Applying for Financial Aid With the FAFSA: How To Submit Your Application

Filling out the Free Application for Federal Student Aid, or FAFSA, is an important part of going to college. But in the 2024-25 academic year, 29% of undergraduate families didn’t submit the FAFSA, mainly because they thought they wouldn’t qualify for aid due to their income, according to Sallie Mae’s study, “How America Pays for College 2025.” 

“The biggest mistake families make is not filling out the FAFSA at all,” says Shannon Vasconcelos, senior director of college finance at Bright Horizons College Coach. The FAFSA is the gateway to need-based aid, student loans, and even scholarships, and there’s no income limit for applying. Here’s why it’s important to file it each year.

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What is the FAFSA and why does it matter?

The FAFSA is the financial aid application form that students must fill out each year to be considered for federal student aid, such as the Pell Grant, work-study, and federal student loans. Colleges also use the FAFSA to award other forms of aid, including state aid, their own institutional aid, and sometimes scholarships.

“There’s a misconception that the FAFSA is only for federal financial aid,” says Kim Nauer, director of the Higher Education Affordability Project at The New School, and founder of UnderstandingFAFSA.org. “It’s also used by colleges for college aid, which is 35% to 40% of all aid given out, and sometimes state aid. If you want money for college, you need to fill out the FAFSA.”

Who should apply for aid with the FAFSA?

Both undergraduate and graduate students can file the FAFSA.

• Dependent and independent undergraduates: Undergrad students may qualify for federal, state, or institutional grants, work-study, and subsidized federal student loans. All students can take out unsubsidized federal student loans, regardless of need, if they meet the borrowing requirements. Colleges and private organizations may require the FAFSA to consider you for institutional or private scholarships. The amount you can borrow each year depends on your status as an independent or dependent undergraduate. Independent students are eligible for more. For example, the annual maximum for first-year students is $5,500 for dependent students and $9,500 for independent students.
• Graduate and professional students: The FAFSA makes federal unsubsidized student loans available to graduate students, as well as limited grants. Generally, however, federal grants, work-study, and subsidized student loans aren’t available to grad students.

Even if you won’t qualify for aid and don’t need a student loan, filing a FAFSA sets you up to be able to take out a federal student loan later in the year if you need it. With a FAFSA already on file, “it’s easy to contact the school and say you’d like a federal Direct student loan,” says Nauer. “The school can make that happen immediately.”   

How to apply for financial aid using the FAFSA

Typically, students submit their first FAFSA during their senior year of high school for the following year, and then renew the form each year they’re in college. Follow these steps:

1. Create your StudentAid.gov account (aka FSA ID)

On the StudentAid.gov website, go to the Create an Account page to set up your account with a username, which becomes your Federal Student Aid (FSA) ID, and password. You’ll use the same FSA ID to file your FAFSA each year.

If you’re a dependent student, one of your parents or guardians, known as a “contributor,” will also need to create an account to report their information in the parent section of your FAFSA. In some situations, both parents and sometimes stepparents must each report their information, such as when they’re married but file taxes separately.

Parents without a Social Security number can still set up an account. Your account requires the following information:

• Full name
• Date of birth
• Social Security number
• Email address

2. Gather your documents

These documents include information about yourself, your parent(s), and your family’s finances. Required information includes:

• Federal tax returns for the student (if filed), spouse if married, and contributing parent(s) of the dependent student
• Records of untaxed income (such as child support, interest income, or veteran benefits)
• Bank statements
• Records of investments, such as stocks and bonds, a second home, or a rental property 

3. Fill out the form

The FAFSA has different sections for the student, student’s spouse (if applicable), parent contributor, and parent’s spouse or partner if required. Follow these steps to complete the FAFSA:

1. Log in with your FSA ID and choose the correct year (current or next academic year).
2. Complete the student section with your personal information and other details.
3. List the colleges where you want your FAFSA to go (up to 20), even if you haven’t fully decided where to apply.
4. Complete your student financial information and sign with your FSA ID.
5. If you’re a dependent student, invite your parent contributor(s) to add their financial information in their section. This tool helps you determine which parent to invite. 
6. If you’re an independent student (graduate students are independent), sign and submit the form without inviting a parent.

4. Slow down to avoid mistakes

Besides skipping the FAFSA, other mistakes include accidentally listing assets that aren’t required or listing them in the student section, which are assessed at a higher percentage than parent assets, Vasconcelos says. These errors can artificially inflate your financial worth and affect your eligibility for aid if you don’t catch and correct the errors. Experts recommend attending FAFSA events in your area for support — ask your school for more information.

What information do you need to apply for college financial aid with the FAFSA?

You’ll generally need the following to complete the FAFSA:

• Your Social Security number (and your parents', if applicable)
• Your Alien Registration Number, if you’re not a U.S. citizen
• Federal tax information from your tax returns
• Current balances of checking and savings accounts

If your financial or family circumstances have changed — for example, a parent was laid off — you should file the FAFSA with the appropriate tax return anyway. After your FAFSA is processed, contact each of your schools to find out how to file an appeal. They’ll review your updated documentation and may adjust your financial aid award.  

When is the FAFSA deadline?

The FAFSA typically opens on October 1 each year, but this has varied in recent years. There are three types of deadlines to track for the FAFSA:

• Federal deadline: This is usually on June 30. For example, June 30, 2027, is the deadline for the 2026-27 academic year.
• State deadlines: Each state has its own deadline. Some are first-come, first-served, and for those states, submitting your FAFSA soon after Oct. 1 is best.
• School deadlines: Each institution has its own deadline and may have a priority deadline for institutional aid that’s earlier than the application deadline. Check with your college or career school. 

If you miss a deadline, submit your FAFSA as soon as possible. “Some students wait until after they’ve been accepted and then apply for financial aid when the school has a financial aid deadline that has already passed,” says Vasconcelos. 

What happens after you submit the FAFSA?

After submitting your online FAFSA, you’ll receive a FAFSA Submission Summary within one to three days that summarizes the information you provided. You should receive an email, or you can log in to your account to check if your FAFSA was processed.

Your summary includes four types of information:

• Eligibility Overview: This section lists your estimated federal student aid, including your Pell Grant amount if you’re eligible, federal student loans, and whether you’re eligible for work-study. You’ll also see your Student Aid Index (SAI), which is a number schools use to calculate your eligibility for federal, state, and institutional need-based aid.
• FAFSA Form Answers: This section lists the information you submitted. Review it to ensure it’s accurate. You can correct any errors on self-reported assets, but income information from the IRS can’t be changed. That’s handled through an appeal process with individual schools.
• School information: This page lists the schools you included.
• Next Steps: If you’re required to make a correction or you realize you made a mistake, you’ll handle it now. Update your FAFSA as soon as possible so it can be processed and submitted to your schools. 

Once your FAFSA has been finalized and received by your schools, they use the information to determine your aid package and issue a financial aid letter, if you’ve been accepted. Schools subtract your SAI from their cost of attendance (COA) to determine how much need-based aid you’re eligible for. Schools may also award a merit or other type of scholarship that isn’t based on need.