What is the FAFSA?

If you’re interested in applying for federal financial aid, the Free Application for Federal Student Aid is the form that every organization, institution, and entity uses to award it. Submit it and you’ll have access to grants, scholarships, work-study programs, and more – for free.

The FAFSA is the first step for anyone who wants to attend college and make plans for financing. You should also know about other options available, plus how much you can get in debt with each option, so you have a clear picture of what’s best for you. Familiarize yourself with your FAFSA requirements and follow them each year you’re in school to avoid trouble down the road.

How to complete the FAFSA

Get your FSA ID

The first step in filling out the FAFSA is creating a Federal Student Aid ID. This username-password combination allows you to fill out the form online, and download loan info and other information about your financial aid for years to come, including looking up any student loans you have to repay after graduation. If you’re a dependent student, your parent or guardian will need their own FSA ID.

To create your FSA ID, follow the instructions on StudentAid.gov.

Gather everything you think is necessary

Gather your documents before you fill out the FAFSA. Your complete checklist will make it easy for you to prepare so you don’t need to find financial information as you read through the form.

Answer the FAFSA questions with help from our guide

The FAFSA can be fairly intimidating, but don’t worry! We’ve prepared a guide with informative tips on what you should include and where to get additional help if you need it. Any of our helpful advice is based on your own personal circumstances, so feel free to review our suggestions below for guidance.

Family structure (dependent students):

My parents are married (to each other)
My parents were divorced
His parents were never married
I’m living with legal guardians or foster parents
My parents are the same sex partners.
I’ve lost one of my parents

Family structure (independent students):

I don’t know the whereabouts of one or both parents
If your parent is abusive or neglectful, it can be difficult to determine what’s best for you.
One of my parents was incarcerated or institutionalized.
I have no relationship with one or both parents
I am not legally emancipated

Immigration status:

I am undocumented
I am a U.S. citizen. My parents are undocumented immigrants

Use the IRS Data Retrieval Tool

Make sure you’re submitting the right financial information for your FAFSA by first transferring it into your tax return. Once in, simply click “Link to IRS” in the financial section of the form and all your information will transfer automatically.

List the college where you want to apply

The online application allows you to enter a list of as many schools as you would like. You can also search for school codes on StudentAid.gov and submit the paper version of your FAFSA only if necessary.

We recommend submitting the FAFSA by Oct. 1, but if you hadn’t already done so, it’s an easy process to update your application. You can also add schools that you’ve considered or remove those that didn’t work out. Every school will receive your FAFSA information for their financial aid use.

Submitted the FAFSA? What to do next

You need to complete additional financial aid forms

Wondering where to get started? Check with the college you’re applying to for more information on what forms are required. Universities typically require a separate application for scholarships and grants, meaning the FAFSA won’t be enough on its own. The CSS profile is an example of a standardized form that can help guide your financial decision-making process.

Review your Student Aid Report.

The FAFSA is straightforward and easy to complete if you have all the information needed, like your tax info. After you submit your application, it’s important to check it for mistakes. A Student Aid Report will explain any issues that may arise and what you need to do to fix them.

When you fill out your FAFSA student aid report, it will include an estimate of the amount your family can afford to pay out of pocket for college. You’ll rarely get all the money that you qualify for because some programs have limited funds. But, by subtracting what you don’t qualify for, you’ll have more in need-based aid that can also come in non-need-based aid. To learn more about how this all works, check out our article about understanding your FAFSA student aid report.

Complete or update your FAFSA if necessary.

You can make corrections to your FAFSA even after the government opens it and sends it out. Simply log in to your account and click “Make FAFSA corrections.”

Follow the verification process if you’re selected

Many schools in the US require that FAFSA applicants go through the verification process. If you are selected for this process, you’ll be notified by the school’s financial aid office, or you may see a red flag appear on your Student Aid Report. Being selected doesn’t necessarily mean that something is wrong with your FAFSA application; some schools require students to go through the whole process, while others select a random group of students for this process. Schools conducting the verification will ask you to submit documents that support the information on your FAFSA application.

Review your financial aid award package

As soon as you get your acceptance letter from a college, usually in the spring, they’ll send you a financial aid award letter. Depending on your needs, they offer both need-based and non-need-based grant aid, potential aid from the school itself, and possibly student loans.

Are you eligible for aid from the federal government? If so, be sure to apply for it before taking out any loans. Loans come with a price tag that can cost you thousands of dollars! And remember, only borrow as much money as you truly need.

Here’s a run-down of the financial aid options available through the FAFSA:

There are four types of federal grants available for different reasons and applications, including the Pell Grant for undergraduate students who need help with their education. Some states also have grant programs, like California’s Cal Grants or New York’s Tuition Assistance Program. Ask your state’s education agency what is available to you. The federal government doesn’t offer scholarships, but going to college can be greener when you consider the 25% fund that comes standard in most school-sponsored financial aid packages.
Student loans: There are various types of federal student loans, including direct loans that have a fixed interest rate, nicknamed Stafford loans, as well as PLUS loans for parents and graduate students. Some states have loan programs but borrowing will usually be cheaper by a federal program. Payments can also be determined based on income with federal programs.
To get a job on or near campus, the first step is to meet with an advisor. From there, you can choose whether or not to accept work-study funds offered in your aid package. After that, it’s up to you to get a job that qualifies and work hard to earn the money.

Appeal your award if you think you deserve more

Sometimes your FAFSA might not accurately reflect a major change in your financial situation. If you apply and your award money doesn’t match what you need, you can look into a revision at the office of financial aid. Ask yourself what the results will be, because these are all up to campus policies, but it is worth trying if you have a good reason.

Make sure to renew your FAFSA every year before college

The FAFSA is an application that has to be submitted for each school year you’re interested in attending. But don’t worry, there is no need to start from the beginning in subsequent years! Renewal FAFSAs prefill some questions with information from previous forms, which can save time and money. Before you submit one, make sure it’s up to date, and if your financial situation has changed substantially you can even start over from scratch.