If you’ve started college planning at all you’ve likely heard about the FAFSA. Should you complete it? The answer is yes, for the vast majority of families. The FAFSA is your gateway to all federal aid. The application usually becomes available on October 1 of the student’s senior year. However, this summer, the Department of Education stated that the FAFSA will miss the normal October 1 deadline. More specifically, they will have a soft launch or beta test to selected organizations in the hopes of resolving previous issues and glitches with the application. Therefore, the formal FAFSA 2025-26 launch date is planned for December 1, assuming these beta test groups are successful. As you await the release date of the FAFSA, what follows are a few tips to help you prepare, as it’s generally a good idea to submit it soon after it becomes available.
Before you File
What is the FAFSA? *The Free Application for Federal Student Aid (FAFSA) is used to apply for financial aid from the federal and state governments, as well as institutional aid.
*There is no cost to complete the form.
*There are three main types of federal student aid: grants, work-study, and loans. Families must demonstrate a financial need to qualify for federal aid. For more information, visit How Federal Student Aid is Determined(https://studentaid.gov/complete-aid-process/how-calculated).o You must complete the FAFSA every year until your student graduates or leaves the college or university. o High income or wealthy families may not qualify for federal aid but may still qualify for institutional aid, particularly at higher cost colleges or universities. o To determine eligibility for federal student loans, you must complete the FAFSA.
Who is Required to Complete the FAFSA? *A “Contributor” is a new term on the FAFSA and it refers to anyone (i.e., student, student’s spouse, biological or adoptive parent, or parent’s spouse) that is required to provide information on the FAFSA form.
*For more information, visit Contributor Information.o If the parents are married and file their taxes jointly, then only one parent is a required contributor (i.e., the parent that will complete the FAFSA). o If the parents are married and file their taxes separately, then both parents are required to complete the FAFSA. o If the parents are divorced or separated, then the parent that provided the most financial support for the student over the past 12 months is the required contributor. o If both parents provided equal amounts of financial support, then the parent with the greater income (i.e., Adjusted Gross Income [AGI]) and assets will be identified as the required contributor.
How to Access the FAFSA Online o First, you’ll need to create an FSA ID (https://studentaid.gov/fsa-id) before filing the FAFSA.
o The student and the parent are required to obtain separate FSA ID’s, which are used to confirm your identity and enables you to electronically sign federal aid documents. It also enables you to access information about your financial aid on U.S. Department of Education websites.
o If the parents are married and file their taxes jointly, then only one parent will need an FSA ID to complete the FAFSA.
o If the parents are married and file their taxes separately, then both parents will need an FSA ID.
o If the parents are divorced or separated, then the parent that provides the most financial support is the parent that will need an FSA ID.
o If you already have an FSA ID but do not remember your username and/or password, select “forgot username” or “forgot password.”
o You can get an FSA ID at any time. It’s best to get it early, before you apply for financial aid, just in case you experience any problems.o As a reminder, the FAFSA is usually available on October 1 of the student’s senior year, but this year it will not be available until December 1, 2024. To access the FAFSA, visit FAFSA® Application | Federal Student Aid or https://studentaid.gov/h/apply-for-aid/fafsa. o The FAFSA allows you to list up to 20 colleges at a time. o If you plan to apply to more than 20 schools, you can add more schools to your FAFSA form later. o Remember, it’s best to apply early. Some financial aid is awarded on a first-come, first-served basis. Some colleges and states have early deadlines. Thus, it is very important to submit it soon after it becomes available.
Income and Assets – Documents NeededHaving the following information and forms readily available will help you complete the FAFSA. o Social Security Numbers (parent(s) and student) o 2023 Tax Return o Annual child support received for the last complete calendar year. o Current Balances of Cash, Checking, and Savings Accounts (You must provide the balances in your checking and savings accounts as of the day you submit the FAFSA). o Net Worth or Current Value of Investments, Businesses, and/or Farms (You must provide the balances of investments such as CDs, stocks, bonds, mutual funds, and 529’s as of the day you submit the FAFSA) [excludes retirement account balances, i.e., 401(k), 403(b), pension funds, etc.]) o Equity in Other Real Estate (exclude the primary residence) (The difference between the market value of your property less the amount owed on your mortgage [including 2nd mortgage and/or HELOC]. If you have multiple properties, list the total combined value, minus the total combined debt.)
Avoid Common FAFSA MistakesUnfortunately, simple mistakes on the FAFSA cost students thousands of dollars in financial aid every year. Before you complete the FAFSA, review some of the biggest mistakes to avoid. o Not getting an FSA ID before filing out the FAFSA
o Filing for the wrong year
o Missing the financial aid deadlines
o Entering the wrong social security number and/or date of birth o Reporting the financial information for the wrong parent (in cases of separation or divorce)
o Reporting the wrong tax filing status
o Including retirement account assets and primary home equity in the net worth total
o Confusing parent information with student information
o Providing an email address that you don’t check regularly
o Not signing the FAFSA
o Not asking for help when you need it
Seek Help with Filing the FAFSA – It’s Free o If you need assistance with completing the FAFSA, call the U.S. Department of Education’s Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). o You can also visit the “FAFSA® Help” to find answers to common questions. o Ask for help from your high school counselor(s) and/or financial aid administrator. o For additional information and assistance, visit Filling Out the FAFSA Form.
After you File
Review your FAFSA Submission Summary (FSS) o After you submit your FAFSA online, you will receive your FAFSA Submission Summary (FSS) (typically within three days), which is a summary of the FAFSA data you provided. o You can also retrieve a copy of your FSS by logging into your StudentAid.gov account using your FSA ID, select your processed FAFSA submission from the “My Activity” section, and select “View FAFSA Submission Summary.” o The FSS also contains the following:
o The date your application was received and processed.
o Student Aid Index (SAI), an index used to determine your financial aid eligibility.
o Estimated federal student aid eligibility (i.e., Pell Grant, if you qualify).
o Data Release Number (DNR), a four-digit number that is needed to make certain corrections to the FAFSA or your school list.
o Additional information needed to determine if you will qualify for federal aid.o Review your FSS to make sure all the information is correct, as it is sent to the colleges you listed on the FAFSA. Visit “Learn About the FAFSA Submission Summary” for more information.