year you’re in college to remain eligible for aid.
After Submitting the FAFSA
- FAFSA Submission Summary: You’ll receive a summary of your application. Review it for errors and make corrections if necessary. It will also show an estimate of how much financial aid you will receive.
- Student Aid Index (SAI): This figure helps schools determine how much financial aid you may need. Your SAI can range from –1500 to 999999. The lower the number the higher amount of financial aid you are eligible to receive.
- Financial Aid Offer: Schools listed on your FAFSA will send you an aid package outlining the types and amounts of aid you’re eligible for.
Special Circumstances and Appeals
If your financial situation changes significantly (e.g., job loss, unexpected medical expenses), you can appeal your financial aid offer. Contact the school’s financial aid office and provide documentation of your circumstances.
Why Completing the FAFSA Is Worth It
Even if you think your family earns too much to qualify for aid, submitting the FAFSA is still worthwhile. Many states and schools use it to award merit-based aid, and you won’t know what you qualify for until you apply.
Resources for Additional Help
- FAFSA Website: FAFSA.gov
- Federal Student Aid Info Center: Call 1-800-4-FED-AID (1-800-433-3243)
- Financial Aid Offices: Contact your prospective or current schools for guidance.
Completing the FAFSA is an essential step in your college journey. With proper preparation and attention to detail, you can receive financial aid to make your education more affordable.