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- The Free Application for Federal Student Aid, or FAFSA, is a form used to apply for financial aid.
- Both undergraduate and graduate students fill out the FAFSA for student aid.
- Make sure you have your financial information ready, like your tax returns and account balances.
What is the FAFSA?
Definition
Filing the Free Application for Federal Student Aid (FAFSA) is how you'll qualify for various types of financial assistance, like grants, work-study, and loans. You can fill it out by yourself or with the help of your parents. If you're a dependent, you'll need your parents' financial information in addition to your own.
Why it matters
Student loans may be a great way to help you pay for college, but make sure you really understand what you are getting into. If you navigate the student aid program with your eyes open to the details, you can make the most educated decision on what's best for your family's unique financial needs.
How to fill out the FAFSA
Gather documents
Before you start filling out the FAFSA for undergraduate or graduate school, you should gather your basic personal financial information. You'll need your Social Security number, and it may be useful to have your last couple of tax returns on hand, though you'll be able to import the details directly from the IRS later on. You will also need bank and investment statements.
Step-by-step walkthrough
Head to the FAFSA website, which is located on the US Department of Education website. This is your online hub to complete your FAFSA. Choose the appropriate button for new FAFSA users or returning users.
Create or find your FSA ID
The student and parent should both have their own login for the FAFSA system. You log in with a government ID called the Federal Student Aid ID. Parents will enter the student's information first and create their FSA ID in the next step.
The FSA ID allows you to log back in and add or edit information later on if you are not able to complete the entire FAFSA in one sitting. Parents should not log in as the student or complete the student sections of the FAFSA.
Start your FAFSA
The FAFSA opens every year on October 1 for the following school year. It's a good idea to complete your FAFSA as early as possible. This gives you the best opportunity to qualify for the most favorable student aid options. It also gives you a little more time to make your decisions and take care of any paperwork to complete your student loan or work-study applications.
The FAFSA includes the following sections:
- Student demographics
- School selection
- Dependency status
- Parent demographics
- Parent financials
- Student financials
- Sign & submit
Create a Save Key
The first step along the way is creating a Save Key. Like an FSA ID, this allows you to come back or continue work later. Students should create this and give it to their parent so they can add their own information later.
Enter your personal and school information
The first two sections in the meat of the application focus on the student's personal information and school selection. In the student demographics section, you'll need to enter your name, address, email address, phone number, driver's license number, marital status, citizenship status, Selective Service status, and education history.
On the School Selection tab, you will enter information about your high school and college. If you have your college's Federal School Code, you can enter it here. Or you can look it up with a search system. Once you pick your school and enter your planned housing status, you can move on to information about the household and parents.
Dependency and parent demographics
Next up are the sections about the student's household. The questions about dependency status help determine whether the student is financially independent or dependent on the parents for the purposes of financial aid.
The parent demographics section asks for the parents' marital status, birthdates, living situation, household size, and the other people your parents financially support.
Financial information
This section is the most important and most detailed of the entire FAFSA. It's crucial to get your name and Social Security number correct because this is what determines what aid you are eligible for and how it is broken down between scholarships and grants, student loans, and other forms of aid.
You'll need your parents' tax information. Depending on when they filed, you may be able to import their tax details and save a lot of time typing in numbers.
You will need a parent's FSA ID to link the application to the parent's tax return. You will also need some information about your parents' assets (bank accounts and investments).
Sign and submit
On the last page, you will review your application for accuracy, sign, and submit the results. Carefully double check your application before signing. Once you're done, make sure your parent has also signed, if required.
Once everyone has signed and submitted, you can move on to the final page to confirm your FAFSA.
Review your FAFSA results
On the confirmation page, you can scroll down to view your estimated expected family contribution. This number shows what the government thinks you can afford to pay. Work with your school's financial aid office to make up the rest.
FAQs
Who is eligible to fill out the FAFSA?
U.S. citizens and non-citizens with Social Security Numbers and a high school diploma (or equivalent) are eligible to fill out the FAFSA.
Does it cost money to apply for FAFSA?
No, it doesn't cost anything to apply for FAFSA. Beware of scam sites charging fees.
Can my parents' income affect my FAFSA?
If you're considered a dependent student, your parents' income is factored into financial aid eligibility.
What happens after I submit the FAFSA?
After your submit the FAFSA, you'll receive a Student Aid Report (SAR), which colleges will use to create your financial aid package.
Can I get help with the FAFSA?
If you reach out to your school's financial aid office or the Federal Student Aid website, you can receive free assistance.
Freelance Writer
Eric Rosenberg is a finance, travel, and technology writer in Ventura, California. He is a former bank manager and corporate finance and accounting professional who left his day job in 2016 to take his online side hustle full-time. He has in-depth experience writing about banking, credit cards, investing, and other financial topics, and is an avid travel hacker. When away from the keyboard, Eric enjoys exploring the world, flying small airplanes, discovering new craft beers, and spending time with his wife and little girls. You can connect with him at Personal Profitabilityor EricRosenberg.com.
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.
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