How to fill out the FAFSA: A guide for students and parents

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Congratulations, you have decided to go to college or a graduate program. Now, one of your first steps is to research every option you have for financial aid, no matter how you’re planning to pay for your education. Your first step to learning about your financial aid options is to fill out the FAFSA form and file it.

While you may be familiar with the term FAFSA—it’s an acronym that stands for Free Application for Federal Student Aid—this article will provide you with more information about filing deadlines and recommendations for filling out this important federal aid request.

What is the FAFSA?

Anyone pursuing a college or graduate education will want to file FAFSA forms. Your FAFSA application provides the federal government and financial aid offices with the information that it needs to determine the amount of money you—and your expected family contribution if you’re considered a dependent—can afford to pay out of pocket for your education, and how much you’re eligible to receive from school aid programs.

To learn more about how to apply for financial aid, check out Earnest’s FAFSA guide: How to Apply for Financial Aid.

The form and the information you provide will help decide whether you’ll receive a grant, work-study options, and the kinds of federal student loans you’re eligible to use. Even if you feel as though you or your family make too much money to be approved for a financial aid award, it’s important to fill out the form as there may be other options available for funding your education.

When is the FAFSA deadline?

If you are currently in high school, this is the first time you will need to file your FAFSA by the deadline. However, you will also need to complete a FAFSA for each academic year that you’ll be enrolled in school. It’s best to fill out your FAFSA as early in the year as possible as there are additional state grants that you may be eligible for that have earlier deadlines.

If you have already filled out a state student aid form, it’s important to note that you must still fill out the federal form in order to be eligible for federal aid. If you’re mailing in your form information, it must be received by that date so allow plenty of time for mailing.

What is the difference between dependent and independent students in FAFSA?

The main difference between dependent and independent students in the FAFSA process lies in whose financial information is required to complete the form. Dependent students must provide their parents’ financial information, whereas independent students only provide their own (and their spouse’s, if applicable).

Starting with the 2024-25 FAFSA form, a new term called “contributor” is introduced. This term includes anyone providing financial information on your FAFSA form: you, your spouse, your biological or adoptive parent, or your parent’s spouse. Contributors must provide their information, consent, and approval for their federal tax information to be transferred directly from the IRS into the FAFSA form.

It’s important to note that being identified as a contributor does not make them responsible for paying your education costs. Instead, this designation helps determine the amount of financial aid you are eligible to receive by providing a comprehensive view of your financial situation. While the terms “dependent” and “independent” are still used to classify students, the concept of contributors enhances the clarity and accuracy of financial information reporting.

Information needed to file your FAFSA

To make filing the FAFSA faster, make sure you have all the information you need before getting started.

Whether or not you are the sole contributor, you will need the following to complete the application:

• Your Alien Registration Number if you are not a US citizen

• Social Security number

• Driver’s license number (if you have one)

• W-2s, your federal income tax returns, and other tax information

• Bank statements and any investment records

• An FSA ID that allows you to sign your FAFSA electronically

Both you and your contributors must provide consent and approval to have the IRS transfer your federal tax information into the FAFSA form. If consent and approval are not provided, you will not be eligible for federal student aid​.

Note: Starting with the 2024-25 FAFSA form, the Expected Family Contribution (EFC) is replaced with the Student Aid Index (SAI). Your SAI is calculated using the information provided on the FAFSA form and ranges from -1500 to 999999. The SAI is not a dollar amount but an index number used by schools to determine your financial aid eligibility.

How to list your colleges on your FAFSA form

In your FAFSA you will be asked to list the schools that you would like to review your financial aid application for a financial aid package. There is some strategy for the order in which you list the schools you are considering on your FAFSA—you might consider listing the school codes with the earliest financial aid deadlines first.

If you are applying to more than 10 schools, you will need to wait for confirmation that the first 10 schools have received your application (and you receive your Student Aid Report or SAR) and then update your application with the additional school codes.

How is your FAFSA information used?

In general, any information that you share is kept within government systems and is mostly used for verification purposes. The government’s privacy policy notes that your FAFSA information can be provided to other federal agencies in order to match your profile with potential financial aid. Details are also provided to your state’s government, which provides you with the opportunity to receive state aid, often without a separate application.

How long does it take to fill out the FAFSA application?

For high school students and other first-timers, completing your FAFSA should take slightly less than an hour, and you’ll want to set additional time for a thorough review. When you apply the following year, it will be faster as you’re updating information rather than creating a full application from scratch. Keep in mind the new changes and ensure all your information and that of your contributors is accurate and complete to avoid delays.

How do I apply for FAFSA?

The easiest place to complete your FAFSA is online at the Federal Student Aid website where you can create your own username and password. And if you make a mistake, keep in mind that correcting your FAFSA is easy.

Filing FAFSA by mail

However, if you don’t want to use the online application there are other filing options available including the option to download, print and fill out a FAFSA form. Also, you can access their online Help Center any time or use one of the contact options for additional support.

Note: They have made a statement saying that they began processing paper 2024-2025 FAFSA forms in late July and expect to process the backlog of submitted paper forms within two to three weeks. This may not be a viable option for students in August.

You’ve got this

Filing your FAFSA is an essential step in securing financial aid for your college or graduate education. By understanding the deadlines, requirements, and necessary information, you can ensure a smoother process and increase your chances of receiving the aid you need. For more information on finding the best financial aid options, explore more of Earnest’s website and discover our comprehensive resources and tools to help you succeed.

PS If you have any leftover college costs after federal financial aid and scholarships, a private student loan¹ could help. Take our free rate check for an Earnest loan and see if it’s for you.

This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.

¹ Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA(R) form to apply for federal student loans. Federal Direct subsidized and unsubsidized loans, excluding PLUS Loan for Parents and PLUS Loan for Graduate and Professional Students which require a credit check and a credit worthy endorser if the parent or graduate or professional student has adverse credit, do not require a credit check or cosigner, and offer various protections if you're struggling with your payments. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at https://studentaid.gov/.