Understanding FAFSA: A Step-by-Step Guide

The Free Application for Federal Student Aid (FAFSA) is the gateway to federal grants, work-study, and loans. Nearly every college uses it to determine financial aid packages.

Who Should File

**Everyone.** Even if you think your family earns too much, file the FAFSA. Many schools require it for merit scholarships, and your Expected Family Contribution (EFC) may qualify you for more aid than you expect.

When to File

**Opens:** October 1 each year

**Federal Deadline:** June 30 of the following year

**Tip:** File as early as possible. Some aid is first-come, first-served.

What You'll Need

**Student and parent Social Security numbers**

**Federal tax returns** (the FAFSA uses prior-prior year taxes)

**W-2 forms** and records of income

**Bank statements** and investment records

**Records of untaxed income** (child support, interest, veterans benefits)

**FSA ID** — create this at studentaid.gov before starting

Step-by-Step Process

Step 1: Create Your FSA ID

Both the student and one parent need an FSA ID (username and password) to sign the FAFSA electronically.

Step 2: Start the Application

Go to studentaid.gov and select "Start or Continue FAFSA." Choose the correct academic year.

Step 3: Student Demographics

Enter your personal information, citizenship status, and high school details.

Step 4: School Selection

Add up to 20 schools you're applying to. Each will receive your FAFSA data.

Step 5: Financial Information

Use the IRS Data Retrieval Tool to automatically import tax information. This reduces errors and speeds up processing.

Step 6: Parent Information

If you're a dependent student (most first-time applicants under 24), your parents must provide their financial information too.

Step 7: Sign and Submit

Both student and parent sign with their FSA IDs and submit.

After Submitting

You'll receive a **Student Aid Report (SAR)** within 3–5 days

Review it for errors and make corrections if needed

Schools will send **financial aid award letters** in March–April

Compare net costs (total cost minus aid) across schools

Common Mistakes to Avoid

Missing state or school deadlines

Not using the IRS Data Retrieval Tool

Leaving fields blank instead of entering zero

Forgetting to list all schools

Not filing because you think you won't qualify

Understanding FAFSA: A Step-by-Step Guide