Earning a higher-education degree isn’t just about getting into your dream school or completing your coursework. For many students, a big part of the process is figuring out how to pay for it.
Whether you’re entering college as a freshman, attending law school, or pursuing a doctorate degree, applying for financial aid starts with completing the Free Application for Federal Student Aid (FAFSA).
- What is the FAFSA?
- Are you eligible?
- How to submit the FAFSA
- Important application deadlines
- What happens after you submit the FAFSA?
- FAFSA tips and tricks
- Federal financial aid vs. private student loans
What is the FAFSA?
Submitting the FAFSA is an annual requirement to qualify for federal student aid, including federal loans, grants, and work-study programs. To complete the form, you’ll submit personal and financial information about yourself — your parents will also need to include their own data if you’re a dependent student (most undergraduates are).
Colleges and universities use the information you provide in your FAFSA to determine your eligibility for federal, state, and school-based aid. Some private financial aid organizations also require the FAFSA for scholarship or grant applications. (However, some states have their own version of the FAFSA, which you should also complete to be considered for state-based grants and other aid.)
FAFSA eligibility
While many students are eligible for federal aid, there are certain requirements that must be met. Basic eligibility criteria for the FAFSA includes:
- U.S. citizenship (or eligible noncitizen status, such as permanent residency)
- A valid Social Security number
- Enrollment in an eligible degree or certificate program
- Maintaining satisfactory academic progress, as determined by your college
Certain types of federal aid have additional requirements that must be met. For example, some loans and grants are only offered to students with financial need, which is determined based on the information provided in the FAFSA.
| Tip: Even if you don’t think you have a “financial need,” it’s vital to still submit the FAFSA. The calculations it uses are complex and consider many factors — you may be surprised at what you qualify for. |
To remain eligible for aid, you must submit or renew your FAFSA for each year you attend school.
Am I an independent student?
When completing the FAFSA, you’ll need to determine if you qualify as a dependent or independent student. Dependent students must include their parent’s information on the form; independent students only have to include their own data.
Dependency status is important, as the government generally assumes dependent students have more financial support. Because of this, independent students may qualify for more aid.
You’re considered independent if one of the following statements is true:
- You’re 24 years of age or older
- You’re married
- You have children or other legal dependents
- You’re enrolled in a master’s or doctorate program
- You’re a veteran or member of the armed forces
- You’re an orphan, ward of the court, or emancipated minor
- You’re homeless or at risk of becoming homeless
How to submit the FAFSA
The FAFSA can often be completed online in less than an hour.
Start by visiting StudentAid.gov and creating a Federal Student Aid (FSA) ID and password (though you likely already have an FSA ID if this isn’t your first time completing the FAFSA). If you’re a dependent student, a parent must also create an FSA ID to complete their portion of the form.
| Tip: Your parent needs to have a Social Security number to create an FSA ID. If they don’t, they can still submit the form, but they’ll need to print and sign a hard copy. |
Next, gather documentation you and your parents may need to complete the FAFSA. This includes:
- Your driver’s license number, if you have one
- Your Alien Registration number, if you’re not a U.S. citizen
- Federal tax information, tax documents, or tax returns from two years prior — for the 2023-24 FAFSA, you’ll provide 2021 tax data
- Records of untaxed income, including child support, interest earnings, and veteran benefits
- Paperwork for savings and checking accounts, investments, and real estate or business assets (your family’s primary residence and retirement accounts are not included as assets on the FAFSA)
When you’re ready to begin, head to the FAFSA portal on the Federal Student Aid website to start your application. Follow the prompts and answer the questions as directed — you can always save your progress and return at a later time.
While completing the form, you’ll be asked to list the schools you’d like to receive your FAFSA. Enter one to 10 schools, though you can add more later. List any school to which you plan to apply, even if you haven’t been accepted. (If you’re an enrolled student, you’d simply select your current school.)
If you need help while filling out the FAFSA, select the white question mark icon next to a question to view information about how to answer the prompt. Other resources include the FAFSA help page, where you can view trending FAFSA topics, browse frequently asked questions, and search for more information.
If you can’t complete the form online, print out a PDF and mail it in or request a printed copy of the PDF by calling 1-800-4-FED-AID.
Important FAFSA deadlines
The newest version of the FAFSA is released annually on October 1 for the following school year. For example, the 2023-24 FAFSA became available on October 1, 2022.
However, figuring out the final submission deadline for the FAFSA can be complex. The federal deadline is June 30th of the award year — for the 2023-24 FAFSA, you have until June 30, 2024 to submit it. But states and schools can set their own deadlines, which are often earlier. Review all applicable dates so you don’t miss your window.
Though you often have plenty of time before the application period closes, it’s a good idea to submit the FAFSA as close to the October 1 opening date as possible. Some aid is first-come, first-serve, so submitting early could help you secure more money.
| Tip: View state and federal FAFSA deadlines on the Federal Student Aid site, and contact your (prospective) school about its institution-specific deadline. |
What happens after you complete the FAFSA?
Once you’ve submitted the FAFSA online, your application will be processed within three to five days. If you submit it by mail, it will take seven to 10 days to process.
After your form is reviewed, you’ll receive your Student Aid Report (SAR), which summarizes the information you provided. Check it for errors and submit a correction if necessary. Your SAR will include your Expected Family Contribution (EFC), which determines your eligibility for need-based aid like the Pell Grant.
| Good to Know: Starting with the 2024-2025 FAFSA application cycle, EFC will be replaced by the Student Aid Index (SAI). |
For new students, the schools you listed on the FAFSA will be sent your information. If you’re accepted into their program, they will create your financial aid package. This will include the aid the college is able to offer you, and how much you’ll be expected to pay out of pocket if you enroll.
FAFSA tips and tricks
Filling out the FAFSA — especially for the first time — can be confusing. Here are some best practices to simplify the process and maximize your award.
- Submit the form ASAP: Some forms of aid are finite, particularly at the state and school level. Submit the latest FAFSA as soon as it becomes available to make sure you don’t miss out on any opportunities.
- Use your legal name: Always use your legal name as it appears on your Social Security card, and triple-check that you’ve entered your Social Security number correctly. Errors in these fields can cause delays and headaches.
- Don’t leave fields blank: Leaving too many fields blank can result in miscalculations or a denied application. Instead, enter “0” or “not applicable” as needed.
- Use the IRS Data Retrieval Tool: If you’re submitting the FAFSA online, you may have the option to automatically import your tax information. Doing so can make the process faster and reduce errors.
- Don’t report assets you aren’t required to: Read the requirements carefully as you fill out the form, as over-reporting your assets could leave you with less aid than you’d otherwise qualify for. For example, you don’t need to report your primary home, life insurance values, ABLE accounts, pensions, 401(k) plans, or IRAs.
- Minimize assets, if possible: You can also work to reduce your current assets. For example, you could reduce your cash savings by paying down credit cards or contributing to a retirement account — leaving you with less money to report on the FAFSA. The fewer assets you have to include, the more aid you could get.
If you have questions during the application process, don’t hesitate to use the Education Department’s available resources, or contact your school’s financial aid office.
FAFSA vs. private student loans
Even if you think your family makes too much money to qualify for aid, still submit the FAFSA. You may not receive grants or other need-based awards, but you might qualify for federal student loans.
These can be preferable to private loans offered by online lenders or banks, as most federal loans don’t check your credit and can offer lower rates for many borrowers. They also come with unique federal protections, such as access to income-driven repayment plans, forgiveness programs, and more flexible deferment and forbearance options.
Once you’ve exhausted your opportunities for federal aid, private student loans can be useful. These often come with fixed or variable interest rates, which are based on your credit and income. If you can’t qualify or be approved on your own, adding a cosigner to your application could help. You can shop around and compare private student lenders before submitting an application.