What you need to know about the FAFSA ®
Understand this year's FAFSA updates, get key FAFSA dates, and estimate how much financial aid you might qualify for.
What is the FAFSA?
The Free Application for Federal Student Aid (FAFSA) is required if you want to be considered for federal student aid for college, such as federal student loans, the Work-Study Program, and grants like the Pell Grant. Colleges also use the form to determine financial aid packages, which can include need-based institutional grants, merit-based scholarships, and state grants.
After completing their FAFSA, students receive a Student Aid Index (SAI), a number between -1500 and 999999. The lower the number, the more demonstrated financial need they have. The federal government passes the SAI onto the colleges you listed on your application to be used in their financial aid determinations. Students often receive their first financial aid offer letter with or shortly after their college acceptance letter in the spring.
Understanding how the FAFSA works can help you navigate the process from start to finish.
When does the FAFSA open?
The FAFSA opens every year on October 1 for the following academic year. It uses the previous year’s tax and income information.
For example, the 2027-28 FAFSA will be available on October 1, 2026. It will use tax and income details from 2025.
Always complete your FAFSA as soon as possible. Colleges have internal deadlines for financial aid, and many grants and scholarships are first come, first served.
How to submit the FAFSA
With recent updates, it’s easier than ever to submit the FAFSA.
1. Create a StudentAid.gov Account and Create Your FSA ID
Students, parents, and other contributors, such as spouses, need their own StudentAid.gov account and FSA ID to fill and sign the FAFSA. You can create your FSA ID now – you don’t have to wait until October 1.
2. Gather your documents.
Since the FAFSA now automatically uses your taxes from the IRS (with your consent), you need less information on hand. You should have on hand:
- The student’s Social Security number
- The parents’ Social Security numbers if the student is a dependent student
- Parents’ and student’s driver’s license numbers (for whoever has one)
- Student’s Alien Registration number if they’re not a U.S. citizen
- Records of the family’s untaxed income (like child support, interest income, and veterans noneducation benefits, for students, and parents of dependent students)
- Net worth information, like balances from savings and checking accounts, investments (including stocks, bonds and real estate), and business assets for the family of dependent students
3. Complete the FAFSA.
StudentAid.gov walks you through each step of the FAFSA. At the end, you may need to invite your parent as a contributor. They will then have to complete their portion of the application. Sign and submit!
FAFSAs are typically processed in 1-3 days. Check your account for updates. If it asks for further information or documentation, submit it as soon as possible to avoid delays.
Where can I get up-to-date FAFSA information?
We’re answering all your questions about FAFSA. And you can always can get the latest FAFSA updates right from the source: the federal government.
FAFSA® is a registered trademark of the U.S. Department of Education.
FAFSA FAQs
Why does it matter if I complete the FAFSA?
If you don’t complete the FAFSA each year, you won’t be eligible for federal financial aid. Many colleges also won’t grant you institutional aid without it (including merit-based awards).
Should I apply even if I don’t think I’ll qualify?
Even if you believe you won’t qualify for aid, you should still submit your FAFSA. Income requirements change regularly, new scholarships are added regularly, and some institutional awards are reserved for upperclassmen.
What counts as an asset on the FAFSA?
Assets on the FAFSA can include:
- Money in savings and checking accounts
- Cash
- Real estate, excluding your parent’s primary residence
- Businesses
- Qualified educational benefits and educational savings accounts, including 529 plans and Coverdell accounts
- Non-retirement investments owned by the student, such as stocks, bonds, certificates of deposit (CDs)
- Uniform Gift to Minors Act (UGMA) and Uniform Transfer to Minors Act (UTMA) accounts owned by the student
Can I delete or edit my FAFSA?
You can only delete your FAFSA if you haven’t submitted it yet.
You can edit your FAFSA if you notice a mistake, want to add or remove schools, or your application is in “Action Required” status.
To make changes to your application, log in to your StudentAid.gov account. You can select “Make a Correction” under Account Settings to make edits, such as correcting your Social Security Number. You can navigate to “My Activity” and “Add or Remove Schools” to enter or remove new colleges and universities.
If your financial situation has changed drastically since the tax year used on the form, you need to reach out to your college’s financial aid department to report the circumstances.
What do I need to complete the FAFSA?
To complete the FAFSA, you will need:
- Name exactly as it appears on your Social Security card
- Date of birth
- Phone number
- Address
- Social Security Number
- Records of untaxed income
- Net worth details
FAFSA® is a registered trademark of the U.S. Department of Education.
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