Before you can unlock the treasure trove of federal financial aid, you need to fill out the FAFSA. But before you start this financial aid application, you need to find answers to your most urgent FAFSA FAQs.
The Free Application for Federal Student Aid, more commonly known as the FAFSA, collects your and your parents’ financial information. The Department of Education, along with the colleges you apply to, use the FAFSA to determine your financial aid package.
Although the FAFSA looks confusing at first, it’s not difficult to navigate once you master the basics. Use the table of contents to navigate the most popular FAFSA questions, or scroll down for the full FAFSA FAQ guide.
General FAFSA FAQ
FAFSA questions about filling out the forms
What to know about federal financial aid
General FAFSA FAQ
Before delving into any other FAFSA FAQ, you need to know what the FAFSA is. The FAFSA stands for the Free Application for Federal Student Aid. It’s a free online application you fill out to qualify for federal financial aid. Many states and colleges also use the FAFSA to grant state and institutional financial aid.
You submit the FAFSA online on the Federal Student Aid website. You’ll need to create an FSA ID, as will your parents if you’re a dependent student. The application only takes 20 to 30 minutes to fill out and submit.
After you submit the FAFSA, the government will look at your information and use it to calculate your Expected Family Contribution (EFC). Your EFC is how much you and your family are expected to pay for your education.
Once your EFC is determined, it’s up to your college to put together your financial aid package. Your college’s financial aid office determines need-based aid by subtracting your EFC from its total cost of attendance.
This aid could be in the form of federal grants, Direct Subsidized Loans, or work-study opportunities. That being said, colleges may not necessarily meet your full financial need.
Some schools also award non-need based aid, depending on how much other aid you’ve already received based on the FAFSA. Loans that are non-need based aid include Direct Unsubsidized Loans and Federal PLUS Loans.
To be eligible for federal financial aid, you must meet the following requirements:
- Be a U.S. citizen, permanent resident, or eligible non-citizen
- Have or be on track for your high school diploma
- Be accepted or enrolled at a Title IV school
- Maintain satisfactory academic progress in college or grad school. If your GPA falls too low, you’ll lose eligibility for FAFSA loans and financial aid.
The FAFSA application typically opens on Oct. 1 and closes more than a year and a half later on June 30. For the 2018-2019 school year, for example, you can apply for the FAFSA between Oct. 1, 2017 and June 30, 2019.
Some colleges and states, however, set earlier deadlines for financial aid. Check with your college to see if it sets its own FAFSA deadline. Since some financial aid is distributed on a first-come, first-served basis, it’s a good idea to submit the FAFSA as close to Oct. 1 as possible.
Plus, many regular decision colleges want to hear your attendance decision by May 1. By filling out the FAFSA early, you’ll be able to compare financial aid packages from multiple colleges. Then, you’ll be better able to decide on a school.
If you miss your college’s FAFSA deadline, contact the financial aid office. Some states and colleges award aid to latecomers.
As for the federal FAFSA, you’ll have access to it until the end of the school year. If you don’t apply for that school year, fill out the FAFSA for the following year instead.
The Student Aid Report is a document you’ll receive after filling out the FAFSA. It sums up all your answers on the FAFSA application. Look over the SAR to confirm all your information is correct, and notify the FSA if there are any errors. If everything looks good, simply keep the SAR for your personal records.
FAFSA questions about filling out the forms
Up next on the FAFSA FAQ are questions about filling out the application itself. Read on to learn what information you need to apply for financial aid.
The FAFSA asks for personal and financial information. You’ll fill out your contact details, as well as your Social Security number or resident ID. You’ll also indicate up to 10 colleges to receive your FAFSA information.
You or your parents will also provide information from the prior year’s tax return. Beyond gross income, the form asks for your bank account balance, investments, and recurring expenses.
Yes, the IRS Data Retrieval Tool is available for the 2018-2019 FAFSA. Last year, the IRS removed the tool for maintenance. It’s now back and ready to import your data directly from the IRS website into the FAFSA.
For a preview of the application, check out this PDF on the 2018-2019 FAFSA.
Yes, you will need to submit the FAFSA every year to remain eligible for federal student aid. After filling it out the first time, you can submit a renewal FAFSA in subsequent years. The website will automatically fill in most of your information from the previous year.
You just need to double check that everything is still correct. You can also start from the beginning if you need to make significant changes.
Yes, you can edit the FAFSA after you submit. In fact, you’re required to do so if there’s a change in your dependency status, in the number of your family members, or in the number of people in your household who are in college.
You can also fix mistakes you made when filling out the form. To make corrections to the FAFSA, log in to your account and click on “Make FAFSA Corrections.” Enter your FSA ID, make any updates, and then hit submit.
You can correct any field with the exception of your Social Security number. If you entered an incorrect Social Security number, contact the financial aid office of your college. They might advise you to submit an entirely new FAFSA.
If your family’s income changes dramatically (a parent lost their job, for example), speak with your school’s financial aid office. The college might be able to accommodate your new circumstances. However, additional aid isn’t guaranteed.
The government determines your EFC based on the information that was accurate at the time. If that information is no longer accurate, you’ll need to discuss the changes with your school.
Yes. Don’t neglect to fill out the FAFSA because you think you won’t qualify. There’s no income cutoff for financial aid. Plus, some schools rely on the FAFSA to award scholarships.
Filling it out will also protect you in the event your financial circumstances change. If a parent loses their income, for example, you can speak with your college’s financial aid office about readjusting your financial aid package. But you won’t qualify for federal aid if you never filled out the FAFSA in the first place.
Some common FAFSA myths lead students to believe they’re not eligible for financial aid. Don’t let these misconceptions make you miss out on grants or scholarships.
What to know about federal financial aid
Finally, no FAFSA FAQ would be complete without explaining how federal financial aid works. Here’s how the FAFSA leads to loans and other types of aid.
Financial aid packages are made up of a mix of grants, scholarships, student loans, and work-study options. Grants and scholarships are free money; in most cases, you don’t have to pay back this type of financial aid. You will have to pay back student loans — with interest.
The federal work-study program is only available to students with a certain amount of financial need. It allows you to work part time on campus and earn money each semester. If you’re interested in being considered for work study, make sure to indicate that on the FAFSA.
The amount of financial aid you’ll receive largely depends on the college or graduate school. Some colleges even meet full financial need for all accepted students.
Other colleges might not meet your full financial need. In that case, you will need to find other sources of funding, such as private student loans, if you still wish to attend that school.
Remember that financial aid includes federal student loans — up to $31,000 for dependent undergraduates and $138,500 for graduate students. So even if your financial aid award meets your full financial need, you might take on significant debt to pay for school.
To estimate your financial aid package, check out the FAFSA4caster tool. This tool gives you a sense of how much it will cost to attend each school on your list. It can’t predict exactly how much aid you’ll get from each school, but it will give you a rough estimate of the total cost.
College financial aid offices determine your financial aid package. Many regular decision colleges send out admissions decisions in March or April of your senior year in high school. Financial aid packages often come at the same time or shortly after.
Some rolling decision schools send out decisions and financial aid packages later in the spring or summer. But you should be able to view and compare financial aid packages before it’s time to pick a college.
Don’t forget about institutional aid and scholarships
In addition to finding answers to your FAFSA questions, you should also apply for institutional aid and independent scholarships.
Some colleges, for example, require the College Scholarship Service (CSS) Profile. College Board administers the CSS Profile. Almost 400 colleges use it to award non-federal student aid.
Plus, you can apply for scholarships from local and national organizations. By covering all your bases, you’ll get the largest amount of financial aid for college possible. To get started, check out the nine best scholarship search tools around the web.
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College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1)All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.
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Discover's lowest rates shown are for the undergraduate loan and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.
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Undergraduate Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of October 1, 2019, the one-month LIBOR rate is 2.05%. Variable interest rates range from 3.15% – 11.41% (3.15% – 11.26% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.72% – 12.19% (4.72% – 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co-signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
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