What is the FAFSA?
The Free Application for Federal Student Aid is an online application that students complete in order to qualify for federal financial aid. A lot of states and colleges even use it to grant state/institutional aid.
Your FAFSA will be submitted to the Federal Student Aid website. Check out our primer on what you need to get started with FAFSAQuick: the fastest tool on the web—and it’s free!
What's the Relationship Between Financial Aid and FAFSA?
Your FAFSA is the foremost resource in determining how much financial aid you get. Once you submit your FAFSA, it will be used to calculate your Expected Family Contribution (EFC). EFC represents how much you and your family are expected to pay out of pocket.
Your university will have a financial aid office, and it estimates needed aid by subtracting your EFC from the total attendance cost.
How Do I Know If I'm Eligible for Financial Aid?
Eligibility means meeting these requirements:
- You're a U.S. citizen, permanent resident, or eligible non-citizen.
- You have (or are on track to earning) your high school diploma.
- You have been accepted to or enrolled at a Title IV school.
- You've maintained satisfactory academic progress in college or grad school. Eligibility can be lost in the event that your GPA drops too low - the government wants to know you take education and repayment seriously!
When Should I Complete My FAFSA?
The FAFSA usually opens for completion on Oct. 1, and it closes--more than a year and a half later--on June 30. That said, be aware that some colleges and states set earlier deadlines and smaller windows for FAFSA compeltion. It's always a good idea to check with your school about this.
But most importantly, since some financial aid is distributed on a first-come/first-served basis, you need to submit your FAFSA as soon as possible. That means getting it done on literally the first day it's available for send-in (again, that's normally Oct 1st). A lot of schools request your attendance decision by May 1, so by filling out the FAFSA right away, you’ll be able to compare financial aid packages between multiple schools.
What Happens If I Miss the FAFSA Deadline?
If this happens, contact the financial aid office. Sometimes, latecomers can still be awarded aid, though you'll definitely get less money due to missing the deadline.
What's A Student Aid Report?
After filling out your FAFSA, you'll receive a Student Aid Report (SAR). This document sums up all your answers on the FAFSA, so give it a good look to confirm all your info is correct. If there are errors, notify the FSA. Otherwise, simply keep your SAR as a record.
What Info Do I Need Before Getting Started On My FAFSA?
We cover this question in depth on our Learn More page.
Will I Ever Have to Fill Out Another FAFSA After This One?
Yes, assuming you plan on attending school for more than one year. To remain eligible for federal student aid, you have to submit a renewal FAFSA every year.
Am I Allowed to Edit the FAFSA after It Gets Submitted?
Yes, you are allowed to do this. If there’s a change in your dependency status, you're actually required to record those changes in the form of edits to your FAFSA (assuming the aid has not already been awarded).
But to fix mistakes in the form, return to the page where you submitted the FAFSA and click, “Make FAFSA Corrections.” The only thing you can't revise is the sequence you entered as your social security number.
If your social security number is listed incorrectly, contact your school's financial aid office for further instructions.
What do I do if my (or my parents’) income changes?
If your family’s income changes dramatically (a parent lost their job, for example), speak with your school’s financial aid office. The college might be able to accommodate your new circumstances. However, additional aid isn’t guaranteed.
The government determines your EFC based on the information that was accurate at the time. If that information is no longer accurate, you’ll need to discuss the changes with your school.
I Don’t Think I’ll Qualify for Financial Aid. Should I Complete the FAFSA Anyway?
Yes!
There’s no income cutoff for financial aid, and the FAFSA can inform non-federal aid you might receive--like scholarships. A completed FAFSA also protects you in the event that your finances change for the worse. For example, if your parent loses a source of income, you can speak with your school about an aid package readjustment.
Regardless, if you don't fill out a FAFSA, you are guaranteed not to qualify for federal aid. There's no reason not to give it a shot.
What Kinds of Financial Aid Could I Receive by Completing the FAFSA?
Financial aid packages consist of grants, scholarships, student loans, and work-study options. Some of these, like grants and scholarships, do not have to be repaid. However, student loans DO have to be repaid, and typically with interest.
Given how expensive college can be, loans are among the few realistic options for many, many would-be students.
Federal work-study programs are only available on the basis of financial need. This basically entails working part-time for the university as a form of loan repayment. Make sure to indicate any interest in work-study on your FAFSA.
How Much Federal Aid Can I Expect?
This depends on the school. Some colleges even meet full financial need for all accepted students, so you may have to research your specific university.
If your federal aid package does not meet your needs, and the school's financial aid office is unable to make adjustments, you may require private student loans to attend that school. However, other schools may offer more generous packages, so think about this decision carefully. You can generally expect an aid amount in the tens of thousands for undergrad attendance.
I Filled Out My FAFSA... When Will I Receive My Financial Aid for This Year?
Many schools deliver admissions decisions in Spring of your senior high school year. Financial aid packages often come around this time as well. It's not unusual for admissions and aid notices to reach you as late as summer, but you will always be given time to think over important decisions before the school year begins.