What is the FAFSA?

The FAFSA® is a free online application for college financial aid. Your federal student aid package for one year of college is created using it by the colleges. This package may include work-study opportunities, federal student loans, grants for higher education, as well as state and local financial aid. Financial aid is not the same as student loans, but in order to qualify for a federal student loan, you must first complete the FAFSA® form. It is convenient to complete the FAFSA® online, and it can facilitate your quest for financial help.

‍

‍

*NOTE* If you do not have the time ⏳ to file your FAFSA, we can do it for you! Click here for more information.

When the time comes for you to start the FAFSA®, keep the following suggestions in mind:

• Fill out your FAFSA as EARLY AS POSSIBLE.  Applications for federal student aid can be submitted beginning on October 1 for the next academic year (for example, starting October 1, 2022 for the 2023-2024 school year). To optimize your financial help, be aware of your deadlines and apply as early as you can because federal financial aid is distributed on a first-come, first-served basis.

• Think regionally. State-specific college and state financial assistance application dates differ. Check the deadlines for financial aid in your state.‍

• Fill out the FAFSA form once every year. If you are currently a student or want to become one in the upcoming year, you are required to fill out the FAFSA.

‍

What information do you need to file the FAFSA?

Here are some of the things you need when applying for the FAFSA:

• Your Social Security number or Alien Registration Number.
• Federal income tax returns and W-2s to show how much money you earn.
• Records of nontaxable income, such as child support and veterans benefits.
• Financial statements, including bank statements and investment records.

If you are considered a dependent, you will also be required to give the information listed above for your parents. Make an effort to compile all of the necessary information in advance so that you may finish the application in a single session.

‍

When is the FAFSA Due?

‍Open date: October 1, 2022

The earliest you can file the FAFSA® for the 2023-2024 academic year.

Deadline: June 30, 2023

‍ The federal deadline for filing the 2022-2023 FAFSA®. States and colleges have their own FAFSA deadlines. Be sure to check the FAFSA® deadline for each college you’re applying to. You can check your state's deadline on the federal student aid website.

‍

Steps to Apply for the FAFSA

The FAFSA application process consists of a few simple stages.

‍

1. Set up your FSA ID

You must create an FSA ID for yourself and, if you're a dependent student, have your parents create one as well in order to begin the application online. When you're ready to submit your application, you log in with your FSA ID and electronically sign it. To create your FSA ID, you'll need your Social Security number, full name, birthdate, and either a phone number or email address. You and your parents must use different email addresses to create your own FSA IDs since each email address can only be associated with one FSA ID. If you're a returning student to the application, enter your previous FSA ID and select "FAFSA renewal." This will extract some data from the application from the previous year.

‍

‍2. Add your contact information and academic details

You will need to provide your Social Security number, birthdate, and driver's license in the personal information area. Additionally, there is an area for schools where you may list up to 10 institutions to whom you wish the FAFSA data sent. You can edit this list later if you change your mind about which colleges you wish to apply to. Consider including at least one public school on the list as well.

Check your state's regulations because some states demand that a state school be first on the list in order for you to be eligible for state funding.

‍

3. Add the financial data

The financial data needed to establish your aid eligibility must be entered next on the application. You will enter financial data for the 2021 tax year for the 2023–24 year. You might be able to use the IRS Data Retrieval Tool to add financial data from your tax return to the FAFSA application, which will make your life a little bit easier.

‍

4. Complete the FAFSA

You can submit an application by paper using the Federal Student Aid website, the myStudentAid mobile app, or the printable PDF version of the FAFSA. Search for a confirmation screen after submitting the application online to ensure that it was successful.

‍

What’s new about the FAFSA for 2023-24?

The FAFSA Simplification Act underwent more revisions when Congress passed the Consolidated Appropriations Act of 2021 in December 2020. They consist of the following:

‍

• 108 questions in the FAFSA are being reduced to a maximum of 36. Students in foster care or who are homeless will find it easier to complete their applications with fewer questions.
• The Student Aid Index will now be used in place of the anticipated family contribution (EFC), which evaluates your eligibility for federal financial aid based on your household income and cost of attendance (SAI). The SAI of a candidate can currently be as low as -$1,500.
• Men applying for government assistance won't need to sign up for Selective Service until they are 26 years old.
• Students who are incarcerated or who have had drug-related offenses are eligible for federal financial help, including the Pell Grant.
• Before completing the FAFSA, students will now be able to check their eligibility for the Pell Grant by giving information about their income and family size.
• Students whose schools closed before they could finish their degrees or who had to apply for borrower defense because their institutions had deceived them will have permanent Pell Grant eligibility restored.
• To ensure that a larger share of students' household income is unaffected, the department will change the way income protection allowance is computed. As a result, the amount of money low- and middle-income households are required to contribute toward college expenses will be reduced.

‍

How soon do you learn about the FAFSA?

Your online application will be processed in three to five days, while a paper application will take seven to ten days to be processed. You'll receive a Student Aid Report (SAR) after your application has been processed that details your anticipated family contribution (or Student Aid Index, with the most recent changes). The schools on your list will receive this information and use it to determine how much financial help to award you. You will receive an electronic or print offer once they have finished creating your financial aid package; this normally happens in the spring.

‍

Do you have to pay back the FAFSA?

The Free Application for Federal Student Help (FAFSA®) could make it appear as though you are obtaining money from the government, but in reality, it is only a paperwork and process to get federal student aid; it is not a loan. If you receive federal student loans as part of your financial aid award, you would have to repay them.

‍

Is the FAFSA just based on one parent's income?

No. Income is significant because tax returns are considered in the application. However, there are other factors, such as the number of dependents you have and how many of them are at college. Every year, the FAFSA® application should be your first priority whether you or your student is enrolled in a higher education school regardless of your income.

‍

‍Read more: What Matters Most on the College Application?

‍

The Bottom Line

When it comes to college, there are many choices to be made.  The most crucial question is how you intend to pay for everything. You can evaluate possibilities and determine how to close the financial gap if the award money is insufficient by submitting your FAFSA application as soon as possible to receive financial assistance offers sooner rather than later.

‍

To easily find them, or for them to find you, Subscribe to our Scholarship Hero Subscription to get access to 55+ scholarships sent to your inbox for $5 per month.

‍

‍This is my GOAL: ⁣⁣⁣⁣⁣⁣To help you look at all of the funding and payment options that are available to you. ⁣⁣⁣⁣⁣⁣I want you to make the best choices so that you can pay for college with confidence and without unexpected costs.

‍

‍Schedule a chat today and let's get started!

‍