Whether you’re a high school senior planning to attend college next year or a seasoned college pro – you need to complete the Free Application for Federal Student Aid (FAFSA) every year!
Some students and families skip it because they think they won’t qualify for financial aid, or because it seems complicated. But here’s the truth: you might be leaving money on the table. Even if you think you won’t qualify, it’s worth applying — you may be surprised by what you’re eligible to receive.
What is the FAFSA?
The FAFSA is your gateway to federal financial aid, including grants, work-study programs, and federal student loans. Many state agencies and colleges also use the information from your FAFSA to determine eligibility for their own financial aid programs. That’s why it’s important to fill it out as early as possible.
The FAFSA opens on October 1 for the following academic year and only takes 30-60 minutes to complete. Here are the top five things you need to know to prepare for completing the FAFSA:
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- Create an FSA ID account first. Before you can even begin the FAFSA, you’ll need to set up an FSA ID — a secure login that gives you access to the Federal Student Aid online system. All contributors (students, parents, and guardians, if applicable) must create their own individual accounts. It can take 1–3 days for your FSA ID to be verified, so don’t wait until the last minute. Set it up ahead of time so you’re ready when the application opens.
- Gather necessary information. The Office of Federal Student Aid provides a full list of the items you’ll need, but key pieces of information include your Social Security Number and income information. Parents of dependent students will need to have the same information handy.
- Understand your dependency status. Your dependency status determines whether you’ll need to include parent information on your FAFSA. Many students assume they are considered independent because they support themselves, but the federal criteria are more specific. The Office of Federal Student Aid provides guidelines to help you understand dependency.Many families also have questions surrounding who should be entered as a parent on the FAFSA in cases of divorce or guardianship – this tool can help.
- Be ready with a list of schools. You can send your FAFSA information to up to 20 colleges – include every school you’re considering, even if you haven’t been accepted yet. This ensures that each school has the financial information they need to put together your aid package as soon as you’re admitted.
- Keep an eye on your email. Once you (and your family members if applicable) have completed the online form, you will receive a FAFSA Submission Summary. Be sure to review it carefully and respond to any requests for corrections or additional information promptly.
- Create an FSA ID account first. Before you can even begin the FAFSA, you’ll need to set up an FSA ID — a secure login that gives you access to the Federal Student Aid online system. All contributors (students, parents, and guardians, if applicable) must create their own individual accounts. It can take 1–3 days for your FSA ID to be verified, so don’t wait until the last minute. Set it up ahead of time so you’re ready when the application opens.
For more FAFSA guidance, check out our webinars or contact our experts for personalized help.
Why It’s Important
The FAFSA is the key to unlocking financial assistance and federal student aid, including grants and loans. Once you’ve used up these sources of funding, your next step is to fill any remaining gaps with private student loans.
If you’re looking for a convenient solution to cover college funding gaps, check out the private student lending options from our leading credit union partners. We’ll match you with credit unions that provide flexible, reliable solutions to help pay for college.
