The Free Application for Federal Student Aid, or FAFSA, is a form that college and grad students fill out annually as part of the financial aid process.
More than $120 billion in federal aid is awarded each year. Many states and schools also use your FAFSA information in awarding their own aid, such as school-specific scholarships.
That’s why you should always take the time to fill out your FAFSA every year (even if you don’t expect you’ll qualify for need-based aid).
Here’s what the FAFSA process and timeline typically look like:
Step 1
Apply for a Federal Student Aid ID and password
↓
Step 2
Gather all the documents you’ll need;
wait until filing opens
(October 1 of the year before the relevant school year)
↓
Step 3
Fill out the form at the official FAFSA website,
studentaid.ed.gov
↓
Step 4
After you’ve completed the form, review your Student Aid Report
and your “Expected Family Contribution”
(that’s the amount that your family is considered able to pay)
↓
Step 5
Your school (or schools, if you’re applying)
receives your financial information through the FAFSA
↓
Step 6
Your school or schools send out their financial aid letters,
often in March or April
To fill out the form, you typically need:
The school you’re headed to (or those you’ve applied to) use the information on your FAFSA to determine your financial need. They do this by subtracting your Expected Family Contribution from the cost of attendance.
A number of factors influence those two important numbers:
Keep in mind that the Expected Family Contribution is not your final bill. It’s the number that schools use to help figure out how much need-based aid you’re eligible for.
Ready to start? Here are some things to keep in mind:
“It’s one thing to make financial aid available to students so they can attend college. It’s another thing to design forms that students can actually fill out.“
—Cass Sunstein
The Free Application for Federal Student Aid (FAFSA) is the form you fill out to get federal financial aid to pay for college. Some schools and states also use the FAFSA to determine eligibility for grants, scholarships, and other need-based and non-need-based aid. You need to fill out the FAFSA each year you’re enrolled in college or grad school.